This week on Market Pulse - Institutional Shopping Spree Continues
Read the latest update from our Markets team.

🔷 Crypto Overview

- The TOTAL crypto index remained flat (-0.2%) last week as institutional accumulation continued amid easing macro and geopolitical tensions that reduced short-term recession fears.

- CME Bitcoin futures open interest hit an all-time high of 120,000 contracts, with April crypto derivatives trading volume surging 129% to $8.9 billion, led by $ETH futures, indicating heightened institutional interest.

- Michael Saylor’s Strategy acquired 1,895 $BTC (~$180M) between April 28 and May 4, raising its holdings to 555,450 $BTC (~2.6% of total supply).

- Tether announced plans to launch a US-focused stablecoin to create an institutional payment product. Ethereum is preparing for its largest code upgrade since the merge with the upcoming Pectra upgrade.

- President Trump’s pro-crypto stance has encouraged global firms, including Dubai-based Deribit, to reconsider entering the US market, reversing the previous withdrawal trends of the previous administration - Financial Times.

🔷 Bitcoin - Range Bound but Insto Demand Continues

- Bitcoin opened the week above $94K, trading within a $93–$95K range, with ongoing signs of institutional inflows.

- A breakout above this range could push $BTC toward the next resistance level at $100K, where profit-taking by long-term holders may slow the rally.

- U.S. Spot Bitcoin ETFs saw moderated inflows totaling around $1.8B, down from approximately $3B the previous week, but still indicating solid demand.

- Active Bitcoin addresses surpassed 800,000 on Sunday, signaling renewed market interest - IntoTheBlock.

- Wrapped Bitcoin (WBTC) on-chain transactions have doubled since January, reflecting increased activity in BTC-backed DeFi.

🔷 Other Crypto Takeaways

- $ETH gained ~1%, holding just above $1.8K, slightly outperforming BTC. ETH/BTC is attempting to build a low near its monthly closing lows from August and December 2019.

- SOL declined ~2.7% to about $143, impacted by reduced inflows into Canada’s new SOL ETFs.

- In large-cap altcoins, VIRTUAL surged ~53% on increased institutional interest and network activity.

- LAYER rallied ~24%, boosted by positive sentiment around the launch of the Solayer Emerald Card, a Visa crypto financial card.

🔷 TradFi Overview

- Low liquidity on Monday with the majority of Asian markets closed (HK, China, Japan, and Korea).

- S&P 500 snapped a 9-day winning streak overnight after latest Trump’s announcement of a 100% tariff on movies produced outside of the US.

- Mixed opening for Asian stocks on Tuesday Asia morning while US stock futures are pointing lower.

- USD slipped further after Taiwan dollar posted a historic surge amid trade speculation.

- Oil steadied on Tuesday Asia morning hours after hitting a 4-year low in the previous session driven by OPEC+ decision to accelerate oil output hikes and spooking oversupply fears.

- Warren Buffett will remain as Berkshire chairman but shares still fell after naming Abel the new CEO.

🔷 Outlook for the Week

- Another eventful week with all eyes on Fed’s rates decision on Wednesday.

- Markets expect the Fed to hold rates steady in May, while pricing in 3 rate cuts with the first one expected in July.

- Keep a tab on US ISM services PMI and jobless claims, and Bank of England rates decision.

- Earnings highlights include Coinbase and Marathon Holdings.