Crypto markets faced sharp divergence this week as XRP climbed on ETF optimism while Bitcoin funds suffered massive outflows tied to global risk aversion.
This week’s headlines include key legal updates, new crypto payment launches, deepening macro pressures, and a warning from Coinbase that the market may be entering a long downturn.
XRP rallies as Ripple settlement nears and ETF hopes rise
XRP surged above $2.13 on Sunday April 13, gaining more than 5% in 24 hours, as traders responded to new developments in Ripple’s legal fight with the U.S. Securities and Exchange Commission.
A joint motion filed by both parties aims to suspend all appeals, signaling a possible end to the multi-year dispute.
The proposed $50 million settlement has added to optimism, alongside fresh speculation over a spot XRP ETF after Grayscale’s application deadline was extended to May 21.
Ripple CEO Brad Garlinghouse called a future XRP ETF “inevitable” and revealed plans for a regulated stablecoin and a $1.25 billion acquisition to expand institutional access to the XRP ecosystem.
Bitcoin ETFs see $1B in outflows amid Trump-China tariff clash
Bitcoin exchange-traded funds in the U.S. saw net outflows of nearly $709 million last week, a sharp increase compared to prior weeks, as escalating trade tensions between the U.S. and China rattled investor sentiment.
BlackRock’s IBIT, Grayscale’s GBTC, and Fidelity’s FBTC led the redemptions, with all 12 spot ETFs recording outflows.
Ethereum-linked ETFs also lost $82.4 million, marking a seventh straight week of withdrawals.
The steep outflows reflect a broader risk-off shift in markets as former President Donald Trump’s proposed 125% tariffs reignite fears of a global trade war.
Coinbase warns of “structural bear market” as indicators flash red
Coinbase’s latest monthly report described current market conditions as more than just a pullback, pointing instead to a “structural bear market” across the digital asset space.
Both Bitcoin and Coinbase’s COIN50 Index have dropped below their 200-day moving averages, historically seen as a key technical support level.
The firm highlighted a 41% decline in non-Bitcoin market cap since December and persistent weakness in altcoins, which has been exacerbated by falling venture capital flows and reduced liquidity.
While a mid-year rebound remains possible, Coinbase advises investors to focus on long-term metrics rather than short-term price moves.
Kraken and Mastercard roll out crypto payments across Europe
In a significant move for crypto adoption, Kraken has partnered with Mastercard to introduce a crypto debit card across the UK and EU.
The card will allow users to spend digital assets like Bitcoin and Ethereum at over 90 million global merchants via real-time crypto-to-fiat conversion at the point of sale.
This initiative marks a shift toward greater utility in the crypto space, bridging digital assets with traditional payment infrastructure.
Kraken’s growing regulatory footprint in Europe, combined with Mastercard’s payment network, could help accelerate mainstream crypto usage across the continent.
Michael Saylor resumes Bitcoin buying as Strategy signals long-term conviction
MicroStrategy co-founder Michael Saylor has signaled the firm has resumed Bitcoin purchases after a brief pause, acquiring 22,048 BTC on March 31.
The move brings Strategy’s total holdings to 528,185 BTC, and according to SaylorTracker.com, the unrealized gain is now over $8.6 billion.
With Bitcoin stabilizing near $84,000 despite recent volatility, the continued accumulation is seen as a clear signal of institutional conviction in Bitcoin’s long-term store-of-value potential.
Saylor’s buying strategy remains closely watched by market participants as a key gauge of corporate sentiment toward digital assets.
Powell backs stablecoin rules as support builds in Washington
Federal Reserve Chair Jerome Powell reiterated his support for stablecoin legislation this Wednesday, calling it “a good idea” during remarks at the Economic Club of Chicago.
Powell acknowledged that stablecoins are increasingly seen as digital assets with mainstream appeal but warned that proper consumer protections are still lacking.
His comments come as momentum builds in Congress to pass a federal framework for stablecoin issuers, backed by President Trump’s newly formed digital assets advisory council.
A final bill could reach the president’s desk within the next two months, potentially reshaping how dollar-pegged tokens are regulated in the U.S.
