The Daily: Trump Media inks ‘Made in America’ ETF deal with Crypto.com, XRP tops global weekly fund flows and more

The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.

Happy Tuesday! Bitcoin is back above $90,000 for the first time since early March, prompting — perhaps again prematurely — fresh talk of crypto decoupling from equities, with the asset class tracking gold more closely in recent days amid Trump’s tariff turmoil.

In today’s newsletter, Trump Media signs a binding agreement with Crypto.com and Yorkville America Digital to launch a series of ETFs, XRP bucks the trend to lead global crypto fund weekly inflows, Standard Chartered says bitcoin could continue climbing if threats to Federal Reserve independence persist and more.

Meanwhile, crypto advocate Paul Atkins is officially sworn in as the new SEC chair.

Let’s get started.

Trump Media and Crypto.com finalize deal to launch ‘Made in America’ ETFs

Trump Media and Technology Group has finalized a deal with crypto exchange Crypto.com and asset management firm Yorkville America Digital to launch a series of exchange-traded funds and products.

• The binding agreement between the firms follows a non-binding deal floated last month, with the ETFs expected to comprise various cryptocurrencies and securities with a “Made in America” focus.
• Crypto.com will support the backend technology, provide custody and supply the cryptocurrencies for the ETFs, which are anticipated to include a unique basket incorporating bitcoin, cronos and other digital assets, the companies said previously.
• “This agreement is a major step forward in diversifying TMTG into financial services and digital assets,” TMTG CEO and Chairman Devin Nunes said. “[We] look forward to bringing ETFs to the market for investors who believe both the American economy and digital assets are poised for tremendous growth.”
• The products are expected to launch later this year under TMTG’s fintech brand Truth.Fi, pending regulatory approval, and made widely available in the U.S., Europe and Asia.
• TMTG plans to invest up to $250 million of its own cash reserves into its forthcoming financial services products, with Charles Schwab tapped as a custodian and advisor.

XRP leads global crypto fund weekly inflows

XRP investment products led global crypto fund inflows last week, adding $37.7 million as Ethereum and usually dominant Bitcoin ETPs saw net outflows of $26.7 million and $6 million, respectively, according to asset manager CoinShares.

• That XRP overperformance helped the global funds notch up a modest $6 million in net inflows overall, with “signs of recovery” despite the mixed sentiment, Head of Research James Butterfill said.
• The shift in trend was also reflected by Switzerland-based crypto investment products leading the net inflows, adding $43.7 million, while U.S.-based funds posted $71 million in net outflows triggered by strong retail data, Butterfill added.
• Global XRP funds’ year-to-date total is now just $1 million behind Ethereum funds at $214 million, while Bitcoin products lead with $541 million.

Standard Chartered says bitcoin likely to keep rising amid Fed independence risks

Bitcoin could keep climbing as threats to U.S. Federal Reserve independence raise government-sector risk — a key trigger for the asset’s outperformance — according to Standard Chartered Global Head of Digital Assets Research Geoffrey Kendrick.

• Kendrick said bitcoin’s primary role in a portfolio is to hedge against financial system risks from the private sector, like bank failures, or the government, such as President Trump’s recent calls to replace Fed Chair Jerome Powell.
• Noting their historically strong relationship, Kendrick said bitcoin has lagged the sharp rise in U.S. Treasury term premium in recent weeks but has room to catch up if macro uncertainty persists.
• Kendrick reiterated his bold bitcoin targets of $200,000 by 2025 and $500,000 by 2028, calling continued Fed pressure a potential catalyst for new all-time highs.

Galaxy Digital swaps over $100 million ETH for SOL

The Mike Novogratz-founded crypto financial services firm Galaxy Digital appears to have swapped $106 million worth of ETH for SOL over the past two weeks, according to blockchain analytics firm Lookonchain.

• The move coincides with ETH’s dominance dropping to an all-time low of less than 7% as the second-largest cryptocurrency struggles to maintain price momentum and market share.
• ETH dominance has declined 43% since the start of the year, during which its market price has fallen around 50%. Its weaker performance contrasts with bitcoin’s resilience amid the U.S. tariff-induced market downturn, with the ETH-BTC price ratio down 48% year-to-date.
• The bearish sentiment surrounding ETH is also evident in institutional sell-offs, with U.S. Ethereum ETFs recording eight straight weeks of net outflows totaling over $909 million.

ECB fears ‘contagion’ risk from Trump’s crypto embrace

The European Central Bank warned that President Trump’s crypto push could trigger financial “contagion” in Europe, according to a policy paper seen and reported on by Politico.

• The ECB apparently fears EU MiCA rules may be too weak to counter U.S. efforts to globalize dollar-backed stablecoins through new legislation.
• However, the European Commission reportedly pushed back on the central bank’s analysis, with one official claiming the ECB has been overplaying the threat of stablecoins to garner political support for its controversial digital euro project.

In the next 24 hours

• U.S. mortgage data are released at 7 a.m. ET on Wednesday.
• Bank of England Governor Andrew Bailey speaks at 12:30 p.m.

Never miss a beat with The Block’s daily digest of the most influential events happening across the digital asset ecosystem.

© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.