American crypto exchange platform Kraken has revealed its first Quarter (Q1) performance report as it recorded another big breakthrough start to the year. According to the update, the firm generated a total of $472 million in gross revenue, and its adjusted EBITDA is $187 million. As the firm noted, Kraken said it had a strong topline performance amid disciplined executions.
Kraken Q1 Highlights
According to the company’s update, Q1 revenue marked a 19% year-over-year increase. The crypto exchange said its performance comes despite the slowdown in trading activity after its breakout record in Q4, 2024.
Despite the growth quoted, revenue declined by 7% for the quarter. However, the overall crypto exchange trading volume jumped 29% year over year. Kraken also saw an increase in funded accounts by 26% year over year amid massive adoption.
The outpacing of the broader crypto market benchmarks complemented these performance metrics. As the American trading platform noted, this boosts its overall market share and deeper client engagement trends.
Over the past few months, the exchange has expanded into new markets to boost its overall presence. As reported, it secured restricted dealer registration in Canada to expand its North American reach.
Ambitious Crypto Exchange M&A Record
To further boost its market relevance, Kraken completed the acquisition of NinjaTrader, a cloud, multi-tech trading platform. As the bigger exchange noted in its financial update, NinjaTrader’s infrastructure and community align with its vision.
Through NinjaTrader, Kraken can now expand its reach to serve institutional clients in the mainstream TradFi market. Beyond NinjaTrader, the trading platform has robust activity, with platforms like PumpFun consistently liquidating their Solana stash through the trading platform.
The exchange also launched Kraken Pay, a new consumer app and staking product to offer users new value. Despite the visibility of core rivals like Coinbase and Binance, Kraken has maintained an impressive stance as a top market leader.
The Incoming Kraken IPO
For a few years now, the idea of a potential Kraken public listing through an Initial Public Offering (IPO) has been a possibility. Although details were not disclosed in the current financial report, the exchange is considered a forerunner among top crypto firms and is billed for public listing this year.
Kraken’s businesses and operations do not currently face regulatory hurdles. The platform’s staking lawsuit has been closed under the new US Securities and Exchange Commission (SEC) leadership.
With this, the platform remains on the radar amid growing clamor for a new crypto regulation landscape.
Welcome to the US Morning Briefing—your essential rundown of the most important developments in crypto for the day ahead.
Grab a coffee to see why Standard Chartered thinks XRP could soon leapfrog Ethereum, how Tether’s institutional pivot might reshape the stablecoin market, and how players like BlackRock, Galaxy Digital, and the Federal Reserve could shape crypto’s next chapter.
Standard Chartered says XRP Set to Outperform, Could Overtake Ethereum by 2028
As global trade tensions intensify, Standard Chartered sees a silver lining for crypto investors, urging them to focus on long-term winners poised to benefit from the disruption.
“Tariff noise creates the opportunity to look for long-term value/pick winners in Digital Assets for the next leg higher. Today we add XRP to that list of winners (BTC and AVAX other identified winners, ETH identified loser). XRP’s core use is as a cross-border and cross-currency payments platform. That part of Digital Assets is undergoing a shift higher in volumes, something we see continuing. By the end of 2028 we see XRP’s market cap overtaking Ethereum’s. That will make XRP the second largest (non-stablecoin) Digital Asset at that time. Keep looking for winners and HODLing those you already own”, Geoff Kendrick, Standard Chartered’s Head of Digital Asset Research, in an email to BeInCrypto.
Kendrick also pointed to Bitcoin’s resilience as a signal of what’s to come for the broader crypto market.
“Tariff mess will be over soon, and Bitcoin’s solid performance during the noise tells us a leg higher for the asset class will follow” he said.
He also points out important points about the recent performance of XRP:
“XRP price rose 6x in the two months following Trump’s election victory, the strongest performance among the top 15 digital assets by market cap. This reflected market expectations that the SEC would drop its appeal of a court ruling concerning Ripple, as well as the potential for XRP ETFs to be approved under new SEC leadership.”
But Kendrick believes the fundamentals — not just politics — are driving XRP’s momentum.
