<ul><li>Regulatory headwinds eased in the U.S. and Hong Kong, with the repeal of the 'DeFi broker' rule and other favorable developments, leading to increased institutional adoption.</li><li>Institutions showed a deeper commitment to digital assets, with Circle filing to go public, Tether adding $5 billion in Bitcoin to reserves, and MicroStrategy buying $1.65 billion in BTC.</li><li>ETF momentum remained strong, with spot Bitcoin ETFs seeing significant inflows, while Ether ETFs also attracted positive attention despite regulatory uncertainties.</li><li>On the infrastructure front, Binance expanded user onboarding options, and Hyperliquid moved towards more resilient protocol governance in decentralized finance.</li></ul>

Coinbase Research: April 2025 in Review — What Drives Crypto Forward

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