Coindesk

Hit TV series Peaky Blinders, which reached an estimated audience of 80 million through platforms like Netflix, is set to be adapted into a blockchain-based video game and wider Web3 ecosystem, the companies behind the effort announced on Thursday.

It is being developed by Anonymous Labs, a Web3 venture builder that previously launched the Simon’s Cat cartoon IP token. The company is partnering with Banijay Rights, the global distributor of Peaky Blinders, to expand the show’s presence into blockchain gaming and fan engagement tools.

The smoky streets of 1920s England are reimagined as a decentralized playground where fans can dive into high-stakes missions, craft their own Shelby-style legacy (the family the series is based around), and engage with the Peaky Blinders universe.

The game is being designed as an AAA title (a gaming buzzword where such products have extensive development budgets, large teams, and emphasis on high technical quality). It will feature digital collectibles and community engagement mechanisms that use blockchains.

The goal is to onboard traditional Peaky Blinders fans into crypto through interactive storytelling and gameplay.

“Peaky Blinders is arguably the biggest IP to date to embark on building a blockchain-based project, and I see this as a defining moment for the entire Web3 industry,” Wojciech Gruszka, head of Development at Peaky Blinders Web3 Game, said in a statement.

“This project is not just about creating an incredible user experience—it’s a gateway to bringing blockchain new revenue streams and building brand loyalty in the Web3 space,” Gruszka added.

Specific details around token mechanics, launch timelines, or the game’s economic structure have not been disclosed as of Thursday.

By Francisco Rodrigues (All times ET unless indicated otherwise)

Bitcoin’s (BTC) status as a haven in the context of broader financial markets may be up for debate, but within crypto it’s hardly questionable. Cryptocurrency prices have fallen across the board over the last 24 hours, yet bets on BTC’s dominance keep growing.

The market’s sell-off comes amid profit-taking and conflicting messages from the Trump administration over its trade war with China.

Those comments cooled a rally that started after President Donald Trump signaled he would not remove Federal Reserve Chair Jerome Powell and suggested a softer stance on trade with China. That helped the price of bitcoin to approach $95,000 before it dropped back to $92,200.

The pullback followed comments from Treasury Secretary Scott Bessent, who said there’s no unilateral plan to lift U.S. tariffs on Chinese goods, contradicting Trump’s suggestion that tariff rates could drop in the coming weeks. Investors struggled to interpret the policy direction as Trump also hinted at a “fair deal” with the world’s second-largest economy.

The uncertainty revealed a shift toward bitcoin in the crypto space. The broader CoinDesk 20 (CD20) index lost 3.75% of its value over the last 24 hours, compared with BTC’s 2% drop.

Institutional traders’ preference for BTC is shown by a Binance futures contract tracking the cryptocurrency’s dominance. It’s traded at a 76% premium for the one-year forward, indicating traders expect BTC to retain an edge over altcoins in the coming months, according to an emailed statement from Jake O., an OTC trader at Wintermute.

Options trading further illustrates this positioning. Large bets were placed on bitcoin hitting $110,000 by June, according to Jake O., with traders simultaneously selling calls at $140,000 and $170,000 for September and December — a calendar spread that signals short-term optimism and long-term caution.

Similar activity emerged in May $110,000 calls, where growing gamma exposure points to increasing sensitivity in the market to price swings. Still, long-term crypto holders remain unfazed as data shows they keep accumulating.

For now, the markets remain reactive to the signals coming out of Washington, which given their softer stance also led to a gold dropping to $3,350 per ounce from more than $3,500. Stay alert!

