We told you this volatility was coming 🎢!

That said, let’s admit it: Bitcoin still seems less volatile than many tech stonks.

The context remains turbulent, true. But some signals are giving us food for thought: long-term investors who can see beyond short-term noise might end up being the real winners. That said, beware of the “HODL only” mindset, because in a world where the self-proclaimed leader of the free world moonlights as a social media influencer, caution is still very much warranted.

Were you a fan of Alex Becker or MMCrypto? Just wait till you see Donald Trump in full YouTuber mode. Honestly, I still can’t quite believe what Trump gets away with in terms of market manipulation. One tweet, one punchline, and he could blow up the entire technical structure of the markets, catching unsuspecting investors off guard.

Bottom line: more than ever, vigilance and agility are key. A single tweet can now flip a major support level.

April kicked off under pressure, with a neat little correction that tapped a solid support around the 75K mark.

💥 The “conjunctural” reasons behind price moves don’t really concern us. Some claim the recent dip was triggered by Donald Trump’s announcement of “Liberation Day.” Once again, this obsession with attaching an immediate explanation to every market twitch, as if markets were some sort of rational machine. To me, that’s a trivial, almost naïve interpretation. Commentators bend over backwards to justify everything, but the truth is simpler: markets move, and the forces behind them are often invisible, unpredictable, and profoundly irrational. Period.

📈 Announcement or no announcement, markets eventually bounced back strongly, and many cryptos (just like tech stonks) ended the month in the green. Thankfully, we refuse to play the game of analysts analyzing the analyses of other analysts... We simply stick (with discipline) to our indicators and apply our process.

STRATEGIES UPDATE

TrenDynamic

We re-entered the market (short-term allocation) on April 13th, around the 83,400 level. As for our long-term pocket, we were only 20% exposed and raised it to 80% on April 25th. Why not go all in, you ask? Simply because, in our view, the strong rebound we’ve seen so far isn't yet supported by solid enough volumes. Sure, we didn’t capture the full upside led by Bitcoin, but that’s the price of avoiding severe drawdowns. We close April with a gross performance of +8.35%.

B/Partners

In March (don’t forget hedge funds report NAVs with a lag), our portfolio did its job by extracting +0.30% from the market, while Bitcoin ended the month at –2.17%.

Yield Farming

Yields were slightly more modest this month as we overweighted protocols we consider more robust. Result: +0.84% yield for March.

*B/Partners is a multi-managers strategy that includes funds whose performances are calculated with a 15-day delay from the closing date. The results published in February reflect those of January. There will always be a one-month lag.

CRYPTO NEWS 📺

• 🇺🇸 Arizona joins the Bitcoin reserves club

  Following New Hampshire, Arizona becomes the second U.S. state to officially establish a strategic Bitcoin reserve. For now, it's not about direct purchases, but rather an allocation of so-called "orphaned" cryptocurrencies. A symbolic yet decisive step.

• 🧪 Semler Scientific $SMLR ( ▼ 3.29% )  steps up

  The medical tech company has acquired an additional 167 BTC, bringing its total to 3,634 BTC. The list of companies directly allocating treasury to Bitcoin keeps growing, slow, steady, but real adoption.

• 🏦 Donald’s stablecoin debut

  In the "conflict of interest" category, we present: Donald. The Trump family’s World Liberty Financial project announced the launch of its own stablecoin, USD1, initially for internal operations. UAE-based MGX fund plans to use USD1 to deploy a historic $2B investment into Binance.

• 🇦🇪 Abu Dhabi goes digital dirham

  The Emirate has launched a dirham-backed stablecoin, regulated by the UAE Central Bank, aimed at cross-border payments and AI-related transactions. Strategic, sovereign-grade blockchain in action.

• 💳 Mastercard’s crypto push

  Mastercard $MA ( ▲ 0.19% ) announced the integration of stablecoins into its global payment network - huge news. The company also teamed up with Metamask to create a payment card enabling direct crypto spending from DeFi wallets. The banking monopoly keeps shrinking. Europe, of course, will likely try to protect it for a few more years... through regulation.

We are currently finalizing the technical testing and integration of our new direct trading service via API. To begin with, we’re focusing on Kraken, Binance, and Bybit, but our ambition is clear: rapidly expand to cover ten major exchanges. This new format will give access to three distinct strategies, each tailored to a specific investor profile:

📊 TrenDynamic

Our flagship strategy, no introduction needed. Designed for all types of investors, TrenDynamic delivers our proprietary dynamic trend-following approach. This version excludes the “rebalancing yield management” component to focus purely on directional signals and execution.

⚡ Impulse

A speculative strategy tested over the past 18 months, built to capitalize on sharp movements in altcoins through spot and futures trading (long/short). Let’s be clear: there’s no philosophical debate here about the underlying tech… **pure speculation takes the spotlight**. A leveraged “boosted” version will also be available for experienced and risk-tolerant investors.

🧠 Anticythere

Developed in partnership with a team of seasoned Swiss quants and traders, this strategy has a track record of over three years and aligns perfectly with the BlockWealth universe. It combines quantitative precision with human flexibility: while technical indicators determine entry and exit points, every trade is executed manually to ensure responsiveness and strategic discretion.

Ready to shift gears? This API-based trading service is built for speed, precision, and adaptability, while staying true to our core principles: discipline, transparency, and performance.

A FEW THOUGHTS

This month, I wanted to share a thought that crossed my mind - something worth turning into a little feature in our newsletter. It might offer you an extra lens through which to analyze Bitcoin and the role it’s beginning to play in an economy going through a full-blown identity crisis.

🧬 What if the dollar were a crypto?

Let’s imagine for a moment that the official dollar, the one issued by the Fed, is like a Layer 1 blockchain: regulated, secure, slow... but sovereign.

In that logic, the eurodollar system would be its ghost Layer 2: a parallel infrastructure, faster, more flexible, but completely outside the direct control of the main protocol (the Fed).

Born after World War II, the eurodollar market allows foreign banks to lend and borrow U.S. dollars offshore, without those dollars being recorded within the U.S. banking system. This system represents trillions in circulation, well beyond Washington’s gaze… until something goes wrong.

The eurodollar monetary mass isn’t measured by any central bank. It escapes the M1/M2 aggregates and functions like shadow banking, in dollars. It’s wild when you think about it. Even stranger than Algeria’s parallel exchange rate (for those in the know).

In other words: the world is using a currency with no known total supply.

This financial Layer 2 has long served both sides:

✅ The U.S. benefits: the dollar remains essential, American debt gets financed cheaply, and the Fed stays the center of gravity in global finance.

✅ Foreign users enjoy flexibility… until the music stops and they’re left begging the Fed for real, onshore dollars.

But here’s the twist: the system is starting to crack. Crises are repeating, fault lines are widening, and users are looking for alternatives that are neutral, transparent, and programmable.

📌 What if Bitcoin became the universal, neutral, decentralized Layer 1, on top of which more sophisticated Layer 2s (Lightning, RWA, DeFi…) could be built? Because at least on a blockchain, we know the total supply, the transaction history, and the rules of the game. And the dollar? Still a centralized, opaque protocol.

At this point, every currency in the world seems to have one ambitious goal: to prove its virtue and gain value against BTC.

👉 The dollar might just be the world’s oldest cryptocurrency, with a secret whitepaper, an unknown supply, and geopolitical validators.

In short: a scam too big to fail.