Crypto markets traded flat during the Asia morning hours, with bitcoin (BTC) trading above $94,000 and the CoinDesk 20, a measure of the performance of the largest cryptocurrencies, little changed.

XRP led majors gains with a 4% move higher from the past day, driven by a ProShares ETF approval that will see three futures-tracked products go live on April 30. Cardano’s ADA, BNB Chain’s BNB and ether (ETH) showed moves between 1% and 3%.

One exception to the relatively dormant market has been privacy coin Monero (XMR), up more than 40% in the past 24 hours. It traded over $320 in Asian morning hours Monday, a level last seen in May 2021.

Trading volumes zoomed from an average of $50 million on a 7-day rolling basis to over $220 million in the past 24 hours.

«There appears to be no clear catalyst behind $XMR’s recent rally,” Min Junng, a research analyst at Presto told CoinDesk in a Telegram message, Network activity remains consistent with typical levels, suggesting the move may be more speculative in nature.»

The privacy-centric token is based on the CryptoNote protocol, which ensures that all its transactions are unlinkable and untraceable.

Sentiment among traders carries over from last week with a near-term bullish view intact but with a cautious attitude as macroeconomic headwinds remain.

“Bitcoin has maintained a relatively stable range above $92k as Trump’s administration soften tariff policies of the crypto industry,” Jupiter Zheng, Partner, Liquid Fund and Research, HashKey Capital, told CoinDesk in a Telegram message. “This crypto-friendly attitude can boost Bitcoin and other cryptocurrencies to develop their own market direction, less correlated with US equities, and enable more growth and innovation in the industry.»

Broader equity markets showed mixed movements on Monday. A regional gauge advanced 0.6% while futures for the S&P 500 declined 0.6%, indicating a four-day US equities rally may snap. Gold pared last week’s gains after a record-breaking rally. Hong Kong’s Hang Seng index was also flat as were other major indexes around Asia.

Exchange-traded funds (ETF) issuer ProShares will introduce three XRP-tracked products this week after a tacit U.S. Securities and Exchange Commission (SEC) approval.

It will launch an Ultra XRP ETF (2x leverage), a Short XRP ETF and an Ultra Short XRP ETF (-2x leverage), filings show. Its spot XRP approval stays hanging, however. The SEC has acknowledged several XRP spot ETF applications so far, with fund manager Grayscale’s filing facing a critical May 22 deadline.

ProShares’ approvals come weeks after Teucrium’s 2x XRP ETF started trading earlier this month, becoming the first XRP ETF in the U.S. It racked over $5 million in trading volumes on the first day, becoming the firm’s “most successful” launch to date.

Last week, the CME Group added XRP futures to its largest derivatives exchange in the U.S., alongside BTC, ETH and SOL products.

The flurry of ETFs tracking XRP comes after closely related company Ripple’s long-standing court battle against the SEC, which was fully concluded in March, clearing extensive regulatory headwinds for the tokens.

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