Donald Trump’s return to the White House has stirred the global economy—and the crypto markets are feeling the heat. Despite campaign promises of being the "most pro-crypto president in U.S. history," the first 100 days of his new term have seen digital asset prices struggle amid a backdrop of international trade tensions and mixed investor sentiment.

While the administration has taken several positive steps—such as ending SEC lawsuits against major players like Uniswap, Coinbase, and Ripple Labs—market dynamics tell a more complex story. Here are the five key crypto charts that define Trump’s impact in his first 100 days:

1. Crypto Market Cap Down 14.7% Despite Supportive Policies

The total cryptocurrency market cap has dropped 14.7% since Trump’s inauguration, falling behind the S&P 500 (-6.9%) and Nasdaq 100 (-7.9%). This downturn comes even as Trump’s administration has eased regulatory pressure and expressed strong support for the industry. The initial dip, however, appears tied to renewed global trade disputes with Canada, Mexico, and China—issues that have spooked broader markets.

Still, there’s a silver lining: the market has recently shown signs of recovery, rebounding from $2.39 trillion to $2.9 trillion in April.

2. DEX Volume Surged, Then Slowed With Meme Coin Mania

Decentralized exchange (DEX) activity exploded in January, thanks in part to a wave of speculative enthusiasm surrounding meme coins—especially those tied to Donald and Melania Trump, who launched their own tokens just before the inauguration. DEX volume hit a staggering $564 billion in January but has since cooled, falling to $248 billion by April.

3. Stablecoins Surge to Record Highs

One of the few bright spots during Trump’s early days has been the performance of stablecoins. Since January, the total market cap of stablecoins has grown by $40 billion, now surpassing $240 billion. Tether, USDC, DAI, Sky Dollar, and Athena have led the charge, signaling that investors are seeking safety amid volatility.

4. RWA Tokenization Is Booming—Despite Setbacks

Real World Asset (RWA) tokenization has seen rapid growth, with market value jumping from $7.92 billion to over $11.17 billion since Trump took office. Industry leaders such as BlackRock BUIDL, Athena USDtb, Ondo Finance, Tether Gold, and Paxos Gold are driving this boom.

However, not all news has been positive—Mantra, once one of the top RWA chains, collapsed under pressure, casting a shadow over the sector’s rapid expansion.

5. Bitcoin ETFs Shine While Ethereum Struggles

Spot Bitcoin ETFs have been another success story, pulling in $3.85 billion in net inflows since January. Although inflows dipped in February and March, they rebounded strongly in April with $2.85 billion pouring in. Ethereum ETFs, however, haven’t fared as well—posting $132 million in net outflows as ETH prices declined against both fiat and rival cryptos like Bitcoin and Solana.

Conclusion: A Mixed Start for Crypto Under Trump

Trump’s first 100 days have delivered a mixed bag for crypto. While regulatory relief and pro-crypto rhetoric have helped calm some investor nerves, broader macroeconomic forces and geopolitical tensions have kept prices under pressure. Whether the market can sustain a recovery—or if further turbulence lies ahead—remains to be seen.

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