What to Watch

• Crypto:
  • April 25, 1 p.m.: U.S. Securities and Exchange Commission (SEC) Crypto Task Force Roundtable on “Key Considerations for Crypto Custody“.
  • April 28: Enjin Relaychain increases active validator slots to 25 from 15 to enhance decentralization.
  • April 29, 1:05 a.m.: BNB Chain (BNB) — BSC mainnet hardfork.
  • April 30, 9:30 a.m.: ProShares expects its XRP ETF, offering exposure through futures and swap agreements, to begin trading on NYSE Arca.
  • April 30, 10:03 a.m.: Gnosis Chain (GNO), an Ethereum sister chain, will activate the Pectra hard fork on its mainnet at slot 21,405,696, epoch 1,337,856.
• Macro
  • Day 4 of 6: World Bank (WB) and the International Monetary Fund (IMF) spring meetings in Washington.
  • April 24, 8:30 a.m.: The U.S. Census Bureau releases March manufactured durable goods orders data.
    • Durable Goods Orders MoM Est. 2% vs. Prev. 0.9%
    • Durable Goods Orders Ex Defense MoM Est. 0.2% vs. Prev. 0.8%
    • Durable Goods Orders Ex Transp MoM Est. 0.2% vs. Prev. 0.7%
  • April 24, 8:30 a.m.: The U.S. Department of Labor releases unemployment insurance data for the week ended April 19.
    • Initial Jobless Claims Est. 221K vs. Prev. 215K
  • April 25, 10:00 a.m.: The University of Michigan releases (Final) April U.S. consumer sentiment data.
    • Michigan Consumer Sentiment Est. 50.8 vs. Prev. 57
• Earnings (Estimates based on FactSet data)
  • April 29: PayPal Holdings (PYPL), pre-market, $1.16
  • April 30: Robinhood Markets (HOOD), post-market, $0.33
  • 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

Token Events

• Governance votes & calls
  • Lido DAO is voting to extend its delegate incentivization program (DIP) through Q4 with a $225,000 LDO budget. Voting ends April 28.
  • Uniswap DAO will vote on establishing a licensing and deployment framework for Uniswap v4 to accelerate its adoption across multiple chains. The proposal grants the Uniswap Foundation a blanket exemption to deploy v4 on any DAO-approved chain and gives the Uniswap Accountability Committee authority to update deployment records. Voting occurs April 24-April 30.
  • April 24, 8 a.m.: Alchemy Pay to host an Ask Me Anything (AMA) session on its 2025 roadmap.
  • April 24, 9 a.m.: IOTA to host an X spaces session on staking, validators and the mainnet launch.
  • April 24, 8 a.m.: Ronin to host a town hall meeting.
  • April 30, 12 p.m.: Helium to host a community call meeting.
• Unlocks
  • April 30: Optimism (OP) to unlock 1.89% of its circulating supply worth $23.45 million.
  • May 1: Sui (SUI) to unlock 2.28% of its circulating supply worth $221.99 million.
  • May 1: ZetaChain (ZETA) to unlock 5.67% of its circulating supply worth $11.28 million.
  • May 2: Ethena (ENA) to unlock 0.73% of its circulating supply worth $13.69 million.
  • May 7: Kaspa (KAS) to unlock 0.56% of its circulating supply worth $13.91 million.
  • May 9: Movement (MOVA) to unlock 2.04% of its circulating supply worth $11.33 million.
• Token Launches
  • April 24: Initia (INIT) to be listed on Binance, CoinW, WEEX, KuCoin, MEXC and others.
  • 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.

Conferences:

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

• Day 3 of 3: Money20/20 Asia (Bangkok)
• Day 2 of 2: Blockchain Forum 2025 (Moscow)
• Day 2 of 3: Semafor’s World Economy Summit 2025 (Washington)
• April 24: Bitwise’s Investor Day for Bitcoin Standard Corporations (New York)
• April 26: Crypto Vision Conference 2025 (Manilla)
• April 26-27: Harvard Blockchain in Action Conference (Cambridge, Mass.)
• April 27: N Crypto Conference 2025 (Kyiv)
• April 27-30: Web Summit Rio 2025
• April 28-29: Blockchain Disrupt 2025 (Dubai)
• April 28-29: Staking Summit Dubai
• April 29: El Salvador Digital Assets Summit 2025 (San Salvador, El Salvador)
• April 29: IFGS 2025 (London)
• April 30-May 1: TOKEN2049 (Dubai)

Token Talk

By Shaurya Malwa

• Infrared, a liquid staking platform on Berachain, late Wednesday introduced a points program to reward users before its token debuts in the third quarter.
• Points have no fixed supply and are earned through activities like staking or providing liquidity.
• Users earn points by contributing to Infrared’s liquidity vaults, providing liquidity on exchanges like Kodiak and BEX, or staking iBGT and iBERA tokens. Longer participation increases points.
• Infrared leads Berachain’s ecosystem with $1.5 billion in total value locked.
• The program includes retroactive rewards since Infrared’s February launch, and will run for about three months. Users can track points in real time on a dashboard, with additional rewards through partners like Pendle. Points will convert to Infrared’s native token at a ratio to be announced closer to the token launch.

