Arbitrum (arb) 
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Crypto prices experienced a downturn during the first 100 days of Donald Trump’s administration as his tariff policies influenced market sentiment. Despite some positive steps from the administration, including supportive actions on cryptocurrency reserves and the resolution of lawsuits against major players like Coinbase, Ripple Labs, and Uniswap, macroeconomic factors have largely weighed on the market.
Crypto Market Cap Declines by 14.7%
The total market capitalization of cryptocurrencies has dropped by 14.7% since Trump took office, underperforming the broader stock market. In comparison, the S&P 500 declined by 6.9%, and the Nasdaq 100 fell by 7.9%. This performance stands out, especially as Trump positioned himself as the “most pro-crypto president” in U.S. history.
On a positive note, the crypto market cap has shown signs of recovery, climbing from $2.39 trillion earlier this month to $2.9 trillion. This rebound reflects growing investor interest, but the market remains far from pre-administration levels.
DEX Volume Moderates After Initial Surge
Decentralized exchanges (DEXs) experienced a strong start in January, largely driven by meme coin enthusiasm and the launch of tokens tied to Donald and Melania Trump ahead of the inauguration. DEX trading volume peaked at $564 billion in January but has since moderated, reaching $382 billion in February and $248 billion in both March and April as meme coin interest waned.
While DEX volumes remain elevated compared to historical averages, the cooling off suggests a shift in investor sentiment and trading behavior.
Stablecoin Market Cap Sees Significant Growth
Stablecoins have continued to expand under Trump’s administration, with their total market capitalization rising by $40 billion to exceed $240 billion. Leading stablecoins include Tether, USD Coin, Dai, Sky Dollar, and Athena. This growth underscores the increasing reliance on stablecoins for liquidity and hedging within the crypto ecosystem.
RWA Tokenization Accelerates
Demand for Real World Asset (RWA) tokenization has surged to record levels during Trump’s presidency. The market value of RWA tokens has grown from $7.92 billion to over $11.17 billion. Major players driving this trend include BlackRock BUIDL, Athena USDtb, Ondo Finance, Tether Gold, and Paxos Gold.
One notable development in the RWA space was the collapse of Mantra, a significant chain in the sector. This event highlighted the risks associated with rapid expansion in emerging asset classes like RWA tokenization.
Bitcoin ETFs Achieve Net Inflows of $3.73 Billion
Spot Bitcoin ETFs have recorded net inflows of $3.85 billion during Trump’s administration. January saw substantial inflows of $5.25 billion, followed by two months of outflows. However, inflows rebounded in April, reaching $2.85 billion. This trend indicates growing institutional interest in Bitcoin as an investment vehicle.
Ethereum ETFs, by contrast, have faced net outflows of $132 million, reflecting weaker performance as Ethereum’s price declined against the US dollar and other assets like Bitcoin and Solana.
The first 100 days of Trump’s administration have been marked by mixed fortunes for the crypto market, with macroeconomic factors playing a significant role in shaping investor sentiment.
While some segments, such as stablecoins and RWAs, have shown resilience and growth, the broader market remains under pressure. Traders and investors should monitor these trends closely as the administration’s policies continue to evolve.
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