“We think these gains are sustainable, not just because of recent leadership changes at the SEC but also because XRP is uniquely positioned at the heart of one of the fastest-growing uses for digital assets – facilitation of cross-border and cross-currency payments. In this way, XRPL is similar to the main use case for stablecoins such as Tether: blockchain-enabled financial transactions that have traditionally been done through traditional financial (TradFi) institutions. This stablecoin use has grown 50% annually over the past two years, and we expect stablecoin transactions to increase 10x over the next four years. We think this bodes well for XRPL’s throughput growth, given the similar use cases for stablecoins and XRPL.”
Tether’s Big Play: Institutional-Grade Stablecoin Targets US Market
Charles Wayn, co-founder of decentralized Web3 super-app Galxe, told BeInCrypto that:
“The news that Tether is planning to launch an institutional-grade stablecoin for the US market is fantastic for the crypto industry. Tether pioneered stablecoins with its first launch over a decade ago in 2014, and its flagship product — USDT — is now the third largest cryptocurrency in the world. Unlike its rival, USDC, USDT has never been formally audited, leading to frequent questions over its balance sheet. Nonetheless, it remains the industry’s favored stablecoin, shown by its market cap of over $144 billion, which is well over double the size of USDC’s $60 billion.”
Wayn believes this move, along with Tether’s push for transparency, positions the company as a future leader in institutional crypto adoption.
“As such, this move, combined with other recent news that Tether is seeking a full audit from a Big Four accounting firm, shows that the company is not only willing to be compliant but also be a leader in institutional adoption. While USDT sadly did not pass the EU’s directive on stablecoins under MiCA, this new product will likely be designed to pass new legislation coming from the US.”
He adds that institutional momentum — fueled by players like BlackRock — reinforces why now is a pivotal moment for stablecoins and broader market stability.
“As such, there is little doubt that USDT will work hard to launch its new product in good time. As we see huge institutions like BlackRock further entering the market with another $66 million purchase of Bitcoin last week, along with the rapid growth of its RWA BUIDL fund, institutional adoption is now taking off rapidly.”
Crypto Chart of the Day
Total Stablecoin Market Cap and BTC Price. Source: Coinglass.
Stablecoins total market cap is currently close to its all-time highs, above $210 billion.
Byte-Sized Alpha
– Analysts warn that a return to Quantitative Easing in 2025 could ignite a massive crypto rally, potentially pushing Bitcoin toward $1 million and sparking a surge in altcoins.
– Zero inflows into Bitcoin ETFs and declining futures interest hint at fading investor confidence, though rising put contracts and positive funding rates point to cautious optimism.
– Galaxy Digital secures SEC approval to reorganize and move toward a May 2025 Nasdaq listing, signaling renewed confidence in crypto amid improving US policy support.
– Binance Research shows that during tariffs, RWA tokens outperform Bitcoin, as rising macro pressures weaken BTC’s role as a diversification asset.
– MicroStrategy’s pause in Bitcoin buying last week, amid $5.91 billion in unrealized losses, signals growing caution and raises questions about liquidity, debt, and broader institutional confidence.
Changpeng Zhao (CZ) has proposed a significant change involving gas fees for transactions on the Binance Smart Chain (BSC), sparking community interest.
Users who transact on the Binance Smart Chain pay a BSC gas fee, with CZ now calling for a significant reduction to the standing rate.
Will Binance Smart Chain Reduce BSC Gas Fees?
Any user who has ever transacted on the Binance Smart Chain has undoubtedly paid a BSC gas fee. It refers to the transaction fees required to process transactions on the BSC network.
The gas fees are paid in BNB, the powering token for the Binance ecosystem, and the native crypto of Binance Smart Chain.
Meanwhile, data on Bitbond shows gas fees of 1.3 Gwei or $0.017 for a 15-second fast transaction speed.
Users looking for normal speeds of up to one minute pay 1.1 Gwei or $0.014 in gas fees. Slow transactions of up to three minutes require a gas fee of 1.0 Gwei or $0.013.
Still, there have been times when BSC gas fees jumped, adding up quickly for arbitrage traders.
Notably, the amount of gas fees required for a transaction depends on the complexity, size, and network congestion at the time of the transaction.
Binance founder and former CEO Changpeng Zhao wants the rate revised, sharing the proposal in a post on X (Twitter).
