Cancel Preloader
Please enter CoinGecko Free Api Key to get this plugin works.

Crypto Daybook Americas: Robinhood’s Crypto Growth Presages Riot, Strategy Even as Tariffs Hit GDP

 Crypto Daybook Americas: Robinhood’s Crypto Growth Presages Riot, Strategy Even as Tariffs Hit GDP

Crypto Daybook Americas

Share this article

By Francisco Rodrigues, Shaurya Malwa|Edited by Sheldon Reback

Updated May 1, 2025, 11:31 a.m. Published May 1, 2025, 11:15 a.m.

Two mobile phones show Robinhood's trading screens for bitcoin and ether

You are viewing Crypto Daybook Americas, your new morning briefing on what happened in the crypto markets overnight and what’s expected during the coming day. Crypto Daybook Americas will arrive in your inbox at 7 a.m. ET to kickstart your morning with comprehensive insights. If you’re not already subscribed, click here. You won’t want to start your day without it.

By Francisco Rodrigues (All times ET unless indicated otherwise)

The impact of President Donald Trump’s reciprocal tariffs is starting to be felt. The U.S. economy contracted for the first time in three years last quarter and stock prices have seen their worst first 100-day performance of a presidential administration since 1974.

STORY CONTINUES BELOW

Don’t miss another story.Subscribe to the Crypto Daybook Americas Newsletter today.See all newslettersBy signing up, you will receive emails about CoinDesk products and you agree to ourterms of useandprivacy policy.

Results from trading platform Robinhood also showed markets cooled in the first three months of the year, even as it beat analyst forecasts for both revenue and earnings per share.

It wasn’t alone, major tech companies including Microsoft and Meta beat estimates and, crucially, Robinhood’s revenue from crypto doubled from the year-earlier quarter. That may foreshadow what to look for later today, when Block, Riot Platforms, Strategy and Reddit post results after the closing bell.

“The recent wave of weak macroeconomic data has pointed to both recessionary risks and rising inflation,” James Butterfill, the head of research at CoinShares, told CoinDesk. “Despite this, bitcoin has shown remarkable resilience, outperforming the Nasdaq by 11% since ‘Liberation Day’” on April 2.

Indeed, while first-quarter gross domestic product (GDP) fell 0.3% and major stock indexes post posted losses in last month, bitcoin (BTC) held strong. The largest cryptocurrency rose nearly 15% against the dollar in April as investors started using it as a safe haven, along with gold and the Swiss franc.

To Butterfill, risk assets are now seemingly benefiting from expectations of an earlier-than-expected interest-rate cut.

“Equities and bitcoin appear to have recoupled, both rebounding today on renewed hopes of an imminent interest-rate cut,” he said. “A disappointing payroll figure on Friday — which we see as likely — could be the final nail in the coffin for Powell, paving the way for more dovish policy from the Fed.”

Yet in the cryptocurrency space, there’s more to keep an eye on. Ethereum’s long-awaited Pectra upgrade, which includes improvements to make the network more user-friendly and efficient, is going live on mainnet on May 7.

The upgrade is significant for Ethereum, which has been losing ground to more efficient blockchains including Solana, Base and BNB chain. DeFiLlama data shows total value locked (TVL) on Ethereum’s smart contracts grew just 4% in April, compared with 21% on Solana, and 9.9% on BNB Chain. Base saw a minor contraction.

In the past year, Artemis data shows Ethereum net outflows totaled $3.3 billion, while Base and Solana saw $3.3 billion and $3.2 billion in net inflows, respectively. Still, Ethereum recorded $880 million in net inflows in April, suggesting the trend is reversing ahead of Pectra’s activation.

The trend has, however, taken its toll. The ETH/BTC ratio has dropped to little over 0.19, the lowest level in five years. Stay alert!

