Day of liberation frees investors from election profits

A summary weekly review of the events on the crypto markets with a focus on trend sectors, liquidity, volatility, spreads and more in cooperation with market data providers Kaiko.

The markets are still in the process of digesting the far -reaching customs announcements of the past week. In the meantime, the USDC issuer Circle has taken an important step towards public listing with the application for an IPO on the NYSE. In addition, the FDUSD of First Digital Trust briefly lost its bond due to bankruptcy concerns. This week we explore:

• The tariffs of the Liberation Day meet the market.
• Market share USDC on the volume.
• StableCoin FDUSD loses bond.

Liberation day frees investors from election profits

The market experienced significant losses in almost all investment classes last week due to the introduction of mutual and flat-rate tariffs by US President Trump. Despite this broad slump in the market, Bitcoin remained relatively stable and was traded by $ 82,000 most of the week. This Divergence to stocks If some market participants initiated the assertion that Bitcoin demonstrated its value as protection against macroeconomic uncertainties. However, this decoupling was short -term because Bitcoin fell by 10% between Sunday and Monday morning.

The wave of optimism after the election has been unsuccessful since mid -February when the customs -related uncertainty prevailed. At the beginning of April, the crypto trade volume almost reached the level of before the election. Last week, the Bitcoin volume hardly exceeded $ 91 billion and remained over 45% below the average of November 2024, which indicates that many retailers remain on the sidelines.

Although the Bitcoin prices fell over the weekendthe market makers maintained their commitment, since the 1% market depth of BTC increased by 8% to $ 500 million between 2 and April 6. This is in contrast to the sale on February 3, when BTC's liquidity dropped by 14%. In the meantime, the liquidity for the ten most important old coins and ETH fell by 12% or 8%, which indicates a more careful attitude.

Overall, the derivative markets show a weak demand for interest -bearing engagements, since investors re -evaluate their prospects for 2025. The BTC financing rates for unlimited concepts have been steamed on most exchanges since the beginning of the year. The courses on Binance and Okx moved all around the zero brand. Although the sentences at Bybit fluctuated between positive and negative at the beginning of March, they have stabilized at 0% since then.

When the courses skyrocket, this is usually a sign of a large leverage on the market, which often precedes a quick drop in price, since the dealers are pushed out of the market, which leads to massive liquidations. Lately, lever effects have been missing on the market. This became clear on the weekend when the liquidations were relatively low. The largest liquidation in the last 24 hours was a BTC long position at OKX worth over 7 million USD.

In the meantime, the prospects on the option markets have declined. The volume of the Puts compared to the calls on Deribit has changed significantly in the past week. Puts currently make up more than 65% of the volume, which indicates an increased demand for downward protection.

The uncertainty after President Trump's announcement of raising tariffs has led to an increased implicit volatility in all short -term expiry dates. The option (ATM IV) for tomorrow's expiry date on April 8th is currently around 100%.

The expiry date on April 25 is currently showing an ATM IV of 65% and is therefore over the longer expiry dates. This has recently been the most popular expiry date with a volume of around USD 10 billion since the beginning of March, of which the majority of the 100k USD-Strike only failed, which had a volume of over 1 billion USD.

Since April 1, the 75K strike with a volume of $ 260 million has been the most popular for this expiration day in the last six days. This change in mood among the dealers is another example of how the recent customs measures of the Trump administration have affected the markets. It also conveys a clearer picture of where the demand for protective measures is and how deep (and how long) prices could fall. The 70k and even the 60k USD puts have a high volume. It would not be surprising if the market would tend to this strike in view of the ongoing macroeconomic uncertainty.

USDC market share reaches an all-time high

Circle, the issuer of USDC, announced that he wanted to go to the New York stock exchange (NYSE) in April as part of an IPO. The market share of USDC has increased and reached a record of 22% against its main competitor last week, the USDT from Tether. This growth was largely driven by Binance, which in December overhauled Bybit as the largest USDC market and now unites 58% of the global USDC volume.

However, the IPO filing of Circle revealed challenges in its earnings model: While sales increased by 16% to 1.7 billion USD in the year, profitability (EBITDA) decreased by 28% to $ 285 million due to high partner costs.

Coinbase, the main sales partner of Circle, received more than half of the USDC income ($ 900 million), while expansion efforts – such as: B. a preliminary fee of USD 60.25 million in Binance – incurred further costs. In order to maintain long -term growth, USDC must strive for a broader acceptance in the real world to compensate for its low margins.

FDUSD leaves the market in the middle of insolvency fears

Last week the Stablecoin market In turbulence when the First Digital USD (FDUSD), issued by the first digital trust in Hong Kong, fell heavily on X after the comments of the tron ​​founder Justin Sun. SUN questioned the repayment of FDUSD, whereupon his value compared to USt fell to USD 0.879 before he partially recovered. First Digital Trust rejected Sun's allegations as a defamation campaign.

Sun's comments follow a lawsuit by Techteryx, the issuer of Trueusd (TUSD), against the CEO of First Digital, Vincent Chok, who claims that he had been reduced to TUSD reserves in illiques at the end of 2023 million. FDUSD, which was introduced in June 2023, quickly gained market shares on Binance after the stock exchange introduced a toll-free BTC FDUSD trading couple.

This increase fell together with the decline of TUSD, as it lost to Binance in traction when the toll-free BTC TUSD couple was removed in September 2023, which shifted the TUSD trading volume to FDUSD. The recent decline of FDUSD could significantly impair Binance, since FDUSD pairs make up 30% of the StableCoin trading volume of the stock exchange.

KRW markets break down in the middle of growing political uncertainty

Domestic unrest and a general mood of risk avoidance have significantly impaired the cryptocurrency markets operated by retailers in South Korea. The weekly commercial volumes in Korean Won (KRW) have dropped by 57% since the beginning of the year, which is the strongest decline in all fiat currencies.

Last week, the South Korean Constitutional Court confirmed the dismissal of President Yoon and thus ended the longest advice on an office procedure in Korean history. Nevertheless, the uncertainty and stress of consumers remain high, since the export-oriented South Korean economy is very susceptible to US tariffs. In addition, an unexpected increase in inflation in March, which is due to increasing import costs, has prompted the Bank of Korea to interrupt its interest -cut cycle, which further dampens.

Despite the slowdown, South Korea remains the second largest cryptoma market in the world, with Krw made 35% of the global Fiat trade volume between 2020 and 2025 and is therefore behind the USD (45%).