In April 2025, while the U.S. stock market struggled to recover, the crypto market charted its own course.

Bitcoin (BTC) surged 16% during the month and outpaced major stock indices by the end of April. At the same time, Ethereum (ETH) showed impressive traction in real-world blockchain applications, currently accounting for 60% of the tokenized Real-World Asset (RWA) value.
 

At the beginning of the month, U.S. President Donald Trump enacted aggressive trade policies, introducing “reciprocal discount tariffs” on 185 countries and regions. This caused sharp disruptions in global markets:
 

 - On April 4, the Dow Jones Industrial Average plunged 2,200 points, and the S&P 500 fell nearly 6%, marking the largest single-day drop since the March 2020 pandemic crash.
 - As traditional markets sank, the crypto sector saw capital inflows, with Bitcoin climbing in contrast.
 

On the Ethereum side, its blockchain ecosystem continues to grow.Major asset management firms like BlackRock are doubling down, convinced that RWA tokenization will become the future standard in finance.However, some analysts have raised concerns about Ethereum's scalability and whether its infrastructure can keep pace with demand.
 

On the policy front, multiple U.S. states pushed forward with crypto-friendly legislation in April, with at least two new bills formally introduced.In Canada, the April 28 election saw the pro-crypto Conservative Party lose to the Liberal Party. However, the winning party will have to form a minority government, adding uncertainty to the country’s regulatory direction.

Key market data and charts for April follow below.
 

“Liberation Day” Market Crash — Bitcoin Up 16% for the Month
 

On April 2, U.S. President Donald Trump imposed retaliatory tariffs on all U.S. trading partners, plunging Wall Street into turmoil.
 

From the announcement made after markets closed to the end of trading on April 8, global markets lost more than $8.5 trillion in value.As of that day, the S&P 500 index had dropped over 12%.
 

After several countries approached the Trump administration seeking tariff relief, stock markets saw a modest rebound.However, major partners such as China have yet to make any concessions.According to investment manager AJ Bell, although there was some recovery, overall losses still amounted to a “mere” $1 trillion.
 

Cryptocurrencies also took a hit.From the Liberation Day announcement to April 8, Bitcoin's price dropped by 9%.However, unlike the equity markets which continued to decline, Bitcoin closed the month higher than it started.At the time of this report, BTC is up 16.16%, trading at $94,729.
 

Ethereum's Market Share in Tokenized Risk-Weighted Assets Rises 20%
 

The tokenization of real-world assets (RWA) was one of the most prominent use cases for blockchain technology in April.

Ethereum remains at the forefront of this trend, with the value of tokenized RWAs on its network climbing to $6.2 billion, representing a 20% increase month-over-month.
 

A growing number of established financial institutions are adopting RWA strategies, launching tokenization pilot programs across sectors such as real estate, precious metals, and even carbon credits.Larry Fink, CEO of the world’s largest asset management firm BlackRock, noted that tokenized RWA management could function like a “digital contract,” enabling instantaneous settlement and transfer.
 

According to Cointelegraph, Ethereum is widely regarded by supporters and developers as the logical choice for firms exploring RWA tokenization.As Fink stated, “Without a doubt, the blockchain we will use to launch our tokenization efforts is Ethereum. It’s not just about BlackRock—Ethereum is the obvious and default answer.”
 

Two New Crypto Bills Introduced in U.S. States
 

In April, Texas and Georgia introduced new blockchain and cryptocurrency-related legislation through their respective state legislatures.
 

In Texas, House Bill 5352 (HB 5352) would establish a state-level blockchain pilot program under the Department of Information Resources.The initiative aims to explore how blockchain technology can enhance the transparency, security, and efficiency of government operations.
 

Meanwhile, in Georgia, House Resolution 905 (HR 905) proposes a public awareness campaign focused on blockchain, cryptocurrency, and Web3 for K–12 students.
 

The resolution emphasizes that technological literacy is essential for all age groups, stating that “blockchain computing represents the future of how the world interacts and shares information online through permanent records on an open ledger.”


 

Stablecoin Adoption Grows by $4 Billion in April
 

Stablecoins continued their steady growth trajectory in 2025, and April was no exception.According to data from CoinGlass, the total market capitalization of stablecoins increased by $4 billion over the course of the month.
 

This growth comes amid a global regulatory shift, as more jurisdictions adopt legal frameworks for stablecoins and ease restrictions on their use.These developments have contributed to increasing demand and broader adoption across various markets.
 

As the Trump administration marked its first 100 days in office, market participants had hoped for economic relief measures—but those expectations have largely gone unmet.While the White House maintains that negotiations are ongoing, Chinese officials have stated that no high-level talks on tariffs have taken place.
 

Despite the broader uncertainty, some analysts continue to argue that, at least for the crypto sector, the focus should remain on the long-term objective:the establishment of a clear federal regulatory framework for digital assets in the United States.

— AccGn News Team