  • Crypto:
    • May 1: Coinbase Asset Management will introduce the Coinbase Bitcoin Yield Fund (CBYF), which is aimed at non-U.S. investors.
    • May 1: Hippo Protocol starts up its own layer-1 blockchain mainnet built on Cosmos SDK and completes a migration from Ethereum’s ERC-20 HPO token to its native HP token, enabling staking and governance.
    • May 1, 9 a.m.: Constellation Network (DAG) activates the Tessellation v3 upgrade on its mainnet, introducing delegated staking, node collateral, token locking and new transaction types to enhance network security, scalability and functionality.
    • May 1, 11 a.m.: THORChain activates its v3.5 mainnet upgrade, adding the TCY token to convert $200 million in debt into equity. TCY holders earn 10% of network revenue, while native RUNE remains the protocol’s security and governance token. TCY activates May 5.
    • May 5, 3 a.m.: IOTA’s Rebased network upgrade starts. Rebased moves IOTA to a new network, boosting capacity to as many as 50,000 transactions per second, offering staking rewards of 10%-15% a year and adding support for MoveVM smart contracts.
    • May 5, 11 a.m.: The Crescendo network upgrade goes live on the Kaspa (KAS) mainnet. This upgrade boosts the network’s performance by increasing the block production rate to 10 blocks per second from 1 block per second.
    • May 7, 6:05 a.m.: The Pectra hard fork network upgrade will get activated on the Ethereum (ETH) mainnet at epoch 364032. Pectra combines two major components: the Prague execution layer hard fork and the Electra consensus layer upgrade.
  • Macro
    • May 1, 8:30 a.m.: The U.S. Department of Labor releases unemployment insurance data for the week ended April 26.
      • Initial Jobless Claims Est. 224K vs. Prev. 222K
    • May 1, 9:30 a.m.: S&P Global releases Canada April purchasing managers’ index (PMI) data.
      • Manufacturing PMI Prev. 46.3
    • May 1, 9:45 a.m.: S&P Global releases (Final) U.S. April purchasing managers’ index (PMI) data.
      • Manufacturing PMI Est. 50.7 vs. Prev. 50.2
    • May 1, 10:00 a.m.: Institute for Supply Management (ISM) releases U.S. April economic activity data.
      • Manufacturing PMI Est. 48 vs. Prev. 49
    • May 2, 8:30 a.m.: The U.S. Bureau of Labor Statistics releases April employment data.
      • Nonfarm Payrolls Est. 130K vs. Prev. 228K
      • Unemployment Rate Est. 4.2% vs. Prev. 4.2%
    • May 2, 9:00 a.m.: S&P Global releases Brazil April purchasing managers’ index (PMI) data.
      • Manufacturing PMI Prev. 51.8
    • May 2, 11:00 a.m.: S&P Global releases Mexico April purchasing managers’ index (PMI) data.
      • Manufacturing PMI Prev. 46.5
  • Earnings (Estimates based on FactSet data)
    • May 1: Block (XYZ), post-market, $0.97
    • May 1: Reddit (RDDT), post-market, $0.02
    • May 1: Riot Platforms (RIOT), post-market, $-0.23
    • May 1: Strategy (MSTR), post-market, $-0.11
    • May 8: Coinbase Global (COIN), post-market, $2.08
    • May 8: Hut 8 (HUT), pre-market
    • May 8: MARA Holdings (MARA), post-market
  • Governance votes & calls
  • Unlocks
    • May 1: Sui (SUI) to unlock 2.28% of its circulating supply worth $261.2 million.
    • May 1: ZetaChain (ZETA) to unlock 5.67% of its circulating supply worth $12.31 million.
    • May 2: Ethena (ENA) to unlock 0.73% of its circulating supply worth $13.39 million.
    • May 7: Kaspa (KAS) to unlock 0.56% of its circulating supply worth $13.96 million.
    • May 9: Movement (MOVA) to unlock 2.04% of its circulating supply worth $12.61 million.
  • Token Launches
    • May 2: Binance to delist Alpaca Finance (ALPACA), PlayDapp (PDA), Viberate (VIB), and Wing Finance (WING).
    • May 5: Sonic (S) to be listed on Kraken.

