Highlights

• BlackRock’s iShares Bitcoin ETF (IBIT ) posted its 14th consecutive day of net inflows, leading spot Bitcoin ETFs to $2.8B in daily volume and adding 6,950 BTC—far exceeding daily mined supply1.
• Stablecoin market cap hit a new all-time high of $220B, now representing 65% of total value locked (TVL) on Ethereum mainnet (~$130B)2.
• Thumzup Media announced plans to raise $200M to purchase Bitcoin, as institutional allocations to BTC continue to expand2.
• Major Bitcoin price targets from institutions and analysts range widely, with BlackRock and Bitwise projecting possible six-figure BTC prices in coming years2.
• MicroStrategy maintained its aggressive Bitcoin acquisition strategy despite a Q1 per-share value decline, with analysts issuing buy ratings and bullish targets2.
• Ethereum revealed a five-year upgrade roadmap, including new ERC standards, Pectra, Verkle trees, and a 10× boost to Layer 2 data throughput, aiming for protocol simplification and scalability3.
• Arizona Governor vetoed a bill that would have established a state Bitcoin reserve, citing Bitcoin as an “untested investment.”4
• Trump administration escalated deregulation efforts with a $2B UAE crypto investment, suspension of the MOVE token, and regulatory shakeups at the CFTC6.
• U.S. lawmakers urged the SEC to delist 25 major Chinese tech firms, intensifying U.S.-China financial decoupling8.
• Janet Yellen warned of increased U.S. recession risk after Trump’s 145% tariffs on Chinese imports triggered a 0.3% GDP contraction—first quarterly decline in three years7.
• S&P 500 posted its longest win streak since 2004, rebounding on strong jobs data despite ongoing trade uncertainty; tech and financials led gains9.
• Temu (PDD Holdings ) halted direct China-U.S. shipments after tariff exemptions expired, shifting to local fulfillment as tariffs and trade friction escalate10.

Commentary

Institutional momentum in crypto remains robust, with BlackRock’s IBIT ETF continuing to attract significant inflows and outpacing new Bitcoin supply by a wide margin1. The stablecoin sector’s record $220B market cap—now a dominant force on Ethereum —signals deepening integration between crypto and traditional finance, while new capital-raising efforts like Thumzup Media’s $200M Bitcoin buy reinforce the institutionalization narrative2. Analyst and institutional price targets for Bitcoin are increasingly ambitious, reflecting expectations of further mainstream adoption and capital rotation2.

Ethereum ’s ambitious five-year upgrade plan aims to address long-standing bottlenecks in scalability and user experience3. The roadmap’s focus on protocol simplification, Layer 2 throughput, and interoperability could strengthen Ethereum’s position as the foundational layer for DeFi, stablecoins, and tokenized assets3. However, the veto of Arizona’s state Bitcoin reserve highlights persistent regulatory and political hesitancy at the state level, even as federal and institutional actors move forward4.

Macro headwinds are intensifying: Trump’s tariffs have already induced a U.S. GDP contraction and prompted warnings of recession risk from Janet Yellen7. The push for SEC delistings of Chinese firms and the escalation of U.S.-China trade friction (e.g., Temu’s logistics pivot) may further disrupt global capital flows and supply chains, with potential knock-on effects for crypto market liquidity and risk appetite810. Meanwhile, the Trump administration’s deregulatory drive and high-profile crypto investments from the Middle East add both tailwinds and volatility to the regulatory landscape6.

For traders, the interplay between institutional flows into crypto (especially Bitcoin and stablecoins), Ethereum ’s technical upgrades, and macroeconomic volatility will be key. Watch for continued ETF inflows, stablecoin supply changes, and any regulatory surprises—especially from the CFTC or SEC68. Macro data (U.S. jobs, GDP, tariff impacts) and cross-border capital movements (e.g., UAE crypto investments, Chinese firm delistings) could drive both risk-on and risk-off sentiment78. The resilience of DeFi and altcoins will hinge on Ethereum ’s upgrade progress and the broader risk environment3. Stay nimble and monitor liquidity conditions closely as global financial and regulatory currents shift.