The United States Securities and Exchange Commission (SEC) has postponed its decision on the Grayscale Spot Solana and Litecoin ETFs. The agency said more time is needed to assess whether these filings meet the necessary standards for investor protection and market transparency. This delay affects Grayscale’s efforts to list spot cryptocurrency ETFs that would be traded on the NYSE Arca exchange.
At the same time, the US SEC opened public comment periods for other crypto-related proposals, including BlackRock’s Bitcoin ETF redemption model.
US SEC Extends Review Period for Grayscale SOL and LTC ETFs
The US SEC announced that it will extend the review process for the proposed Grayscale Solana Trust. The agency is evaluating whether the fund complies with the Securities Exchange Act of 1934. If approved, the ETF would allow public trading of Solana-backed shares through traditional investment accounts.
The same decision applies to the Grayscale Litecoin Trust. The SEC said it needs additional time to determine if the Litecoin ETF filing meets the required legal and market conditions. Grayscale’s filings will now follow an extended timeline, which can include several stages before a final decision is reached.
According to the official filing, the commission has begun “proceedings to determine whether the proposed rule change should be approved or disapproved.” This language is standard for when the agency seeks further information or public input on complex filings.
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Japan’s government bond market faces its worst liquidity crisis since the 2008 financial meltdown. This has prompted fears of a broader economic contagion that could ripple into global crypto markets.
Analysts are sounding the alarm as bond yields surge and long-standing financial structures unravel.
Japan’s Bond Market Crisis Sparks Global Contagion Fears
In just 45 days, Japan’s 30-year government bond yield has surged 100 basis points (bps) to a record 3.20%. Meanwhile, the 40-year bond, previously seen as a “safe” investment, has shed more than 20% in value, with over $500 billion in market losses.
According to analyst Financelot, liquidity in the bond market has also deteriorated to levels last seen during the Lehman Brothers collapse, suggesting a potential impending financial crisis.
“Japan’s bond market liquidity has dropped to 2008 Lehman crisis levels. Are we about to experience another financial crisis?” wrote Financelot on X (Twitter).
The central bank still holds $4.1 trillion in government bonds, 52% of the total outstanding. With this, its grip on the market has distorted pricing and investor expectations.
Japan’s total debt has ballooned to $7.8 trillion, pushing its debt-to-GDP ratio to a record 260%, more than double that of the US.
The fallout has been swift. Japan’s real GDP contracted 0.7% in Q1 2025, more than double the expected 0.3% drop.
Meanwhile, CPI inflation accelerated to 3.6% in April. Real wages, however, plunged 2.1% year-over-year (YoY), intensifying fears of stagflation.
“Japan needs a major restructuring,” warned The Kobeissi Letter, highlighting the fragility of the nation’s economic model.
Bitcoin Emerges as a Safe Haven Amid Yen Carry Trade Unwind
As global investors digest these warning signs, attention is turning to the crypto markets, specifically Bitcoin. The pioneer crypto is progressively presenting as a potential refuge from bond market volatility.
The yen carry trade, a strategy in which investors borrow low-yielding yen to invest in higher-yielding assets abroad, is now under threat.
According to Wolf Street, surging Japanese yields and a weakening economy are squeezing these highly leveraged positions.
“The huge mess is coming home to roost,” the outlet wrote, noting that the unwind of this trade could trigger a global risk-off event.
That shift is already visible. As yields rise in Japan and the UK, demand for Bitcoin has soared in both regions.
“Is it a coincidence that the UK and Japan are seeing huge demand for bitcoin exposure?” analyst James Van Straten posed.
The analyst referenced the 30-year UK gilt yield nearing a 27-year high.
Meanwhile, Cauê Oliveira, Head of Research at BlockTrendsBR, also noted a growing positive correlation between bond volatility and Bitcoin flows, with Bitwise’s European Head of Research, Andre Dragosche, agreeing.
“A lot of big players [are] rotating from bonds to BTC,” Oliveira noted.
