TL;DR

MicroStrategy, BlackRock, and Goldman boost Bitcoin holdings; Ethereum rallies 83%; Coinbase acquires Deribit.

Highlights

• MicroStrategy bought 13,390 Bitcoin ($1.34B), raising its holdings to 568,840 BTC; Metaplanet now holds 6,796 BTC, surpassing El Salvador 18.
• BlackRock’s IBIT Bitcoin ETF added $5B in 20 days; Goldman Sachs increased its stake to $1.4B, making it the largest known IBIT holder 2.
• Bitcoin traded above $104,000, up 10.9% weekly and 25.1% monthly, amid strong institutional and treasury demand 2.
• Coinbase will acquire Deribit for $2.9B, integrating spot and derivatives; Coinbase set to join the S&P 500 on May 19 317.
• Ethereum rallied 83% from April lows, surpassing $2,500; active addresses up 30%; 60% of ETH holders now in profit 14.
• BlackRock filed for in-kind redemptions on its Ethereum Trust; Abraxas Capital bought $400M in ETH as ETH surged 44% 7.
• Solana reached $180, led weekly DEX volume ($22B); Sol Fi overtook Raydium as top DEX; large SOL treasury moves and whale activity ongoing 201011.
• Tether’s USDT supply hit $150B, with Tron surpassing Ethereum for USDT issuance; Base saw record stablecoin transfer activity 4.
• Aave set a new DeFi TVL record above $25B 15; Lido DAO initiated an emergency oracle node replacement after a minor security incident 16.
• SEC Chair Atkins announced a shift to a rules-based crypto regulatory framework, moving away from enforcement-led oversight 6.
• Senate Democrats blocked a stablecoin bill amid Trump family crypto involvement and proposed a ban on crypto promotion by officials 5.
• Meme coins: PEPE hit $6B market cap 12; Truth Social’s $Truth token to launch soon, drawing mixed sentiment 13.

Commentary

Institutional adoption continues to drive crypto markets, with MicroStrategy ’s and Metaplanet’s substantial Bitcoin treasury expansions and BlackRock’s IBIT ETF attracting record inflows 128. Goldman Sachs’ increased exposure via IBIT further signals growing institutional confidence in Bitcoin as a reserve asset, aligning with persistent treasury and corporate demand. Bitcoin’s price strength above $104,000 reflects this backdrop 2.

Ethereum outperformed major assets, rallying 83% from April lows and posting a 44% surge on large institutional purchases, including Abraxas Capital’s $400M buy 714. BlackRock’s move to enable in-kind redemptions for its Ethereum Trust points to further institutionalization 7. On-chain activity is robust, with a 30% rise in active addresses and the majority of ETH holders now in profit, indicating renewed network engagement 14.

Solana ’s ecosystem remains active, leading in DEX volume and revenue, with Sol Fi surpassing Raydium and notable treasury and whale SOL movements 201011. Stablecoin activity is rising, with Tether’s USDT hitting $150B supply, Tron overtaking Ethereum in USDT issuance, and Base network posting record stablecoin transfer volumes—highlighting ongoing demand for on-chain liquidity 4.

DeFi protocols are expanding, with Aave reaching a new TVL high 15 and Lido DAO demonstrating operational resilience after a minor oracle node breach 16. Coinbase ’s $2.9B Deribit acquisition signals consolidation in the derivatives market 3 and its S&P 500 inclusion may boost mainstream exposure to crypto equities 17. Regulatory signals are mixed: the SEC is pivoting to a rules-based approach 6, but U.S. legislative gridlock—especially around stablecoins—persists amid political controversy 5.

Traders should monitor institutional flows, DeFi TVL milestones, and regulatory developments. Volatility is likely around large treasury moves, meme coin launches, and further ETF inflows.