Bitcoin defied expectations in April, delivering double-digit gains while posting lower volatility than major traditional assets.

According to analysts at Galaxy Digital, Bitcoin’s (BTC) realized volatility over the past 10 trading sessions dropped to 43.86, lower than the S&P 500’s 47.29 and the Nasdaq 100’s 51.26 — an unusual “positioning for a digital asset traditionally known for its outsized volatility.”

The data point comes against a backdrop of renewed financial turbulence. Since US President Donald Trump’s Liberation Day tariff announcement on April 2, traditional markets have wobbled.

The Nasdaq Composite is flat, the Bloomberg Dollar Index fell nearly 4%, and even gold (typically a safe haven) briefly hit $3,500 per ounce before pulling back to a 5.75% gain, Galaxy Digital analysts wrote in a May 12 note.

However, they noted that Bitcoin surged 11% over the same period, reinforcing its evolving role as a macro hedge amid geopolitical and fiscal uncertainty.

The Nasdaq Composite Index has been in the red over the past six months. Source: Nasdaq

Related: Bitcoin illiquid supply hits 14M BTC as hodlers set bull market record

Bitcoin’s correlation with major indexes declines

The analysts noted that Bitcoin still maintains elevated 30-day correlations with major indexes, around 0.62 with the S&P and 0.64 with the Nasdaq. However, its beta has declined, signaling that investors may be treating it less as a high-risk asset and more as a long-term allocation.

“Bitcoin as a non-sovereign asset means an investor doesn’t need the full faith or tax basis of a nation to support the integrity of the asset,” said Chris Rhine, head of liquid active strategies at Galaxy.

Galaxy said that the recent investor behavior mirrors what was observed during the 2018–2019 US-China trade tensions when Bitcoin rallied amid rising global uncertainty.

Hank Huang, CEO of Kronos Research, told Cointelegraph that surging ETF inflows and Strategy’s ongoing Bitcoin purchases are helping reshape Bitcoin into a digital version of gold, less tied to equities.

“As institutions deepen liquidity, volatility drops, making Bitcoin a cornerstone for portfolios,” Huang added.

Institutions view Bitcoin as hedge

Meanwhile, Galaxy’s OTC trading desk said the market posture is “tactically cautious but structurally constructive,” marked by disciplined leverage and low hedging stress.

With 95% of Bitcoin’s total supply already mined and growing interest from institutions, ETFs and even governments, Bitcoin is increasingly being viewed as a digital store of value.

“Bitcoin’s supply and demand dynamics are solidifying its place as a mature digital store of value,” said Ian Kolman, co-portfolio manager at Galaxy.

On April 25, Jay Jacobs, BlackRock’s head of thematics and active ETFs, said there has been a long-term trend in which countries have been reducing their reliance on dollar-based reserves in favor of assets like gold and, increasingly, Bitcoin.

He noted that geopolitical fragmentation is fueling demand for uncorrelated assets, with Bitcoin increasingly viewed alongside gold as a safe-haven asset.

Magazine: Bitcoin eyes’ crazy numbers,’ JD Vance set for Bitcoin talk: Hodler’s Digest, May 4 – 10

Web3 and privacy-focused web browser Brave Browser has integrated the Cardano blockchain into its native and standalone wallets.

According to a May 12 announcement, the integration stems from a partnership between Brave Browser and Cardano development firm Input Output. Together, the two firms “will integrate Cardano into the Brave Wallet, enabling Cardano blockchain access and token management.” Brendan Eich, co-founder and CEO of Brave and the Basic Attention Token (BAT), said:

“Integrating Cardano into Brave Wallet not only expands multi-chain access, but also enhances security, governance participation, and the overall user experience.”

Eich explained that Brave focuses on maximizing user choice while providing tools to engage with decentralized ecosystems. With this integration, users of the Web3 browser and standalone wallet will gain direct access to Cardano’s blockchain without leaving the interfaces.

Brave had not responded to Cointelegraph’s request for comment by publication.

