Grayscale has officially filed for an Avalanche ETF with Nasdaq, marking a significant step for the firm as it expands its offerings in the cryptocurrency space. The move aims to provide investors with a more accessible way to gain exposure to Avalanche (AVAX) through a regulated financial product. If approved, this ETF could further solidify Avalanche’s position in the growing blockchain and cryptocurrency market, offering more opportunities for institutional investors.
Crypto market capitalization closed the week above $2.7 trillion mark on Saturday, April 5, while Trade war panic wiped over $1 trillion off US tech stocks including Apple, NVIDIA and Microsoft.
Microsoft, Apple and Nvidia all lose $3 trillion valuation as Trump tariffs Wipe Out $1 trillion in 3 days
As Trump announced fresh tariffs on Wednesday, global Markets reacted swiftly. The Dow Jones Industrial Average dropped over 3000 points plunging 7.4%, while Crude Oil (WTI) also tumbled more than 10% as manufacturers and commodities traders brace for a blip in global commerce.
But the most dramatic losses came from the United States’ technology sector. Apple, Microsoft, and NVIDIA—three of the most valuable companies globally—shed more than $1 trillion in market capitalization combined after Trump announced the sweeping tariffs on Wednesday.
US Stock Market Performance over the past week, April 5 2025 | Source: TradingView
Apple alone fell 15.02% on the week, while NVIDIA’s stock lost 15.4% following supply chain concerns tied to the semiconductor industry. Microsoft declined 15.9%, extending its weekly loss to the steepest seen since October.
Notably, all three stocks which traded above the $3 trillion mark in the past year have now plunged below that historic threshold.
Largest Companies globally ranked by market capitalization as of April 5 2025 | Source: companiesmarketcap.com
At press time, on Saturday April 5, Apple (AAPL) sits atop with $2.83 trillion market cap, while Microsoft (MSFT) and NVIDIA (NVDA) follow with current valuations of $2.7 and $2.3 trillion valuations respectively.
Historically, such synchronized declines among the biggest U.S. corporations suggest investors are reacting to systemic market risks rather than, individual stock performance outlook.
This affirms that China’s swift retaliation—announcing new tariffs on U.S. exports within 48 hours—has sparked fears of a sustained trade war.
The looming supply chain risks has prompted investors to pivot away from US stocks towards alternative markets like private credit and cryptocurrencies.
Altcoins Brace for Breakout as Crypto Market Cap Holds at $2.7T Amid Trade War Concerns
Bitcoin price has held firmly above the $80,000 mark, despite US Trade tariffs sparking intense market turbulence across global financial markets over the past week. BTC’s resilient price action has caught investor’s attention, with the positive sentiment extending towards altcoins.
On Wednesday, the White House triggered widespread investor anxiety by unveiling sweeping new tariffs on imports from multiple trading partners, including China, India, Mexico, and the European Union.
Early market reactions show that cryptocurrencies withstood the sell-pressure while US Stocks, and manufacturing commodities markets nose-dived.
Crypto Spot Market Performance, April 5 2025 | Source: Coingecko
As seen in the Coingecko chart above, the aggregate crypto market capitalization stands at $2.7 trillion at press time, keeping weekly timeframe losses below the 8% mark. Not only has Bitcoin price held above the $82,000, the resilient performance extended to the crypto sector as a whole.
As seen in the chart, top ranked altcoins like XRP, BNB and Cardano are holding key support levels around $2, $590 and $0.65 respectively, as global markets saw major sell-off response to Trump’s tarrfis.
But in the crypto-sector as weak hands exited, and BTC held steady, altcoin found new buyers as as investors exiting us stocks sought assets unexposed to trade tensions. In effect, Crypto markets only declined 8% in the past week, while Microsoft, Nvidia and Apple all plunged by more than 15%.
As investors exited those markets, the displaced capital found its way into the crypto markets, which has kept top altcoins that Ethereum, XRP, BNB. and Solana consolidating near the $1,800, $2, $600.
For context, of the top 5 ranked cryptocurrencies are posting BTC, ETH, BNB and XRP are all posting less than 1% losses on the weekly timeframe.
Meanwhile, Solana the worst performer among the top-ranked altcoins this week, settles at $119 at press time, having only plunged 5%, despite active bearish catalyst from token unlocks, and upcoming FTX payouts.
Welcome to the US Crypto News Morning Briefing—your essential rundown of the most important developments in crypto for the day ahead. Grab a coffee and brace for impact as MicroStrategy (now Strategy) makes another bold move into Bitcoin (BTC), acquiring nearly $532 million worth and pushing its total holdings close to 600,000 BTC.
With the company now nearing a historic inclusion in the S&P 500 and its year-to-date (YTD) Bitcoin yield hitting nearly 20%, this could mark a pivotal moment in the growth of corporate crypto adoption.
Crypto News of the Day: Strategy Acquires 4,980 BTC, Eyes S&P 500 Entry
MicroStrategy has deepened its conviction in Bitcoin with a fresh purchase of 4,980 BTC for $531.9 million. The purchase, made at an average price of $106,801 per coin, brings the company’s holdings to 597,325 BTC.
According to the firm’s executive chair, Michael Saylor, these were acquired at a cumulative cost of $42.4 billion. With a blended average of $70,982 per Bitcoin, this brings Strategy’s YTD Bitcoin yield to 19.7%.
