Highlights

• Bitcoin rallied near $95,000, buoyed by $3.4B in ETF inflows and a $1.4B corporate buy from Strategy, with exchange reserves at a five-year low and institutional demand accelerating 1.
• U.S. spot Bitcoin ETFs saw $3.06B in inflows last week, with BlackRock’s IBIT nearing 600,000 BTC and gold ETFs seeing major outflows, signaling a rotation from gold to digital assets 6.
• Ethereum and Bitcoin whale accumulation intensified, with BlackRock and Wintermute acquiring over $100M in ETH and BTC, while a dormant BTC whale lost $330M in a theft that triggered a 50% Monero price surge 79.
• Arizona passed bills to allocate up to 10% of public funds into Bitcoin and other digital assets, pending the governor’s signature amid budget negotiations 4.
• The U.S. Senate is expected to vote on stablecoin legislation before Memorial Day, as Citi and JPMorgan forecast the stablecoin market could reach up to $3.7T by 2030 and become a major holder of U.S. Treasuries 2.
• BlackRock’s tokenized Treasury fund grew sevenfold to $2.5B, with six entities now controlling 88% of the $5.4B tokenized treasury market; real-world asset tokenization projected to reach $18.9T by 2033 5.
• South Korea’s ruling party pledged to legalize spot crypto ETFs and overhaul digital asset regulations if it wins the June 3 election, potentially opening the market to thousands of institutional players 3.
• President Trump launched the TRUMP meme coin and is actively supporting crypto, leading to a 46% surge in trading volume and increased U.S. expansion by firms like Tether 8.
• MetaMask announced a self-custody Mastercard crypto card for 2025, enabling direct spending from wallets and Aave yield, as Mastercard rolls out global stablecoin payment capabilities 10.
• SoFi Technologies reported record Q1 earnings and plans to reintroduce Bitcoin trading for its 10M users, following favorable regulatory shifts under the Trump administration 11.
• Tether Gold (XAU₮) released its first attestation, confirming full backing by 7.7 tons of Swiss gold , with a market cap of $825M and growing adoption in emerging markets 13.
• Fartcoin, a Solana-based meme coin, surged 41% to a $1B+ market cap, becoming the second-largest Solana meme coin amid CEX listing talks and strong smart money participation 15.

Commentary

Institutional capital continues to drive crypto’s momentum, as evidenced by record ETF inflows, strategic corporate buys, and state-level adoption initiatives 14. Bitcoin ’s rally to near $95,000 is underpinned by a supply squeeze—ETF and corporate accumulation far outpaces new coin issuance, while exchange reserves hit multi-year lows 16. The rotation out of gold ETFs into Bitcoin products underscores a growing narrative of digital assets as macro hedges, particularly amid tariff and banking sector volatility 6. Ethereum is also seeing renewed whale accumulation, with large OTC and on-chain purchases by BlackRock and Wintermute, suggesting that institutional focus is broadening beyond Bitcoin 7.

Regulatory developments remain pivotal. The U.S. Senate’s imminent vote on stablecoin legislation could catalyze further institutional adoption, especially as stablecoins are positioned to become major holders of U.S. Treasuries 2. Arizona’s legislative push to allocate public funds into Bitcoin and digital assets, if signed, would mark a new phase of state-level crypto integration 4. Meanwhile, South Korea’s upcoming election could reshape its crypto landscape, with the ruling party pledging to legalize spot ETFs and overhaul regulations—potentially opening the floodgates for institutional and corporate participation in Asia 3.

The real-world asset (RWA) tokenization trend is accelerating, with BlackRock’s tokenized Treasury fund and broader industry projections pointing to trillions in future on-chain assets 5. This institutionalization is mirrored in fintech, as SoFi prepares to re-enter crypto trading for its 10 million users and MetaMask partners with Mastercard for a self-custody crypto card, further bridging DeFi and TradFi rails 1011. Tether Gold and its regulatory push highlight the growing appetite for digital commodities, especially in emerging markets 13.

On the retail and altcoin front, meme coins remain in focus—both as speculative vehicles and as political signaling tools. Trump’s embrace of crypto and his own TRUMP meme coin launch have boosted volumes and sentiment, while Solana’s Fartcoin exemplifies the ongoing meme coin mania, attracting smart money and CEX attention 815. However, the Monero price spike following a major Bitcoin theft and laundering incident also underscores persistent regulatory and compliance risks, particularly around privacy coins and mixers 9.

Traders should closely monitor ETF flows, legislative outcomes (especially in the U.S. and South Korea), and large on-chain transactions for signs of continued institutional rotation 136. The interplay between regulatory clarity, RWA tokenization, and retail-driven altcoin cycles will likely define near-term volatility and sector leadership. Watch for potential supply shocks in Bitcoin , stablecoin market expansion, and shifts in DeFi/TradFi integration as catalysts for the next leg of market direction.