Macro Tensions, Market Shifts & Coinbase 24/7 Derivatives Launch

This week, we dive into the evolving crypto and macro landscape—starting with the latest market signals: BTC dominance climbs to 69%, perp funding turns negative, and BTC options remain cautiously bearish. We also break down technical levels to watch, institutional flow trends, and how global equity valuations are influencing crypto sentiment.On the macro front, rising US-China uncertainty continue to take center stage. We assess potential ripple effects from escalating tariffs, a weakening yuan, and the PBOC’s monetary posture.In industry news, Ripple makes a $1.2B acquisition, and Apollo backs Plume’s push into tokenized assets. Onchain, stablecoin growth pauses while infrastructure protocols reclaim top revenue spots.We also share Coinbase updates: the May 9 launch of 24/7 derivatives trading, upcoming XRP futures, and progress in tokenized fund access through WisdomTree Connect.

Topics Covered:

• Market Metrics: BTC dominance at 69%, flat-to-negative perp funding, bearish skew in options, and COIN50 rebound
• Macro Trends: China tariff escalation, yuan devaluation risk, Fed expectations and SPY valuation divergences
• Industry News: SEC stablecoin guidance, Ripple’s $1.2B deal, Apollo’s investment in Plume, and fundraises from Blackbird & Cap
• Onchain Insights: Stablecoin growth stalls, Aave vote for Pendle PT as collateral, memecoin activity falls relative to overall DEX volumes
• Coinbase Updates: Derivatives launch (May 9), XRP Futures (Apr 21), WisdomTree tokenized funds, ML & Blockchain Summit
• Upcoming Catalysts: CPI + Jobless Claims (Thurs), FTX distributions (May 30), Pectra upgrade (end of April)

Host:
Ben Floyd, Head of Execution Services
 

Speakers:
David Han, Research Analyst
Georg Toropov, Senior CES Sales Trader

Links:

• Coinbase Derivatives is targeting May 9th to enable 24x7 trading for Bitcoin and Ether futures.
  • XRP Futures likely to go live on April 21st
• WisdomTree Connect: 13 Tokenized Funds Now Available Across Base, Ethereum, Arbitrum, Avalanche and Optimism
• Machine Learning and Blockchain research summit on Thursday 8th May
• Coinbase Blog - Unlocking Government Efficiency with Crypto and Blockchain