TL;DR

• Reciprocal tariffs back-and-forth: How to understand Trump’s general logic and ultimate goal?
• US March CPI cools further, but may not be convincing enough for the Fed to shift policies.
• The crypto market saw a significant rebound, with altcoins rising by an average of 14%.
• Hyperliquid has become a key indicator of on-chain transparency, surging over 60% last week.
• There is still no clear sign of an altcoin bull market; last week’s rally appears more like a rebound than a full reversal.
• Node Capital launches Liquid Fund target undervalued listed tokens and rolls out multi-strategics.
• Janover allocates $9.6M in SOL to pioneer public market crypto treasury strategy.
• Babylon launches genesis mainnet to bring BTC staking to PoS unveils Bitcoin-Secured L1.
• Last week, the most funded projects were Social projects.

Macro Overview

Reciprocal tariffs back-and-forth: How to understand Trump’s general logic and ultimate goal?

Last week the global market experienced the back-and-forth drama of the Trump administration’s reciprocal tariff policies. In Trump’s logic, the first step is to impose large-scale tariffs globally, then to cut domestic tax, to promote manufacturing reshore, and to lower prices through reduced oil costs and improved efficiency. However, the dependence on imports, stagflation pressures, liquidity of US Treasury markets and need for political support created constraints for tariff policies. After easing of tariffs and the granting of exemptions, the risk of a global recession has clearly moderated, leading to a partial recovery in global risk appetite.

In March, the US core CPI (seasonally adjusted) rose by 0.1% MoM, down from 0.2% the previous month, and increased by 2.8% YoY, down from 3.1%. The overall CPI fell by 0.1% MoM, compared to a 0.2% rise in the previous month, and decreased to 2.4% YoY from 2.8%. Prices for oil, airfares, and hotels saw significant declines, reflecting a slowdown in economic demand before the impact of tariffs. Energy commodity prices dropped sharply by 6.1% MoM. Since the start of April, WTI crude oil prices have fallen below $60 per barrel.

The weakening oil prices partly reflect market concerns that Trump’s policies, along with a declining stock market, will suppress demand. On the other hand, they also reflect worries about increasing supply. Overall, while the March inflation data appears mild, it does not fully capture the effects of tariffs. The Fed is likely to remain in a wait-and-see mode and is unlikely to rush into cutting rates based solely on a mild inflation report.

The dollar index slided against other major currencies last week as the back-and-forth on tariffs shook investor confidence in US assets and currency. The dollar hit its lowest level in a decade against Swiss franc and a three-year low against euro.

The total assets increased $4bn last week. As the Fed is now under new arrangement to control US treasury bill reduction under $5bn per month, the overall asset level is seen to be stabilized over the coming months.

Gold price extended its rise and crossed $3,200 on last Friday, as a weakening dollar and escalating US-China trade war sent recession fears and some investors were flocking to the safe haven of gold.

Crypto Markets Overview

1. Main Assets

Bitcoin and Ethereum , as of Monday, priced at around $84,000 and $1,600 reflecting an increase of roughly 10% and 20% respectively on a weekly basis. Due to the uncertainty of tariff policies — such as the U.S. delaying and suspending some tariffs on Chinese goods — U.S. stocks and cryptocurrencies saw a sharp rebound. However, the overall market still lacks the foundation for an altcoin bull run which makes us cautious.

2. Total Market Cap

The total crypto market capitalization stood at $2.64 trillion as of Monday. Excluding BTC and ETH, the total market cap of altcoins priced at $765.56 billion, showing a respective increase by 13.7% and 13.5% on a weekly basis. Still, altcoins remain stagnant with no signs of near-term improvement.

3. Stablecoins

For active stablecoin addresses, Tron ranks first with 610k, followed by BNB and Celo. Due to Ethereum’s high gas fees, large-scale stablecoin transfers are less feasible. In terms of stablecoin supply, both Solana and Ethereum have seen a gradual increase, with most of the funds flowing into DeFi protocols.

4. Top 30 Crypto Assets Performance

Benefiting from the delay in macro-level tariff implementation, most tokens saw an increase, with Hyperliquid standing out with a 60% surge. Hyperliquid has emerged as a key exchange for observing on-chain transparency, effectively reflecting real token liquidity. Many analytical tools now consider it a major reference indicator.

The Key Crypto Highlights

1.Node Capital launches Liquid Fund target undervalued listed tokens and rolls out multi-strategics

Node Capital has launched its first liquid crypto fund, aiming to capitalize on depressed token valuations during the current bear market. Unlike traditional venture strategies, the new fund targets listed tokens, referred to by the firm as “pre-ETF assets”, that offer near-to-mid-term upside. Amid volatile conditions, Node has developed its own risk tools and seeks longer-term holds of 2–5 years in infrastructure and dApp projects showing strong onchain metrics and undervalued growth. Meanwhile, Node Monster, the group’s validator division, now manages over $1B in assets across 20+ networks, establishing itself as a top Ethereum validator. Complementing this, Node Security offers audit and incident response services, while Node Link supports portfolio growth and engagement. With macro uncertainty and declining crypto market caps, Node sees this moment as a strategic window to double down on quality liquid assets.