“Let’s reduce BSC gas fees? by 3x, 10x?,” CZ posed.
Binance Users React: Will Lower Gas Fees Drive More Activity on BSC?
Notably, BSC gas fees are generally lower than on the Ethereum network. This makes BSC popular for decentralized applications (dApps) and transactions.
“Hey CZ, much appreciated, but as I use BSC chain most of the time, I have rarely felt that I’m paying any fee, like it’s too minor sometimes free,” one user remarked.
While CZ considers reducing BSC gas fees, he remains cognizant of the challenges of low gas fees. Against this backdrop, he refuted suggestions for zero gas fees.
CZ cites the role of validators and builders, who maintain network integrity and security by processing transactions, preventing double-spending, and ensuring trustless operations.
“Lots of spam, and also need to consider validators and builders,” CZ challenged.
The absence of gas fees would overwhelm the network due to a lack of cost deterrence, a common issue in blockchain systems.
To some, however, the adjustment would be a game-changer, benefiting decentralized finance (DeFi) and gaming, among other sectors. Others advocate for continued BNB burns for ecosystem growth.
“BNB burning from fees is good for BNB growth. No need to reduce,” another user wrote.
Meanwhile, it is worth mentioning that lower BSC gas fees could draw significant volume and activity. Recently, Tron founder Justin Sun advocated forlowering the costs, hoping to attract more traffic to the Tron blockchain.
“IMO, lowering fees and raising the energy cap won’t hurt TRON’s profitability. The fee cut should drive transactions to 20 M+ daily in three months, expanding market share and boosting profits. More energy will also encourage TRX staking for free transfers,” Sun stated.
He also spearheaded energy cap adjustments and reduced SunPump gas fees by 50%, lowering transaction costs to encourage greater user adoption.
Amidst these efforts, TRON’s revenue surged to record highs, placing it first among all blockchains at the time.
Hyperliquid (HYPE) continues to generate strong revenue, collecting $42.53 million in fees over the last 30 days. However, despite the strong fundamentals, momentum indicators are weakening, with RSI and BBTrend both showing signs of cooling.
HYPE recently failed twice to break key resistance at $19.26, putting pressure on its short-term trend. Now, the price sits at a critical point where it could either collapse below support or mount a new rally toward $25.
Hyperliquid (HYPE) RSI Drops to 42 as Momentum Weakens
Hyperliquid’s Relative Strength Index (RSI) is cooling sharply, dropping to 42 from 60.93 yesterday.
The RSI is a momentum indicator that measures the speed and magnitude of an asset’s recent price changes. It ranges from 0 to 100, with readings above 70 typically signaling overbought conditions, and readings below 30 suggesting oversold conditions.
With HYPE’s RSI now at 42, the token is sitting in a neutral zone but leaning toward weakness.
If the RSI continues to fall, it could open the door for more downside pressure, but if it stabilizes and bounces back, HYPE could regain strength before deeper losses set in.
Hyperliquid (HYPE) Could Enter Consolidation After BBTrend Drop
Hyperliquid is seeing a sharp drop in its BBTrend indicator, now at 2.63, down from 12.68 five days ago. This steep decline shows that the bullish momentum seen earlier has faded quickly.
BBTrend readings falling this sharply often reflect a major slowdown in trend strength, signaling that the price could be entering a consolidation phase or preparing for a deeper correction.
BBTrend, or Bollinger Band Trend, measures how strongly an asset is trending based on the width and expansion of its Bollinger Bands.
High BBTrend values, generally above 10, indicate strong trending conditions, while low values closer to 0 suggest a weak or sideways market. With HYPE’s BBTrend at 2.63, the current reading points to weak trend strength.
If the BBTrend continues to stay low, it could mean that HYPE’s price will consolidate or move sideways unless new momentum builds.
Will Hyperliquid (HYPE) Collapse Below $16 or Rally Past $25?
Hyperliquid has tested the $19.26 resistance level twice over the past few days but failed both times. As a result, its trend now appears to be weakening, with a possible death cross forming soon.
If the bearish momentum continues, HYPE could drop to test support at $16.82.
If selling pressure intensifies, a break below $14.66 could open the way toward deeper support levels at $12.42 and even $9.32.
