Daily Market Dispatch – April 22, 2025 Overview Markets are walking a tightrope between political drama and economic reality. U.S. equities are staging a modest rebound after Monday’s sharp sell-off, while Bitcoin is climbing above $90,000, buoyed by strong ETF inflows, institutional acquisitions, and a weakening USD — all on top of mounting concerns over the Fed’s independence. With Tesla earnings due and a slate of Fed speakers on deck, investors are bracing for a week that could refresh the tone for Q2. Bitcoin Bitcoin is posting gains, recapturing levels last seen in early March to trade just below $90,000. The early week’s rally came as the U.S. Dollar Index slipped to a three-year low, driven by concerns over political interference at the Federal Reserve. Institutional demand is surging. Spot Bitcoin ETFs saw their largest single-day inflow since January, with $381.4 million in net purchases led by major products. Bitcoin’s strength amid dollar weakness, record gold prices, and renewed institutional buying reflects a market recalibrating what safety looks like. Whether BTC can clear the resistance zone between $91,000–$92,000 remains to be seen, but the conversation has clearly shifted. Bitcoin is no longer trading in the shadows of tech — it’s becoming a lens through which macro uncertainty is priced. Ethereum and Altcoins Ethereum (ETH) continues to underperform, trading near $1,580 after a 4% drop and significant ETF outflows on Monday. Altcoins were mixed, with XRP climbing modestly, bolstered by rising ETF speculation and strong support near key levels. Polygon and Kaspa outperformed with gains over 9%, while Solana and Cardano edged lower on profit-taking. ADA remains in focus as market interest in altcoin-related ETFs grows, fueling bullish sentiment around broader institutional access to alternative digital assets. Macro & Institutional U.S. stock futures are pointing higher after Monday’s steep declines, which saw the S&P 500 fall 2.4% and the Dow lose over 700 points. Since early April, when reciprocal tariff plans were unveiled, major indexes have dropped more than 9%. Market jitters have only intensified amid calls for “preemptive” rate cuts and speculation about the possible dismissal of the Fed Chair — moves that threaten to undermine the central bank’s independence ahead of its May policy decision. In commodities, gold surged past $3,495 to a new all-time high, tracking the same macro anxiety lifting Bitcoin. The two assets appear to be trading more in sync, with market participants increasingly viewing them as complementary hedges. Institutional demand for Bitcoin is also accelerating beyond ETFs. Japan-based Metaplanet added 330 BTC to its reserves on April 21, while U.S.-listed Strategy disclosed a fresh purchase of 6,556 BTC, bringing its total holdings to over 538,000 BTC. These moves represent one of the largest single-day corporate accumulations of Bitcoin this year and signal deepening conviction in the asset as a macro hedge and balance sheet reserve. At the same time, regulatory momentum is shifting. The SEC has entered a new chapter with Paul Atkins stepping into office, inheriting a backlog of crypto-related ETF applications that could reshape access to the market in the months ahead. Looking Ahead Markets will be watching closely as five Federal Reserve officials speak today, including senior policymakers who may provide clarity on the central bank’s evolving stance. Later in the week, fresh data on new home sales and initial jobless claims will offer further insight into consumer health and labor market trends. Earnings season is also in full swing. Tesla’s results after the close today may set the tone for tech and broader equity sentiment, while Alphabet’s numbers later this week could provide a key read on digital ad spending and corporate investment appetite. – Iliya Kalchev, Nexo Dispatch analyst For informational purposes only; not financial or investment advice.