CoinDesk’s Consensus is taking place in Toronto on May 14-16. Use code DAYBOOK and save 15% on passes.

By Shaurya Malwa

  • Over 3.7 million tokens — or 53% — listed on GeckoTerminal since 2021 have failed, meaning they are no longer actively traded, per a CoinGecko report on Wednesday.
  • This year alone, 1.8 million have collapsed.
  • That’s nearly half of all dead tokens in the past five years, driven by market turbulence post-Trump inauguration.
  • The explosion in token creation, from 428,000 in 2021 to nearly 7 million by 2025, is mainly due to tools like Pump.fun that enable rapid memecoin launches.
  • Most failures occurred in 2024 and 2025, as memecoin saturation and speculative hype led to short-lived, low-effort crypto projects flooding the market.
  • Open interest across centralized exchanges has continued its steady climb, reaching $125 billion across all assets in a clear signal of growing speculative activity and market engagement.
  • On Binance, the BTC-USDT perpetual order book heatmap reveals the next significant supply zone is at $96.2K, with ask orders totaling 321 BTC. Additionally, liquidation heatmaps show clusters around $96K, suggesting a potential magnet for price action, with liquidation pockets of $58M, $42.7M and $56.1M.
  • Notably, the largest liquidation cluster sits at the $93K support, where $76.3M in liquidations are stacked making it a key level to watch for downside volatility.
  • Among assets with over $100 million in open interest, the largest week-on-week increases were seen in Virtuals Protocol, MemeFi, Curve, Fartcoin, and Hyperliquid.
  • On the funding rate front, MemeFi, Virtuals Protocol and Alchemist AI posted the sharpest increases, signaling elevated long positioning and potential overheating in sentiment.
  • BTC is up 1.76% from 4 p.m. ET Wednesday at $96,305.26 (24hrs: +1.49%)
  • ETH is up 2.37% at $1,838.40 (24hrs: +2.03%)
  • CoinDesk 20 is up 1.64% at 2,787.00 (24hrs: +1.22%)
  • Ether CESR Composite Staking Rate is down 29 bps at 2.67%
  • BTC funding rate is at 0.0078% (1.0416% annualized) on Binance
CoinDesk 20 members’ performance
  • DXY is up 0.31% at 99.81
  • Gold is down 2.01% at $3,221.46/oz
  • Silver is down 1.32% at $32.14/oz
  • Nikkei 225 closed +1.13% at 36,452.30
  • Hang Seng closed +0.51% at 22,119.41
  • FTSE is unchanged at 8,494.81
  • Euro Stoxx 50 closed unchanged at 5,160.22
  • DJIA closed on Wednesday +0.35% at 40,669.36
  • S&P 500 closed +0.15% at 5,569.06
  • Nasdaq closed unchanged at 17,446.34
  • S&P/TSX Composite Index closed -0.13% at 24,841.68
  • S&P 40 Latin America closed -0.73% at 2,529.66
  • U.S. 10-year Treasury rate is up 4 bps at 4.17%
  • E-mini S&P 500 futures are down 1.23% at 5,655.75
  • E-mini Nasdaq-100 futures are up 1.73% at 20,002.75
  • E-mini Dow Jones Industrial Average Index futures are up 0.83% at 41,109.00
  • BTC Dominance: 64.57 (0.10%)
  • Ethereum to bitcoin ratio: 0.01914 (0.47%)
  • Hashrate (seven-day moving average): 850 EH/s
  • Hashprice (spot): $49.24
  • Total Fees: 6.59 BTC / $630,313.73
  • CME Futures Open Interest: 133,905 BTC
  • BTC priced in gold: 29.6 oz
  • BTC vs gold market cap: 8.40%
Technical analysis for May 1, 2025
  • After last week’s explosive rally, bitcoin is consolidating in a low-timeframe range between $93,000 and $95,600.
  • While yesterday’s U.S. GDP release briefly triggered downside pressure, the price quickly recovered, and BTC is holding above the yearly open, signaling underlying strength.
  • On the longer time frame, bitcoin remains within a supply zone, yet with a recent hourly candle closing decisively above local resistance, there’s a suggestion of a potential continuation of the upward grind.
  • If momentum persists, the next key area of interest lies between $96,000 and $98,000.
  • Strategy (MSTR): closed on Wednesday at $380.11 (-0.35%), up 3.1% at $391.85 in pre-market
  • Coinbase Global (COIN): closed at $202.89 (-1.57%), up 2.89% at $208.75
  • Galaxy Digital Holdings (GLXY): closed at $21.92 (+3.94%)
  • MARA Holdings (MARA): closed at $13.37 (-5.98%), up 3.52% at $13.87
  • Riot Platforms (RIOT): closed at $7.24 (-2.43%), up 3.87% at $7.52
  • Core Scientific (CORZ): closed at $8.10 (-2.29%), up 5.80% at $8.57
  • CleanSpark (CLSK): closed at $8.17 (-3.2%), up 4.90% at $8.57
  • CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $13.68 (-3.59%)
  • Semler Scientific (SMLR): closed at $32.33 (-4.83%), up 3.93% at $33.60
  • Exodus Movement (EXOD): closed at $39.04 (-4.71%), up 1.82% at $39.75