Strategy has acquired 4,980 BTC for ~$531.9 million at ~$106,801 per bitcoin and has achieved BTC Yield of 19.7% YTD 2025. As of 6/29/2025, we hodl 597,325 $BTC acquired for ~$42.40 billion at ~$70,982 per bitcoin. $MSTR$STRK$STRF$STRDhttps://t.co/xvWnSkfukS
It also marks a key milestone in what may become the biggest traditional finance (TradFi) disruption yet: Strategy’s potential inclusion in the S&P 500.
BeInCrypto reported in a recent US Crypto News publication that MicroStrategy had a 91% chance of qualifying for inclusion in the S&P 500. The report cited insights from data analyst Jeff Walton, who said this wager hinged on Bitcoin’s price not falling more than 10% before June 30.
More closely, Walton pegged the critical support level at $95,240, enough to keep Strategy’s quarterly earnings in positive territory and meet the S&P’s requirement of four consecutive profitable quarters.
So far, that scenario is playing out. With just hours remaining in the quarter, Walton’s model puts the probability of a disqualifying 10% drop at just 1.8%.
“This is the first positive FASB Fair Value Accounting period for $MSTR’s BTC holdings, and $MSTR’s first earnings period > $500M Net Income in company history,” Walton posted on X.
If successful, Strategy would become the second crypto-linked company to enter the S&P 500 in 2025, following Coinbase’s historicaddition in May. But not everyone is cheering.
“This event will cause TradFi brains to go into full meltdown… This will be the most hated rally of all time,” Walton warned.
From skeptics questioning BTC-linked earnings to doubters highlighting the lack of cash flow, Strategy’s rise continues to provoke debate over what qualifies as sustainable corporate performance in crypto.
A Bull Market Built on Debt? Risks of the Bitcoin Corporate Treasury Model
Strategy’s S&P 500 bid also comes as a wider wave of corporate Bitcoin adoption reshapes the digital asset investment sector.
A report from Breed.vc notes that 199 entities now collectively hold over 3 million BTC, worth approximately $315 billion. Based on the report, 147 of them are private or public companies.
While the proliferation of Bitcoin-holding companies may appear bullish for BTC, it introduces a new layer of systemic fragility.
Strategy survived the brutal 2022–23 bear market, but only barely. Now, an extended downturn—especially one coinciding with maturing debt—could force liquidations. Such an outcome would trigger what analysts call a reflexive death spiral.
A falling MNAV erodes the company’s stock value, tightening access to capital, and potentially forcing BTC sales that drive prices even lower.
Smaller players are especially vulnerable. Without MicroStrategy’s scale, legacy revenue, or institutional inflows, these firms often face higher leverage ratios and worse financing terms. Should Bitcoin dip sharply, the resulting stress could cause cascading failures.
That said, contagion risk remains limited as most funding is equity-based, not debt-driven. Still, the few who overleverage in pursuing rapid BTC accumulation could set off domino effects.
Chart of the Day
Illustrative Crypto Treasury Company Death Spiral. Source: Breed
This chart illustrates the cycle of a crypto market crisis. When the BTC price drops, it leads to forced liquidations, refinancing issues, and market panic, triggering further price declines and contagion.
Byte-Sized Alpha
Here’s a summary of more US crypto news to follow today:
On-chain data suggests that Bitcoin price recovery may soon face headwinds. Rising sell-side pressure from miners and long-term holders (LTHs) threatens to correct the king coin’s recent gains.
TRUMP, the meme coin that gained attention after the much-discussed TRUMP dinner, has been facing difficult price action in recent days. The token has lost traction, with its price slipping and bearish sentiment creeping into the market.
As the price continues to struggle, the likelihood of a further decline now outweighs any potential recovery, leaving traders in a precarious position.
TRUMP Traders Face Losses
The liquidation map for TRUMP reveals data concerning traders. Approximately $31 million worth of short contracts are at risk of liquidation if the price of TRUMP rises to $14.52. This is a critical threshold for shorts, as their positions would be liquidated if the price surges beyond this point.
The demand for a price drop signals that many investors no longer believe in the potential for further gains. Instead, they are positioning themselves for a fall in price, suggesting waning optimism in the short-term outlook for TRUMP.
On the macro level, technical indicators paint a bearish picture for TRUMP. The Relative Strength Index (RSI) has recently slipped below the neutral 50 mark, signaling a shift into the bearish zone. This decline in the RSI indicates that the price of TRUMP is vulnerable to further downward pressure if the negative momentum strengthens.
As the RSI continues to trend lower, TRUMP is increasingly susceptible to price declines. The inability to regain bullish momentum leaves the token in a precarious state, with the potential for further losses if the current trend persists.
At $12.65, TRUMP is currently grappling with a lack of bullish momentum. Despite the hype surrounding the TRUMP dinner, the token has fallen by nearly 15% since the event, indicating that the market has failed to sustain its earlier enthusiasm.
This decline reflects broader skepticism about the token’s future performance.
For TRUMP to recover, it would need to see a significant rally, requiring a nearly 15% increase to reach $14.53. However, given the current market conditions and broader sentiment, this level seems difficult to achieve.
Instead, it is more likely that TRUMP could break through its current support at $12.18, leading to a further drop to $10.97.
That said, if there is a sudden shift in demand driven by new investors, TRUMP could see a surge. A strong push past $13.36 could set the stage for a rise to $14.53, triggering a liquidation of $31 million worth of short positions.
Such a move would cause significant volatility in the market, potentially providing a sharp rebound for the altcoin.
