- Sebastjan Bele
- Updated: April 10, 2025
- Reading time: 6 min
From Panic to Pump: A Wild Week for Bonds, Bitcoin & Global Markets
What a week (so far)! Bitcoin dipped below $75K early in the week after Trump’s sweeping tariff announcement sent shockwaves through markets. The 10-year U.S. Treasury yield spiked above 4.5%, and the S&P 500 fell well below 5,000, as macro pressure mounted across the board.
Then came the turnaround. On Wednesday, markets rebounded sharply after President Trump paused global tariffs for 90 days and lowered most reciprocal duties to 10%, triggering a 7% rally in BTC and double-digit gains across major crypto stocks. Meanwhile, China’s tariff rate was increased to 125%, isolating it from the broader relief.
In the background, the U.S. Senate confirmed Paul Atkins as SEC chair, ushering in expectations of a more crypto-friendly regulatory era, and Pakistan appointed Binance founder CZ as a national crypto advisor, in a bold step toward institutionalizing crypto policy.
News:
- After Tariff Pause AnnouncementBefore Tariff PauseOther Noteworthy Headlines
Table of Contents
Markets
Best Performers
After a chaotic week, Fartcoin (FARTCOIN) leads the charge with a whopping 85% weekly gain, proving that meme season might not be dead just yet. Following closely is Hyperliquid (HYPE), up 15.37%, backed by impressive revenue metrics—at times generating more fees than even Ethereum and Solana.
Flare (FLR), OKB, and Pendle (PENDLE) round out the top five, each notching solid double-digit weekly gains, fueled by ecosystem developments and renewed market optimism post-tariff pause.
Chain Volumes
It was a mostly green week for on-chain activity, with 8 out of the top 10 chains posting volume increases. The standout performer was Hyperliquid L1, soaring +70.63% in weekly volume and taking the top spot.
Ethereum (+38.35%) and Solana (+26.28%) continue to dominate the volume leaderboard, together accounting for over 50% of total activity. Base (+55.36%), Arbitrum (+61.24%), and Sonic (+40.93%) also saw impressive gains, signaling growing user demand.
On the flip side, BSC (-22.41%) and Sui (-0.05%) were the only top 10 chains to see a decline. Still, overall, it was a positive week for on-chain ecosystems as momentum returns following the recent volatility.
US Spot ETF Balances
US Bitcoin Spot ETFs
Current weekly inflows = -$7.06 billion
Total Assets Under Management (AUM) = $92.91 billion*
US Ethereum Spot ETFs
Current weekly inflows = -$61 million
Total Assets Under Management (AUM) = $8.08 billion*
*The data for BTC / ETH ETFs can vary, so we use Coinglass as our source.
Market Commentary
Bitcoin dipped below $75K at the start of the week following Trump’s sweeping tariff announcement, but swiftly rebounded and is now trading around $81,500, hovering just below the EMA200 — a key technical level.
Equities faced similar turbulence. The S&P 500 was down over 13% at one point but clawed back losses after Trump announced a pause on tariffs, and is now “only” 2.31% down compared to last week. The Nasdaq followed a similar path — dropping more than 16% at its worst, but currently sitting at -3.25% weekly. Even gold, traditionally a safe haven, wasn’t spared. It fell roughly 4% mid-week before recovering to end flat week-over-week.
Meanwhile, Bitcoin dominance continues to climb, now at 62.6%, and the Fear & Greed Index sits at 39 (Fear), reflecting the market’s cautious optimism.
What’s Next?
With Bitcoin trading at $81K, it’s a difficult point to enter unless you’re already positioned. BTC remains highly correlated with traditional finance, and for now, markets are at the mercy of Trump’s next tariff move and broader macroeconomic policy shifts.
A major concern hovering over all markets? Bond yields.
The U.S. 10-year Treasury yield recently spiked to 4.5% (currently around 4.3%), running contrary to Trump’s repeated calls for lower interest rates. The Fed has yet to cut, leaving investors uncertain about what comes next.
Why do bond yields matter so much?
High yields increase borrowing costs across the board — for governments, corporations, and consumers. That weighs on investment, strains budgets, and cools economic momentum. Add in the inflationary pressure from new tariffs, and the market is beginning to price in a scenario where the Fed keeps rates higher for longer.
There’s also a geopolitical risk: if foreign holders like China begin dumping U.S. bonds in response to trade tensions, yields could spike even higher — putting additional pressure on everything from housing markets to stocks to crypto.
What could bring yields down?
There are three key policy tools that could reverse this trajectory:
- Interest Rate Cuts When the Fed lowers benchmark rates, yields tend to fall as existing bonds become more attractive.
- Quantitative Easing (QE) Central bank buys long-term bonds, increasing demand and pushing yields down. This tool was used aggressively after 2008 and during the COVID-19 crisis.
- Yield Curve Control (YCC) The central bank sets a target yield (e.g. 10-year must stay under 2%) and intervenes in the bond market to enforce it. This is more extreme and has been used in Japan.
Both rate cuts and QE would likely be bullish for Bitcoin and the broader crypto market, as they introduce more liquidity and foster a risk-on environment.
Until then, expect continued choppiness and macro sensitivity.
Meme of the Week
We hope you enjoyed this week’s edition of Diary of a Market Maker ! Stay tuned for more insights, updates, and market-moving highlights as we continue to keep you informed and entertained in the ever-evolving world of crypto.
In the meantime, follow us on X (Twitter) and LinkedIn for real-time updates and more!
Until next time, happy trading and stay ahead of the curve!
Disclaimer: The information provided in this article is for informational purposes only and does not constitute financial, investment, or other professional advice. All opinions expressed herein are solely those of the author and do not represent the views or opinions of any entity with which the author may be associated. Investing in financial markets involves risk, including the potential loss of principal. Readers should perform their own research and consult with a licensed financial advisor before making any investment decisions. Past performance is not indicative of future results.
Jakob Brezigar
Jakob, an experienced specialist in the field of cryptocurrency market making, boasts an extensive international presence. With Orcabay, he has skillfully managed major operations and deals for a wide array of global stakeholders.