BeInCrypto data shows Bitcoin was trading for $109,632 as of this writing, down 0.17% in the last 24 hours.
Still, Bitcoin’s role comes with its own risk. BeInCrypto reported a recent analysis of the yen carry trade, warning that disorderly unwinds could pressure crypto assets alongside traditional markets. This is especially true if a global flight to safety prompts USD strength and capital outflows from risk assets.
Yet, in the long term, Japan’s debt crisis may strengthen Bitcoin’s case as a hedge against monetary instability. As traditional “safe” assets like long-dated sovereign bonds falter, institutions increasingly consider digital assets viable alternatives.
Traders and investors are gearing up for a big week, with many crypto events in the pipeline. Accordingly, heightened volatility is expected, but crypto airdrops provide a gateway worth considering.
Crypto airdrops offer investors a chance to join promising projects at their early stages with little to no initial investment. The following airdrop opportunities may be worth considering for the first week of May.
Miden
Boasting up to $25 million in funding, Miden presents the first crypto airdrop to consider this week. The project enjoys backing from notable investors such as Andreessen Horowitz (a16z), 1kx, Hack VC, and Symbolic Capital.
“Today, we announce our $25 million seed fundraise and spinout from Polygon,” Miden announced recently.
Miden is a ZK-rollup L2 blockchain built on Ethereum and spun from Polygon Labs. It enables private, scalable smart contracts. The project plans to airdrop 10% of its native tokens to Polygon (POL) stakers.
This initiative aims to reward Polygon’s ecosystem and incentivize participation in Miden’s zero-knowledge-powered network. By shifting execution to client devices, this enhances privacy and scalability.
“…Miden can support potentially infinite TPS by supporting client-side proving. It also supports opt-in privacy,” wrote Polygon executive Sandeep Nailwal.
The airdrop aligns with Miden’s integration into Polygon’s AggLayer, boosting cross-chain liquidity. Snapshots for eligibility began shortly after the announcement on April 29, with the mainnet launch scheduled for Q4 2025.
In the meantime, Miden is already planning a testnet, and airdrop farmers can perform the first activities to get a chance to become early users.
Camp Network
Another crypto airdrop to watch is on the Camp Network, which has raised up to $29 million. Investors such as Blockchain Capital, OKX Ventures, HTX Ventures, 1kx, and Maven 11 Capital, among others, back the project.
Camp Network is a Layer-1 blockchain focused on intellectual property (IP) management and AI agent integration. The project launched an incentivized testnet, allowing airdrop farmers to participate by completing simple social tasks to earn points.
“Freaky incentivized testnet update engage with our big steaming hot network of ecosystem partners to climb the leaderboard and win succulent rewards,” Camp Network shared.
Notably, if a token is launched, these points will be converted into project tokens in the future. The points, referred to as “Acorns,” require users to complete tasks like daily check-ins, social media engagement, and interacting with the ecosystem via the testnet faucet.
Mezo
Mezo is the third crypto airdrop to watch for the first week of May. It has raised up to $28.5 million. Backers include Pantera Capital, Multicoin Capital, Ledger, Mantle Network, GSR, Hack VC, and Bybit Exchange.
It is a Bitcoin Layer-2 network focused on enhancing Bitcoin’s utility through borrowing, spending, and earning without selling BTC. It launched a campaign on Galxe where airdrop farmers can complete quests to earn points.
“Complete quests and claim mats! We’ve joined forces with Galxe, so you can earn mats and more—alongside our partners ZeroLend, Velar, Blend, and Pamp Land,” Mezo Network announced.
After completing all the quests, participants can also grab the Galxe Questooor role, with most quests being free. However, for some, airdrop farmers will need to borrow MUSD.
Notably, after opening Galxe tasks on April 24, the Mezo airdrop will remain open until May 27, 2025. Meanwhile, users can also stake to earn points, a function that remains open without a specific deadline.
