15 FiCAS Active Crypto ETP

As markets continue to digest the implications of U.S. tariff policies, risk assets may remain under pressure in the short term. However, historical patterns suggest that in times of macroeconomic uncertainty, gold often leads, with Bitcoin—frequently seen as its digital counterpart—tending to follow. The store-of-value narrative may regain traction, especially if inflation expectations persist and global liquidity tightens.

On the regulatory front, the SEC’s proposed Stablecoin Act signals a shift toward clearer rules for issuance and use, potentially unlocking broader institutional adoption. This coincides with increased momentum from major players: Fidelity is preparing to launch a stablecoin, Trump’s World Liberty Financial initiative is expected to support digital dollar alternatives, and Circle’s planned IPO further validates stablecoins as an emerging asset class within traditional markets.
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For Ethereum, growing anticipation surrounds a potential ETH staking ETF, which could serve as a significant price catalyst. BlackRock’s Head of Digital Assets recently pointed to such a product as a logical next step for ETH exposure, especially if staking rewards can be passed through to investors. Together, these developments suggest a more supportive framework for digital assets going into Q2, with the potential for renewed upside momentum.