Bitcoin
Kazakhstan’s president calls for urgent expansion of crypto infrastructure
Kazakhstan plans to expand legal crypto operations, with president Kassym-Jomart Tokayev calling for urgent changes to improve the country’s infrastructure for digital assets.
With the U.S. government becoming more crypto-friendly, Kazakhstan‘s president Kassym-Jomart Tokayev is pushing for a fast expansion of the country’s crypto infrastructure.
Speaking at a government meeting, Tokaev emphasized that the country needs to quickly adjust to the new tech landscape. He pointed out that many crypto users in Kazakhstan are still operating in what he called the “gray zone.” Per Tokaev, only about 5% of crypto investors are using regulated platforms like those in the International Financial Center in Astana (e.g. Galaxy Digital, SkyBridge Digital Finance, and Swiftex, among others).
“[…] according to experts, only 5% of Kazakhstan’s crypto investors use the Center’s platform, while the rest operate in the so-called ‘gray zone.’ Urgently, infrastructure for broader legal circulation of digital assets should be created. Financial regulators must focus on developing the appropriate legislative framework.”
Kassym-Jomart Tokayev
Kazakhstan’s financial watchdog also stepped up its efforts against illegal crypto exchanges. In 2024, the country shut down 36 illegal platforms with a combined turnover of 60 billion tenge (around $112.84 million).
As crypto.news reported earlier, the regulators also blocked access to over 3,500 unregistered crypto trading sites, working together with the National Security Committee and the Ministry of Culture and Information.
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The Ethereum-to-Bitcoin ratio has fallen to its lowest level in five years after a dismal Ethereum price performance. As investors try to wrap their heads around the grim metric, Taproot Wizards co-founder Eric Wall has explained the reason behind the steep drop.
Eric Wall Highlights Reasons For ETH/BTC Ratio Collapse
Taproot Wizards co-founder Eric Wall has identified a raft of reasons behind the decline of the ETH/BTC ratio in 2025. The cryptocurrency expert revealed the factors behind the falling ETH/BTC ratio in an X post, hinging the bulk of the blame on Ethereum’s recent price performance.
The ETH/BTC ratio slumped to a five-year low after Ethereum bucked the trend of following Bitcoin on a rally after the halving event. While Bitcoin price rose to cross the $100K mark, Ethereum price has tumbled below $2,000 to reach lows of $1,400.
For Wall, one factor affecting the ETH/BTC ratio appears to be Ethereum’s position in a competitive landscape. Since its launch, several blockchains have cropped up to snag market share from the largest altcoin, offering cheaper fees and faster processing times.
The cryptocurrency expert argues that the absence of a Saylor-like buyer for ETH is playing its role in the decline of the ETH/BTC ratio. Michael Saylor’s BTC purchases have contributed to the asset’s performance, but Wall argues that Ethereum does not have a consistent buyer.
Wall adds that Bitcoin and gold have evolved into wartime assets in the current macroeconomic climate, while ETH is considered a “peacetime asset.” Gold has surged to new highs, sparking optimism that Bitcoin will follow in the same path for a similar rally, while the Ethereum price continues its unimpressive run.
The Merge Is Not Responsible For The Ratio Decline
Eric Wall notes that Ethereum’s Merge event is not responsible for the ETH/BTC slump, contrary to popular sentiment. Ethereum migrated from Proof-of-Work to Proof-of-Stake in 2022, with the ETH/BTC ratio tanking since the Merge.
“The ETHBTC ratio did not go down because of The Merge,” said Eric Wall.
However, pseudonymous cryptocurrency analyst Beanie argues that the Merge is the primary reason for the price decline. Rebuffing the speculation, Wall opines that Ethereum’s layer 2 tokens triggered network fragmentation after botching the “asset value capture narrative,” affecting the ETH/BTC ratio.
“Ethereum also stagnated into a depressingly small number of defi primitives relative to what past expectations were,” added Wall.
