Welcome back to the Data Debrief! Bitcoin held near $95K on Monday as markets brace for this week’s Fed meeting. Last week’s U.S. data showed the economy losing steam despite solid job growth—Q1 GDP contracted as importers raced to stockpile goods ahead of tariffs, while consumer sentiment continued to slide. Meanwhile, Tether posted $1B in Q1 profits, and Arizona’s governor vetoed a bill that would have let the state hold Bitcoin.
This Week's Topics
USDC Outpaces Rivals
USDC has hit back-to-back volume records, reaching $219 billion last month—more than double since January—driven by a major partnership with Binance. Meanwhile, new rivals like Paxos’ USDG and yield-bearing stablecoins are gaining traction, and regulatory shifts are on the horizon as Europe’s MiCA rules take effect.
BTC ETFs Inflow Boom
Inflows into BlackRock’s BTC ETF (IBIT) surged as Bitcoin approached $100K, with the fund now holding over 3% of all BTC. In contrast, Ether ETFs continue to lag, reflecting a persistent gap in investor interest and price momentum.
Coinbase on Top
Coinbase has overtaken Crypto.com to become the leading U.S. exchange by market share, now reaching 30%. Bullish is also rapidly gaining ground, especially in Bitcoin trading, with its share rising notably since November. Meanwhile, smaller exchanges like Gemini are starting to see increased activity and growth.
EUR Stablecoins on the Rise
EUR-backed stablecoins have grown 12x in daily volume since Q1 2024, but still represent less than 0.5% of the market. Regulators are watching closely, with the ECB considering tighter oversight amid financial stability concerns.
If you’re a journalist interested in covering these topics or would like data and commentary for your reporting, please feel free to reach out to us at research@kaiko.com.
Chart of the Week
USDC Outpaces Rivals
USDC has defied the overall slowdown in crypto trading, setting new volume records and gaining ground on exchanges worldwide—thanks largely to Binance’s support. While USDC is gaining momentum on centralized exchanges, Tether’s USDT is facing headwinds. USDT trading volumes on CEXs have dropped sharply—nearly halving between November 2024 and April 2025—mirroring a broader contraction in USD-denominated trading activity. This decline reflects persistent risk-off sentiment, weaker retail engagement, and limited speculative appetite across crypto markets.
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Kaiko's research newsletter is written by the Kaiko research team: Dessislava Aubert, Adam Morgan McCarthy, and Anastasia Melachrinos. This content is the property of Kaiko, its affiliates and licensors. Any use, reproduction or distribution is permitted only if ownership and source are expressly attributed to Kaiko. This content is for informational purposes only, does not constitute investment advice, and is not intended as an offer or solicitation for the purchase or sale of any financial instrument. For any questions, please email research@kaiko.com.
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