Derivatives Positioning

• Notional open interest in bitcoin CME options has climbed to $5 billion, the most since November.
• Open interest in the CME futures has bounced to over $12 billion, but remains well below the December peak of $22.7 billion, pointing to persistent caution.
• BTC CME futures basis suggests the same, still hovering under an annualized 10%.
• On offshore exchanges, open interest in perpetual futures exchanges has dropped with the overnight BTC price pullback. This suggests the weakness is likely led by profit-taking rather than an influx of fresh shorts.
• In altcoins, NEAR, UNI and PEPE futures have seen the most increase in open interest in the past 24 hours.
• On Deribit, BTC, ETH skews continue to show a bias for calls across time frames. Traders are increasingly selling cash-secured put options tied to BTC, Lin Chen, Deribit’s business development head told CoinDesk.

Market Movements:

• BTC is down 1.36% from 4 p.m. ET Wednesday at $92,411.92 (24hrs: -1.76%)
• ETH is down 2.94% at $1,743.77 (24hrs: -2.66%)
• CoinDesk 20 is down 2.21% at 2,669.87 (24hrs: -3.02%)
• Ether CESR Composite Staking Rate is up 10 bps at 3.125%
• BTC funding rate is at 0.0069% (7.5873% annualized) on Binance

• DXY is down 0.45% at 99.40
• Gold is up 2.19% at $3,347.90/oz
• Silver is down 0.57% at $33.33/oz
• Nikkei 225 closed +0.49% at 35,039.15
• Hang Seng closed -0.74% at 21,909.76
• FTSE is down 0.3% at 8,378.12
• Euro Stoxx 50 is down 0.74% at 5,060.91
• DJIA closed on Wednesday +1.07% at 39,606.57
• S&P 500 closed +1.67% at 5,375.86
• Nasdaq closed +2.5% at 16,708.05
• S&P/TSX Composite Index closed +0.69% at 24,472.70
• S&P 40 Latin America closed +1.28% at 2,475.90
• U.S. 10-year Treasury rate is down 4 bps at 4.35%
• E-mini S&P 500 futures are down 0.62% at 5,368.00
• E-mini Nasdaq-100 futures are down 0.86% at 18,642.25
• E-mini Dow Jones Industrial Average Index futures are down 0.68% at 39,503.00

Bitcoin Stats:

• BTC Dominance: 64.56 (0.22%)
• Ethereum to bitcoin ratio: 0.01884 (-1.72%)
• Hashrate (seven-day moving average): 823 EH/s
• Hashprice (spot): $48.61
• Total Fees: 11.29 BTC / $1,042,496
• CME Futures Open Interest: 140,610 BTC
• BTC priced in gold: 27.8 oz
• BTC vs gold market cap: 7.92%

Technical Analysis

• The chart shows XRP, currently at $2.15, remains stuck in a downtrend that began in January.
• The Ichimoku cloud is capping the upside, threatening to derail the recovery rally seen since April 7.
• The immediate support is at $2, followed by the month’s lows near $1.60.
• On the higher side, the cloud and the descending trendline are levels to beat for the bulls.

Crypto Equities

• Strategy (MSTR): closed on Wednesday at $345.73 (+0.79%), down 1.85% at $339.33 in pre-market
• Coinbase Global (COIN): closed at $194.80 (+2.53%), down 1.53% at $191.82
• Galaxy Digital Holdings (GLXY): closed at C$18.73 (+2.86%)
• MARA Holdings (MARA): closed at $14.13 (+0.5%), down 2.55% at $13.77
• Riot Platforms (RIOT): closed at $7.50 (+5.34%), down 2.4% at $7.32
• Core Scientific (CORZ): closed at $7.12 (+2.89%), down 1.12% at $7.04
• CleanSpark (CLSK): closed at $8.87 (+1.14%), down 1.92% at $8.70
• CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $13.51 (+3.13%), down 2.59% at $13.16
• Semler Scientific (SMLR): closed at $34.28 (+3%), down 1.6% at $33.73
• Exodus Movement (EXOD): closed at $44.09 (+12.5%), up 0.7% at $44.40

ETF Flows

Spot BTC ETFs:

• Daily net flow: $917 million
• Cumulative net flows: $37.68 billion
• Total BTC holdings ~ 1.13 million

Spot ETH ETFs

• Daily net flow: -$23.9 million
• Cumulative net flows: $2.25 billion
• Total ETH holdings ~ 3.33 million

Source: Farside Investors

Overnight Flows

Chart of the Day

• The chart shows the dollar value of the number of active or open ether options contracts on Deribit.
• The $2,000 strike call is the most popular bet, with an open interest of over $260 million.
• Strikes with large open interest often act as magnets, meaning ether could rise to $2,000 in the coming days.