Bitcoin price surged by 4% on Wednesday, hitting a 10-day peak . This rally follows three consecutive days of substantial Bitcoin ETF inflows, totaling $512 million. As BTC flirts with the critical $90,000 resistance level, investors are closely watching the impact of the Federal Reserve’s policy decision on global markets.
Bitcoin (BTC) Price Hits 10-Day Peak on Fed Rate Decision
Bitcoin (BTC) surged by 4% on Wednesday, reaching a 10-day high of $85,900 as the U.S. Federal Reserve’s decision to pause interest rate hikes aligned with investor expectations.
Bitcoin price analysis | BTCUSD | March 19, 2025
This bullish momentum follows three consecutive days of strong institutional inflows into Bitcoin ETFs, totalling $512 million. With BTC price facing critical resistance at $90,000, market participants are watching closely to see whether institutional demand and macroeconomic conditions will trigger more gains in the coming trading sessions.
ETF Inflows Surged $512M ahead of Fed Rate Decision
Since their introduction, Bitcoin ETFs have become a key gauge of institutional sentiment in the cryptocurrency market. After 3-week selling spree, Bitcoin ETFs have recored positive inflows over the past three trading days, according to SosoValue data
Bitcoin ETF Flows, March 19 | Source: SosoValue
On Tuesday alone, Bitcoin ETFs saw $209 million in inflows, marking one of the strongest demand periods in weeks. The funds have accumulated over $512 million in Bitcoin purchases, underscoring strong demand from corporate and institutional investors.
Historically, such sustained inflows have often preceded significant price breakouts, suggesting that institutional investors swung bullish BTC’s short-term price prospects as markets priced in a 99% chance of a rate pause at the start of the week.
BTC Faces Key Resistance at $90,000 Amid Short Squeeze Pressure
Despite its recent gains, Bitcoin price is showing more upside potential. According to the latest derivatives data from Coinglass, over $290 million worth of BTC short positions were closed near the $85,000 level.
Short traders, who profit when prices decline, are making last-ditch efforts to defend their positions and avoid a wave of forced liquidations.
Bitcoin (BTC) Liquidation Map
However, liquidation heatmaps suggest that BTC short liquidations at the $85,000 level may have weaken ed neighboring resistance zones. If Bitcoin sustains momentum and breaks above $90,000, it could trigger a cascading effect, forcing more short sellers to cover their positions and further driving up the price.
US Fed Rate Pause Boosts Risk Asset Appetite
The Federal Reserve’s decision to maintain interest rates at current levels has provided additional support for Bitcoin’s rally. A pause in rate hikes signals a more accommodative stance toward financial markets, which typically benefits risk assets such as cryptocurrencies.
US Fed Holds Funds Rate at 4.5% | Source: TradingEconomics
Lower interest rates make traditional savings and fixed-income investments less attractive, prompting investors to seek higher returns in alternative assets like Bitcoin. If institutional investors interpret the Fed’s stance as a green light for continued Bitcoin accumulation, ETF inflows could remain strong, further reinforcing the bullish outlook.
Bitcoin Price Outlook: Path to $90K and Beyond?
With ETF inflows surging and macroeconomic conditions remaining favorable, Bitcoin price forecast signals appears well-positioned for a continued uptrend. However, to sustain its bullish momentum, BTC must overcome key resistance levels:
$90,000 – A major psychological level that could trigger a new wave of buying or profit-taking.
$92,500 – The next upside target if BTC breaks through $90K.
Bitcoin price forecast | BTCUSD
On the downside, strong support levels include:
$85,000 – A key level where short liquidations have already been triggered.
$82,500 – A potential retest zone if BTC faces rejection at $90,000.
The ongoing BTC price surge is fuelled by strong institutional demand and a favorable macroeconomic backdrop. With $512 million in ETF inflows and short sellers under pressure, BTC’s path to $90,000 looks increasingly viable. However, breaking through this critical resistance will be key in determining whether Bitcoin can extend its rally toward new all-time highs.