Related: Charles Hoskinson says he ‘knew nothing’ of ADA being selected for US reserve

Brave browser keeps expanding

Brave already supports the Ethereum and Solana blockchains. The announcement explicitly cites Midnight (NIGHT) as an ecosystem that would benefit from the support:

“The partnership also sets the stage for future innovation around engagement with Cardano’s governance and Midnight, a blockchain developed by Shielded Technologies, an Input | Output spinout focused on confidential smart contracts and data protection.“

Midnight is a privacy-focused Cardano sidechain. Input Output CEO Charles Hoskinson also recently suggested that the network could also enable free transactions for non-fungible token (NFT) ticket holders.

Hoskinson explained that users would be given NFTs on sign-up, which would then give them the right to a certain number of transactions per day. This, he explained, would allow for use cases resembling those of the Web2 model:

“Then all of a sudden you have the entire Web2 business model: you can have free accounts and free apps for people to use and they’re using crypto infrastructure but they don’t have to have a token.”Source: Mintern

Related: Is Cardano (ADA) a “zombie crypto”?

The first collaboration in a long-term partnership

The announcement hints at more future developments sprouting from the newly formed partnership between Brave Browser and Input Output. The post notes that the collaboration “sets the stage for future innovation around engagement with Cardano’s governance and Midnight.”

Eran Barak, the CEO of Midnight, told Cointelegraph in February that transparency, one of blockchain’s biggest selling points, also hinders widespread adoption and applications in fields like business and medicine. He explained that metadata allows individuals to be identified and tracked, hindering blockchain adoption.

The development of Midnight follows the team behind the Cardano ecosystem announcing a software toolkit allowing developers to deploy custom-built sidechains in early 2023.

Magazine: Charles Hoskinson, Cardano and Ethereum – for the record

Key takeaways:

XRP price has risen 55% since April and is now flashing bullish continuation signals.

Whale flows have flipped positive for the first time since November 2024, historically signaling trend reversals.

A falling wedge breakout projects 40% gains ahead, but $2.80 may act as interim resistance.

XRP (XRP) has bounced by more than 55% since forming a local bottom at around $1.61 in April. It now signals a further price surge owing to bullish technical patterns and onchain data.

XRP/USD daily price chart. Source: TradingView

XRP’s whale flows mirror 2024 price boom

XRP whale wallets (addresses holding large amounts of XRP) have been aggressively reducing their holdings since November 2024, according to data resource CryptoQuant.

XRP whale flow 30-day moving average vs. price. Source: CryptoQuant

The trend pushed net flows deep into negative territory, preceding the sharp correction in XRP’s price from above $3.55 to under $2.00.

As of mid-May 2025, however, the trend has reversed.

Whale outflows have been slowing down, turning the 90-day moving average of net flows positive. In the past, most instances where whale flows turned positive after a prolonged negative trend has marked major bottoms or trend reversals.

A notable example is XRP’s rally from around $0.43 in July 2024 to $3.55 in January 2025, or around 400% gains, which began as whale outflows slowed and eventually flipped to net inflows.

XRP price technical breakout targets $3.45

XRP price technicals show it breaking out of a multimonth falling wedge pattern on the 3-day chart, typically viewed as a bullish reversal setup.

The wedge, formed between December 2024 and early May 2025, had been compressing price action while volume declined, a classic sign of accumulation.

XRP/USD three-day price chart. Source: TradingView

The breakout occurred in early May near the $2.25 level, just above the 50-period exponential moving average (EMA), which now acts as key support. Based on the wedge’s height, the breakout projects a price target near $3.45, around 40% above current levels.

Related: Can XRP price reach $4 in May? Analysts are watching these key levels

XRP’s relative strength index (RSI) also supports the bullish case, bouncing back above 57 and showing renewed buying momentum.

The move may not be a straight shot to the target, however. Analyst Mags highlights a key resistance near $2.80 that could temporarily cap XRP’s upside.

Source: X/Mags

In the near term, XRP may consolidate above its 50-day EMA, particularly as whale inflows often signal the start of an accumulation phase before a stronger price breakout.

“The pace of outflows is slowing, and the bars are curling upward,” wrote Kripto Mavsimi, an analyst associated with CryptoQuant, adding:

“It’s not full reversal yet — but it’s the first real sign of stabilization in months.”

Such a base-building period would be a healthy development if consistent with how previous whale-driven rallies have unfolded.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.