2. Janover allocates $9.6M in SOL to pioneer public market crypto treasury strategy

Janover, a commercial property financing platform, has invested over $9.6M into Solana (83,084 SOL) as part of a new digital asset treasury strategy designed to generate onchain revenue and position itself as a transparent, publicly traded crypto accumulation vehicle. The move, following a recent $42M financing round, has fueled a dramatic 1,100% surge in its stock price. Janover plans to stake its Solana holdings and operate validators, turning its treasury into a compounding engine by reinvesting rewards and supporting network security. Instead of Bitcoin-focused treasury models, Janover sees Solana as structurally reflexive and volatility-friendly, enabling faster asset growth and more efficient capital deployment. Janover views current conditions as ideal for building a long-term position. While there are no immediate plans to diversify the treasury into other crypto assets, the firm may consider expanding into additional high-conviction tokens over time. This strategy aligns with broader institutional momentum around Solana, as seen in recent ETF filings, PayPal integration, and growing on-chain adoption.

3. Babylon launches genesis mainnet to bring BTC staking to PoS unveils Bitcoin-Secured L1

Babylon launched its “Genesis” mainnet, marking the second phase of its three-part rollout and establishing first Layer-1 blockchain secured by Bitcoin. With over 57,000 BTC worth more than $4B now locked in the protocol, Babylon enables users to earn yield on their Bitcoin holdings while contributing to the ecosystem. The platform also allows staking of its native BABY token, with rewards distributed equally between BTC and BABY stakers. BABY’s total supply is capped at 10B tokens, with 6% allocated to early adopters. Key integrations are planned with major industry players including BitGo, Anchorage, Binance, OKX wallets, and the Osmosis DEX, expanding Babylon’s role as a staking infrastructure layer. Babylon’s validator equivalent, includes professional operators such as Allnodes, Figment, and Galaxy Digital. Backed by $96M across three funding rounds led by Paradigm, Polychain, and Hack VC, Babylon is transforming Bitcoin from a passive store of value into an active participant in the broader proof-of-stake and DeFi economy.

Key Ventures Deals

1.Cap secures $11M to launch Yield-Bearing stablecoin for institutional lending

Cap, a stablecoin startup, has raised $11M in seed funding from Franklin Templeton, Susquehanna, Triton Capital, Flow Traders, Laser Digital, GSR, and IMC Trading. The company is developing an interest-bearing stablecoin and a lending protocol that lets institutional players borrow user-supplied stablecoins like USDC or USDT in return for yield. Cap’s lending mechanism is powered entirely by smart contracts, ensuring non-custodial fund management and reducing risk through automation. Borrowers must also purchase loan insurance to guarantee repayment in the event of default. The interest rates users receive will fluctuate with market demand, and Cap will take a 10% fee from the yield. The stablecoin is set to launch publicly in May following current testing phases, and the new funding will be used to bolster the security of the platform and expand the team.

2. Octane raises $6.75M to reinvent blockchain security to protect smartcontracts with AI

AI cybersecurity startup Octane has raised $6.75M in seed funding to strengthen blockchain security by applying machine learning to smart contract development. The round was co-led by Archetype and Winklevoss Capital, with contributions from Circle, Gemini, and several strategic angels. Octane’s platform offers continuous codebase scanning and real-time detection of vulnerabilities across the development lifecycle, helping developers proactively fix bugs before deployment. Its tools aim to close security. Octane provides an automated, developer-first alternative to traditional security audits. As smart contracts remain a primary attack vector, Octane’s use of AI and LLMs positions it as a critical layer in the evolving DeFi security stack.

3. Blackbird raises $50M to launch blockchain-powered restaurant loyalty network backed by Amex and Coinbase

Blackbird Labs has secured $50M in new funding to expand its blockchain-based restaurant loyalty and payments platform, bringing total funding to $85M . The round was led by Spark Capital, with support from strategic backers including Coinbase Ventures, Amex Ventures, and Andreessen Horowitz. Blackbird allows diners to pay and earn rewards via its Flynet service, a layer-three protocol built on Coinbase’s Base network. The project is launching “Blackbird Club,” a cross-restaurant loyalty program, while expanding beyond current markets like New York, San Francisco, and Charleston. Blackbird addresses a major challenge in the restaurant industry: declining profitability, with margins averaging under 5% today. With over 1,000 restaurants already onboard, Blackbird positions itself as a modern alternative to traditional loyalty systems like Toast or Punch.

The number of deals closed in the previous week was 23, with Social having 8 deals, representing 35% for each sector of the total number of deals. Meanwhile, Infa had 6 (26%), Data had 3 (13%) Gamefi had 2 (9%), DeFi had 4 (17%) deals

The total amount of disclosed funding raised in the previous week was $209M, 39% deals (9/23) in previous week didn’t public the raised amount. The top funding came from Social sector with $163M. Most funded deals: Blackbird $50M, Wunder $50M

Total weekly fundraising rose to $209M for the 2nd week of Apr-2025, an increase of +76% compared to the week prior. Weekly fundraising in the previous week was down -139% year over year for the same period.

About Gate Ventures

Gate Ventures, the venture capital arm of Gate.io, is focused on investments in decentralized infrastructure, middleware, and applications that will reshape the world in the Web 3.0 age. Working with industry leaders across the globe, Gate Ventures helps promising teams and startups that possess the ideas and capabilities needed to redefine social and financial interactions.

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