While You Were Sleeping

• Russia Reserves Right to Use Nuclear Arms in Event of Western Aggression — Shoigu (TASS News Agency): Russia’s Security Council secretary warned that the country’s defense policy permits a nuclear response to conventional attacks, including when foreign powers offer support through territory or logistics.
• Why Gold Became the Safe Haven of Choice as U.S. Treasuries and Dollar Sold Off (CNBC): Analysts attribute gold’s strength to its inflation-hedging appeal, insulation from fiscal and monetary policy, a weaker dollar and strong buying by emerging market central banks.
• Bitcoin’s April Rally Driven by Institutions, While Retail Flees ETFs: Coinbase Exec (CoinDesk): Bitcoin’s surge to $93,000 has been driven by institutional and sovereign wealth fund accumulation, not retail ETF flows, according to Coinbase Institutional’s John D’Agostino.
• The Dollar Has Further to Fall (Financial Times): Goldman’s chief economist says the dollar is overvalued by historical standards and a cooling U.S. economy will curb foreign appetite for American assets, weakening demand for the currency.
• Bitcoin Traders Eye Long Term BTC Accumulation by Selling Put Options
  (CoinDesk): Traders are using a cash-secured approach by holding stablecoins, ensuring they can buy bitcoin if prices drop and puts are exercised at the higher strike price.
• Long-Term Bitcoin Holders Show Commitment, Buy More BTC Than Short-Term Holders Sell (CoinDesk): Long-term investors’ holdings have increased by 635,340 BTC since January, absorbing more than what’s been distributed by short-term holders at a 1.38:1 accumulation ratio.

In the Ether

Celyn Armstrong, general counsel and head of compliance at crypto market maker Portofino Technologies, is the latest senior member of staff to leave the firm.

He follows Mark Blackborough, the company’s former chief financial officer, who also recently left the business.

“We’re grateful to Celyn for his pivotal role in building Portofino’s regulatory and compliance infrastructure. His leadership helped us obtain key licenses and establish the strong controls that underpin our operations today,” a Portofino spokesperson said in emailed comments.

“We’re also pleased to welcome Dilan Bastin as our new head of compliance — her expertise will be invaluable as we continue to scale responsibly across global markets.”

Armstrong, who was based in London and had worked for the crypto trading firm for three years, declined to comment.

Prior to joining Portofino he worked for legal firms including Dentons and Linklaters. He was also employed by the U.K.’s financial services regulator, the Financial Conduct Authority (FCA), for more than six years, according to his LinkedIn profile.

In addition to Armstrong and Blackborough, Cristian Dinu, a quantitative developer, also recently left the firm to join rival market maker Optiver, according to his LinkedIn profile.

The Swiss company told CoinDesk last month that it was exploring opening new offices in New York and Singapore.

Portofino raised $50 million in equity funding in late 2022. It was founded by two former Citadel Securities leaders Leonard Lancia and Alex Casimo in 2021.

Read more: Crypto Market Maker Portofino Technologies Has Big Plans For 2025

Russia’s finance ministry and central bank are set to unveil a crypto exchange for “highly-qualified” investors, news agency Interfax reported on Wednesday.

The exchange will “legalize crypto assets and bring crypto operations out of the shadows,” Finance Minister Anton Siluanov said during a ministry board meeting, according to the report.

“Naturally, this will not happen domestically, but as part of the operations permitted under the experimental legal regime,” Siluanov said.

The Central Bank of Russia proposed allow crypto trading within a pilot known as the experimental legal regime (ELR) in March.

This would apply to highly qualified investors, a new investor category for individuals whose investments exceed 100 million rubles ($1.2 million) or an annual income exceeding 50 million rubles ($600,000).

The absence of a centralized domestic crypto exchange in Russia means Russians rely on overseas trading platforms to buy and sell cryptocurrency, which the Finance Ministry and Central Bank may be seeking to counteract.

