Highlights

• BlackRock’s IBIT spot Bitcoin ETF captured $674.9 million in a single day, now holding 607,685 BTC ($58.5B) and commanding 52.7% of U.S. Bitcoin ETF market share; total spot Bitcoin ETF AUM rebounded to $119.17B, near all-time highs 1.
• Competing U.S. Bitcoin ETFs (ARKB , FBTC , GBTC , BITB ) saw outflows, while Ethereum-focused ETFs, including BlackRock’s ETHA , attracted inflows 1.
• BlackRock’s BUIDL real-world asset tokenization fund reached $2.92B AUM, with 92% of assets on Ethereum and allocations to Aptos , Avalanche , Solana , Polygon , Arbitrum , and Optimism 1.
• Vitalik Buterin unveiled a five-year plan to simplify Ethereum ’s L1, proposing a 10x Layer 2 data boost, EVM migration to RISC-V, and a focus on protocol minimalism inspired by Bitcoin 2.
• S&P 500 extended its rally to nine consecutive sessions, erasing tariff-driven losses, with tech stocks leading gains; optimism grows over potential US-China trade negotiations 3.
• Berkshire Hathaway ’s Q1 operating earnings fell 14%, but cash reserves hit a record $347.7B as Buffett signaled caution amid economic uncertainty and ongoing tariff risks 9.
• Warren Buffett announced he will step down as Berkshire CEO at the end of 2025, with Greg Abel named as successor 4.
• Arizona Governor Katie Hobbs vetoed a bill to create a state-managed Bitcoin reserve, citing Bitcoin as an “untested investment” 5.
• Geopolitical tensions rose after Israel launched 20 airstrikes in Syria, including near the presidential palace, amid escalating sectarian violence and UN condemnation 6.
• Admiral Paparo warned of growing U.S. challenges in countering China’s military expansion over Taiwan, despite current U.S. undersea and space advantages 7.
• An explosion at Iran’s Montazer Ghaem Power Plant triggered a fire and local power outages, with unconfirmed reports of air defense activation 8.
• Russia warned of a “decisive response” if Ukraine targets Moscow’s May 9 Victory Day parade, escalating rhetoric ahead of the event 10.

Commentary

Crypto markets are seeing robust institutional demand, as evidenced by BlackRock’s IBIT spot Bitcoin ETF dominating inflows and now holding over half of the U.S. Bitcoin ETF market 1. The surge in spot ETF AUM, now near all-time highs, underscores a persistent appetite for Bitcoin exposure despite recent macro and geopolitical uncertainty 1. Notably, IBIT’s daily inflows are outpacing new BTC supply, potentially tightening spot market liquidity and supporting price resilience 1. Ethereum is also drawing renewed institutional interest, with BlackRock’s ETHA and the BUIDL tokenization fund channeling significant capital into the ecosystem and its leading L2s 1.

Ethereum’s narrative is further buoyed by Vitalik Buterin ’s ambitious five-year roadmap to simplify and scale the protocol 2. The proposed shift towards a more minimalist, Bitcoin -inspired L1, coupled with a 10x L2 data capacity boost and EVM migration to RISC-V, signals a strategic pivot to enhance scalability and security 2. This could catalyze renewed developer and investor focus on Ethereum and its scaling solutions, with potential spillover benefits for L2s and alternative chains included in BlackRock’s BUIDL allocations 21.

Traditional risk assets are in recovery mode, with the S&P 500 erasing tariff-driven losses and tech stocks outperforming 3. However, Berkshire Hathaway ’s record cash hoard and Buffett’s succession announcement highlight lingering caution among major institutional allocators, especially given unresolved U.S.-China tariff tensions and global geopolitical risks 94. Arizona’s veto of a state Bitcoin reserve and ongoing regulatory hesitancy in the U.S. serve as reminders that policy headwinds remain for broader crypto adoption 5.

Geopolitical volatility—ranging from Middle East escalations to U.S.-China military posturing—continues to inject uncertainty into global markets 67810. While direct crypto market impact is limited for now, traders should monitor for spillover effects on risk sentiment, capital flows, and energy markets, especially given crypto’s sensitivity to macro shocks.

In summary, the institutional bid for Bitcoin and Ethereum remains the dominant theme, with flows and protocol innovation driving near-term momentum 12. Traders should watch ETF inflow trends, Ethereum roadmap developments, and macro headlines for signals on risk appetite. Cautious positioning by legacy institutions and persistent geopolitical risks warrant vigilance, but the structural demand for crypto assets appears intact heading into the coming week.