Ethereum is flashing signs of brilliance after ETH trading volume spiked to $17.5 billion in less than a day. ETH prices are exchanging hands at nearly 1,800 after an impressive 12% rally that saw it outperform SOL and XRP
Aliyu Pokima
Aliyu Pokima is a seasoned cryptocurrency and emerging technologies journalist with a knack for covering needle-moving stories in the space. Aliyu delivers breaking news stories, regulatory updates, and insightful analysis with depth and precision. When he’s not poring over charts or following leads, Aliyu enjoys playing the bass guitar, lifting weights and running marathons.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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April has been a month of extreme volatility and tumultuous times for traders.
From conflicting headlines about President Donald Trump’s tariffs against other nations to total confusion about which assets to seek shelter in, it has been one for the record books.
Amid all the confusion, when traditional “haven assets” failed to act as safe places to park money, one bright spot emerged that might have surprised some market participants: bitcoin.
“Historically, cash (the US dollar), bonds (US Treasuries), the Swiss Franc, and gold have fulfilled that role [safe haven], with bitcoin edging in on some of that territory,” said NYDIG Research in a note.
NYDIG’s data showed that while gold and Swiss Franc had been consistent safe-haven winners, since ‘Liberation Day’—when President Trump announced sweeping tariff hikes on April 2, kicking off extreme volatility in the market—bitcoin has been added to the list.
“Bitcoin has acted less like a liquid levered version of levered US equity beta and more like the non-sovereign issued store of value that it is,” NYDIG wrote.
Zooming out, it seems that as the “sell America” trade gains momentum, investors are taking notice of bitcoin and the original promise of the biggest cryptocurrency.
“Though the connection is still tentative, bitcoin appears to be fulfilling its original promise as a non-sovereign store of value, designed to thrive in times like these,” NYDIG added.
Read more: Gold and Bonds’ Safe Haven Allure May be Fading With Bitcoin Emergence
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It was quite the coincidence that the cryptocurrency market jolted back to life after Easter Sunday, with Bitcoin leading the way with more than a double-digit gain. While the price of BTC continues to hold above the critical $94,000 level, the premier cryptocurrency seems to be losing some momentum.
Unsurprisingly, investors appear to be increasingly confident in the promise of this recent rally, as significant amounts of BTC continue to make their way off major centralized exchanges over the past few days. Here’s how much investors have moved in the past few days.
Over 35,000 BTC Move Out Of Coinbase And Binance
In a Quicktake post on the CryptoQuant platform, crypto analyst João Wedson revealed that Binance, the world’s largest cryptocurrency exchange by trading volume, has seen increased activity over the past few days. The exchange netflow data shows that huge amounts of Bitcoin have been withdrawn from the platform in recent days.
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According to CryptoQuant data, a total of 27,750 BTC (worth $2.63 billion at current price) was moved out of Binance on Friday, April 25. This latest round of withdrawals represents the third-largest net outflow in the centralized exchange’s history.
The movement of significant crypto amounts from exchanges, which offer services like selling to non-custodial wallets, suggests a potential shift in investor sentiment and strategy. Large exchange outflows often signal increased confidence of holders in the long-term potential of an asset.
Wedson noted that the recent outflows do not guarantee a price rally for Bitcoin, but they do signal strong institutional activity, which is often a precursor for major volatility. Citing China’s crypto ban in 2021, the crypto analyst highlighted how massive exchange outflows didn’t prevent the dump.
At the same time, Wedson mentioned that the continuous Bitcoin outflows over several days, like during the FTX collapse, preceded a price bottom and the eventual market recovery. Ultimately, the online pundit hinted at paying close attention to the overall trend of the exchange netflow rather than a single-day activity.
Similarly, more than 7,000 BTC (worth approximately $66.5 million) have made their way out of the Coinbase exchange. According to the CryptoQuant analyst Amr Taha, this negative exchange netflow could be an indicator of increased institutional activity, as Coinbase is known as the primary crypto vendor for US-based institutions.
Taha said:
These large outflows typically suggest accumulation by institutions or large investors, potentially signaling bullish sentiment.
The analyst outlined that if the dwindling exchange reserves correlate with an increased spot demand or ETF inflows, a supply squeeze could be on the horizon, potentially pushing the price to the upside.
Bitcoin Price At A Glance
As of this writing, the price of BTC sits just beneath $95,200, reflecting an almost 2% increase in the past 24 hours.
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Featured image from iStock, chart from TradingView
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