The Central Bank has also proposed allowing highly-qualified investors to access derivatives and securities linked to digital assets, that do not involve the delivery of crypto to the investor but derive returns based on its value.

KiloEX, the decentralized exchange (DEX) hit by a $7 million attack earlier this month, has revealed its resolution plans for affected users.

Users whose positions remained open during the platform suspension will be compensated for the difference on increased losses or decreased profits, KiloEX said on Thursday.

Compensation will only be calculated up to the point the platform resumes, so users are advised to close their positions as soon as possible thereafter.

The KiloEx attacker, using a wallet funded by crypto laundering service Tornado Cash, appeared to exploit a vulnerability in the platform’s price oracle system.

ZKsync said $5 million worth of tokens stolen during an admin wallet hack last week have been returned and the case is now considered resolved.

The layer-2 blockchain protocol saw a hacker compromise its admin wallet, leading to the theft of unclaimed tokens from the ZKsync airdrop.

In a post on X, the project said the hacker cooperated with the team and returned the funds within the “safe harbor” deadline — a grace period commonly offered in security incidents to incentivize returns without legal consequence. The cooperation means the hacker took a 10% bounty.

The tokens are now in custody of the ZKsync Security Council and a governance process will determine what to do with them. A final investigation report is being prepared and will be published when complete.

Would you offer insurance when expecting low odds of a claim being made? Most likely, you would, while pocketing the premium without a second thought. Bitcoin (BTC) traders are doing something similar in the Deribit-listed BTC options market, hinting at bullish price expectations.

Recently, an increasing number of traders have been selling (writing) BTC put options, likened to providing insurance against price drops in exchange for a small upfront premium.

They are implementing this strategy in a cash-secured manner by holding a corresponding amount in stablecoins, ensuring they can buy BTC if the market declines and the put buyer decides to exercise his right to sell BTC at the predetermined higher price.

This strategy enables traders to collect premiums (paid by put buyers) while potentially accumulating bitcoin if the options are exercised. In other words, it’s the expression of a long-term bullish sentiment.

“There is a notable increase in cash-secured put selling using stablecoins—another sign of a more mature, long-term approach to BTC accumulation and a continued expression of bullish sentiment,” Deribit’s Asia Business Development Head Lin Chen told CoinDesk.

Chen said BTC holders are also selling higher strike call options to collect premiums and generate additional yield on top of their coin stash, which is weighing over Deribit’s DVOL index, which measures the 30-day BTC implied volatility. The index has dropped from 63 to 48 since the April 7 panic selling in BTC to $75K, according to data from the charting platform TradingView.

“We observe that investors remain long-term bullish on BTC, particularly among crypto-native “holders” who are willing to hold through market cycles,” Chen said.

Bitcoin’s price has risen to over $92,000 since the early month slide to $75,000, supposedly on the back of haven demand and renewed institutional adoption narrative.

The sharp price recovery has seen BTC options risk reversals reset to suggest a bias for call options across time frames, according to data source Amberdata. Over the past two days, traders have specifically snapped up calls at strike $95,000, $100,000 and $135,000 via the over-the-counter tech platform Paradigm. As of writing, the $100,000 strike call was the most popular option play on Deribit, with a notional open interest of over $1.6 billion.

$9 billion in delta

Just how important it is to track flows in the options market can be explained by the fact that the cumulative delta in Deribit’s BTC options and options tied to the U.S.-listed BlackRock spot bitcoin ETF (IBIT) and its peers was $9 billion as of Wednesday, according to data tracked by Volmex.

The data indicates heightened sensitivity of options to changes in BTC’s price, suggesting potential for price volatility.

Delta, one of the metrics used by sophisticated market participants to manage risk, measures how much the price (premium) of an options contract is likely to change in response to the $1 chance in the price of the underlying asset, in this case, BTC.

So, the cumulative delta of $9 billion represents the total sensitivity of all outstanding BTC and bitcoin ETF options to changes in the spot price. As of Wednesday, the total notional value of all outstanding options contracts was $43 billion.

Such large data or sensitivity to price swings in the underlying asset means market makers and traders actively engage in hedging strategies to mitigate their risks. Market makers, or those mandated to provide order book liquidity, are known to add to price volatility through their constant effort to maintain a net directional neutral exposure.

“Option deltas have increased to record levels as open interest grew and strike deltas shifted significantly. Option market makers are actively hedging this delta exposure, driven by substantial new positions and notable shifts in strike pricing,” Volmex noted on X.

