Bitcoin Reclaims $85K Amid Tariff Pause, ETF Shifts & Stablecoin Strength

April 19 2025

Bitcoin has surged by 8% this week, reclaiming ground above the $85,000 mark. The rebound comes on the heels of a 90-day tariff freeze announced by former President Trump, offering a breather to rattled global markets. Notably, the pause excludes China, a move that has intensified the ongoing trade standoff between the world’s two largest economies.

CryptoQuant predicts Bitcoin may face resistance at $84K if bullish momentum stalls. If it breaks through the $84K barrier, CryptoQuant suggests BTC could surge toward $96K as the next major resistance level. Besides, since early March, Bitcoin whales have been accumulating more than 100,000 BTC, driving an increase in their holdings.

Bitcoin Performance vs the Naira, KES, and the Rand

Bitcoin has seen a slight change against the dollar (0.98%), trading around 85k this week. The past week has seen considerable activity, with daily average spot volumes hovering near $5 billion amidst high volatility in both BTC and equities. It has exhibited relative strength to the Nigerian Naira (USDNGN) (-0.02%), South African Rand (USDZAR) (-1.52%), and Kenyan Shilling (USDKES) (+1.8%) in the same period. The USD/ZAR (-1.52%) drop stands out, possibly due to the rand’s strength compared to the other two. The South African rand experienced volatility influenced by ongoing uncertainty around U.S. tariffs and political tensions within South Africa’s ruling coalition government. The imposition of new U.S. tariffs, including a steep 31% tariff on South African exports, exacerbated market fears, causing the rand to weaken sharply. This was compounded by political instability, as the pro-business Democratic Alliance opposed the national budget and threatened to withdraw from the Government of National Unity, raising investor concerns about potential government collapse.

BTC Vs. NSE and NGX

This week, Bitcoin’s spot market experienced a six-day volatility uptick, peaking at 1.43%. Unlike traditional equity markets such as the NSE, which posted a 2.86% rise, and Nigeria’s NGX, which jumped 6.35%, Bitcoin’s volatility patterns have diverged significantly—largely due to traders’ heightened sensitivity to ongoing tariff developments. Despite a narrow volatility gap between Bitcoin and the NSE, correlation between BTC and equity indices remains high. Interestingly, Bitcoin is currently showing a much lower beta than usual in turbulent markets. Historically, it tends to exaggerate equity sell-offs with sharper drops. The relatively calm volatility in Bitcoin may be signaling underlying strength and growing investor confidence going into the next quarter. Still, if traditional markets continue to rally, some capital may flow out of crypto and back into stocks in the short term.

Bitcoin ETFs

On April 15, Bitcoin ETFs experienced $76.4 million in net inflows, with approximately 903 BTC purchased, while Ethereum ETFs saw $14.2 million in net outflows, with around 8,750 ETH being sold.

The year-to-date (YTD) change in Bitcoin holdings across various Bitcoin ETFs in 2025 shows that IBIT leads significantly with a massive increase of 19,951.4 BTC, followed by BTC and ARKB, which added 3,000.4 BTC and 678.4 BTC, respectively. On the other end of the spectrum, GBTC shows the largest decline, shedding 15,258.6 BTC, with FBTC and BRRR also experiencing notable outflows of 5,930.1 BTC and 3,122.7 BTC, respectively.

BlackRock sees $84B in Q1 net inflows, with $3B directed to digital asset products as iShares ETFs hit a record $107B. While BlackRock is purchasing Bitcoin, most other ETFs are selling, and for sustained Bitcoin demand growth, they need to hop on the bandwagon.

Altcoins Vs Bitcoins

Ethereum’s dominance has nearly halved since U.S. Ethereum Spot ETFs launched last summer. Like many altcoins—Dogwifhat, Trump tokens, and others—it soared briefly, then fell hard. Without fresh liquidity or strong real-world utility, altcoin rallies seem unlikely.

Bitcoin, meanwhile, holds steady. Its price tends to move with shifts in monetary policy, stablecoin growth, or global money supply increases. None are surging right now, so Bitcoin is expected to trade between $80K and $80K–$90K for the time being.

Low trading volumes and falling stablecoin issuance suggest caution across markets. But with fewer regulatory threats and a weakening U.S. dollar boosting global liquidity optics, Bitcoin remains the standout—resilient, stable, and still king of crypto.

Consistent Stablecoin Inflows Indicate Resilience and a Growing Adoption of Crypto

As of April 2025, Tether (USDT) dominates the stablecoin market with a $146B market cap, while Circle’s USDC continues to grow steadily, reaching $113B. From August 2024 to April 2025, stablecoin inflows have slowed but maintain a consistent upward trend, reflecting crypto’s ongoing expansion despite broader market volatility. This gradual growth highlights the sector’s resilience and signals that stablecoins are gaining traction as a less-correlated asset class, even amid uncertainties like trade wars and tariffs, which may further boost crypto’s long-term potential.

Market Related Charts

In Q1 2025, corporate Bitcoin holdings rose to 688K BTC (3.28% of total supply), up 16.11% QoQ, now valued at $57B with Bitcoin priced at $82,445. The number of public companies holding Bitcoin grew to 79, with 12 new entrants. Key highlights include Strategy (formerly MicroStrategy) buying $7.7B more BTC, GameStop raising $1.5B for Bitcoin, and Metaplan aiming to acquire 10K BTC by year-end. The top holders are Strategy (528,185 BTC), MARA (47,531 BTC), Riot (19,223 BTC), CleanSpark (11,869 BTC), and Tesla (11,509 BTC). A record 95,431 BTC were bought this quarter.

As of April 15, 2025, 34.5 million ETH worth $56.1B is staked, showing a steady rise in staked ETH throughout the year despite a sharp drop in USD value. This divergence signals that smart money isn’t flinching at price volatility—it’s doubling down. Rather than trading in and out, these are long-term players locking in conviction capital, suggesting growing confidence in Ethereum’s future and network security, not retail speculation.

Bitcoin’s market dominance has reached a 4-year high, while Ethereum’s share has dropped to multi-year lows. Bitcoin dominance has surged to 63.1%—its highest level this year—signaling a flight to safety as investors retreat from altcoins. Ethereum dominance has dropped to 7.2%, nearly half of its May 2024 peak, while other altcoins collectively hold just 29.7%. The sharp rise in Bitcoin’s share of the market suggests capital consolidation around BTC amid market uncertainty, with “risk-off” sentiment pushing smart money back into the crypto king.

Here are crypto’s top ETH-based coins by development activity. Directional indicators represent each project’s ranking positioning since last month.

Bitcoin remains the primary driver of the crypto market, often setting the tone for broader trends. Its movements tend to trigger more exaggerated reactions across altcoins, reinforcing BTC’s role as the lower-risk benchmark in the space. While our ‘Ahead of the Curve’ reports maintain a strong focus on Bitcoin due to its market leadership, we don’t shy away from exploring other promising coins, trends, or emerging narratives. Alongside this, we’ve distilled key market figures into a concise table—offering a quick snapshot of the market’s pulse at any given time.

Disclaimer: This content is for informational purposes only and should not be considered legal, tax, investment, financial, or professional advice.

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