Spot BTC ETFs:

  • Daily net flow: -$56.3 million
  • Cumulative net flows: $39.11 billion
  • Total BTC holdings ~ 1.15 million

Spot ETH ETFs

  • Daily net flow: -$2.3 million
  • Cumulative net flows: $2.50 billion
  • Total ETH holdings ~ 3.45 million

Source: Farside Investors

Top 20 digital assets’ prices and volumes
Chart of the Day for May 1, 2025
  • Over the past 12 months, the supply of stablecoins has been rapidly increasing on Tron and Ethereum, data from The Tie show.
  • Optimism and Avalanche, both Ethereum layer-2 networks, have seen a decline in favor of those layer 1s.
Here’s our latest odds of approval for all the dif spot ETFs
Every single major asset class is down together.
The third-party doctrine says that any time you voluntarily share info with a third party you have no reasonable expectation of privacy whatsoever.
How much electricity is required to mine 1 #Bitcoin?
Chinese Investors have jumped into Gold ETFs this month at the fastest pace in history, more than double the previous record

Siamak Masnavi contributed reporting.

Francisco is a reporter for CoinDesk with a passion for cryptocurrencies and personal finance. Before joining CoinDesk he worked at major financial and crypto publications. He owns bitcoin, ether, solana, and PAXG above CoinDesk’s $1,000 disclosure threshold.

Francisco Rodrigues

Shaurya is the Co-Leader of the CoinDesk tokens and data team in Asia with a focus on crypto derivatives, DeFi, market microstructure, and protocol analysis.

Shaurya holds over $1,000 in BTC, ETH, SOL, AVAX, SUSHI, CRV, NEAR, YFI, YFII, SHIB, DOGE, USDT, USDC, BNB, MANA, MLN, LINK, XMR, ALGO, VET, CAKE, AAVE, COMP, ROOK, TRX, SNX, RUNE, FTM, ZIL, KSM, ENJ, CKB, JOE, GHST, PERP, BTRFLY, OHM, BANANA, ROME, BURGER, SPIRIT, and ORCA.

He provides over $1,000 to liquidity pools on Compound, Curve, SushiSwap, PancakeSwap, BurgerSwap, Orca, AnySwap, SpiritSwap, Rook Protocol, Yearn Finance, Synthetix, Harvest, Redacted Cartel, OlympusDAO, Rome, Trader Joe, and SUN.

Shaurya Malwa

  

Francisco Rodrigues

https://4second.com

Related post

Leave a Reply

Your email address will not be published. Required fields are marked *

Please enter CoinGecko Free Api Key to get this plugin works.