According to Volmex, crypto-native options traders over Deribit are positioned more bullishly than those trading options tied to IBIT.

Dubai’s crypto regulator has issued an alert, warning of firms falsely claiming to be part of the city’s high-profile real estate tokenization pilot, saying that such misrepresentation may violate the emirate’s virtual asset laws.

The Virtual Assets Regulatory Authority (VARA), in coordination with the Dubai Land Department (DLD), said on Tuesday that several entities have improperly suggested they are participating in the DLD’s blockchain-based property title deed initiative, which launched as a limited pilot on March 19.

“No entities beyond those explicitly approved by DLD and VARA are authorised to participate,” the regulator said. “Any entity promoting their involvement in the project without formal confirmation… is misrepresenting their status.”

VARA did not name any firms in the release.

The tokenization initiative could account for 7% of all property deals, valued at 60 billion dirhams ($16 billion), by 2033, CoinDesk previously reported, as part of the city’s broader push to position itself as a global tech and digital asset hub.

This warning from VARA comes days before Token 2049 kicks off in the city. Earlier in March, on-chain investigator ZachXBT pointed out that the conference tends to attract a disproportionate amount of scams.

Metaplanet (3350) has reached a major milestone in its bitcoin (BTC) strategy, the Japanese hotel company now holds 5,000 BTC as part of its treasury operations.

Its BTC stash is valued at approximately $428.1 million at an average acquisition cost of around $85,621 per coin.

The Tokyo-listed firm continues to double down on bitcoin as a reserve asset, with its latest purchase of 145 BTC made at an average price of approximately $93,327 per coin, totaling roughly $13.6 million.

The accumulation strategy has achieved a year-to-date (YTD) BTC Yield of 121.1% in 2025. This yield metric reflects the company’s effective increase in bitcoin per share held.

Notably, BTC Yield is a proprietary KPI Metaplanet uses to track treasury performance. It isolates gains driven purely by bitcoin acquisition strategies while neutralizing dilution from newly issued shares. In Q1 2025 alone, the company saw a yield of 95.6%.

Shares of Metaplanet were trading 5% lower at the time of writing.

Disclaimer: This article, or parts of it, was generated with assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.

Major tokens fell as much as 5% on Thursday as traders took profits on a steady move higher from earlier this week, with memecoin dogecoin (DOGE) leading losses among the largest assets.

Bitcoin (BTC) clung to the $93,000 zone in the past 24 hours, but XRP, Solana’s SOL, BNB Chain’s BNB and DOGE showed losses above 2%. Ether (ETH) fared relatively better with a 1.5% slump.

Overall market cap decreased 2.5%. The broad-based CoinDesk 20, a liquid index tracking the largest tokens by market cap, fell over 3%.

Spot bitcoin exchange-traded funds (ETFs) in the U.S. bagged over $916 million in inflows on Wednesday. Some traders point to the asset’s growing safe haven as a catalyst underpinning this surge in flows.

“The inflows are driven by a declining U.S. dollar index, and Bitcoin’s growing safe-haven appeal amid equity market volatility,” Vugar Usi Zade, COO at Bitget, told CoinDesk in an email. “The massive ETF inflows reflect Bitcoin’s strengthening position as a leading crypto asset, with growing institutional adoption.

“Its reduced correlation with equities and safe-haven narrative position it as a diversification tool, though short-term challenges like weak investment signals require sustained macro catalysts,”

Bitcoin’s safe-haven narrative has been growing in the past week on its relevant resilience, mirroring gold’s price rise, even as bond yields and U.S. equities corrected amid the ongoing tariff wars.

Earlier this week, President Donald Trump said he had no intention to fire Federal Reserve Chair Powell and that a deal with China (which is facing tariffs as high as 245% on some items) would significantly reduce some of its levies.

The mixed signals and frequent tone shift are jading traders, however, who continue to monitor comments for further cues on positioning.

“Macro risks remain, but one critical overhang appears to be cleared. Trump is signaling no intention to replace Fed Chair Powell for now. The reassurance has prompted a modest pullback in long-end yields, helping reduce a key tail risk,” Singapore-based QCP Capital said in a broadcast message Thursday.

“The broader outlook, however, is anything but simple. Trade frictions, geopolitical jitters, and regulatory opacity continue to cast long shadows,” the firm added.