Bitcoin increased heading into the weekend, peaking on Saturday at around $97,760, up from a Wednesday low of $93,420
Ether experienced less intraweek volatility, rising from a Wednesday low of $1,751 to a Friday high of $1,869, trading predominantly in the $1,805 to $1,830 range
Altcoins lost some momentum this week, leading to a reduction in overall industry market capitalisation despite (modest) positive weekly numbers from the two largest digital assets
Overall industry market capitalisation briefly topped $3tn, before pulling back to current levels around $2.94tn
According to industry monitoring site DeFi Llama, total value locked in DeFi increased to $101.8bn
Digital assets overall cooled off slightly after last week’s growth, but positive performance persisted for Bitcoin and Ether. Several of the biggest institutional names in finance—Morgan Stanley, BlackRock, Franklin Templeton, and Charles Schwab—all featured, alongside continued developments in the regulatory and stablecoin space, plus much more.
What happened: ETF News
How is this significant?
Digital asset investment products continued a recent return to positive momentum, as weekly inflows topped $2bn
According to Coinshares data published on Monday, Bitcoin ETFs accounted for around $1.8bn of this figure
Q2 performance thus far marks a considerable bullish reversal; total inflows over the last three weeks sit at $5.5bn
CoinShares Head of Research James Butterfill believes this represents “a dramatic shift in sentiment” following a subdued Q1
Spot Bitcoin ETFs registered (comparatively modest) losses on Wednesday, but featured nine-figure inflows on every other day—ranging from $173m to $675m
At the time of writing, this means nine of the last ten trading days achieved positive nine-figure flows
Friday featured the best performance, adding $675m; a figure that came exclusively from BlackRock’s market-leading IBIT, as all other funds returned net-zero daily flows
IBIT dominated the ETF sector, as the only fund to register daily (or indeed any) nine-figure inflows, also adding $351m on Thursday, and $267m on Wednesday
The week’s largest pullbacks came courtesy of Fidelity’s FBTC and ARK Invest’s ARKB, which shed $138m and $131m respectively on Wednesday
Spot Ether ETFs also showcased better performance than most of the year-to-date, as four of the last five trading days (at the time of writing) returned inflows, including $64m on Tuesday
BlackRock’s Ether fund led the way with $68m inflows on Tuesday, followed by Fidelity on Wednesday at $26m
In other ETF news, the SEC (as predicted) delayed a decision on filings for a proposed Litecoin ETF, asking for comments from the public
Elsewhere, VanEck filed for a BNB ETF (betting on the proprietary token of Binance), and 21Shares filed one for the smart contract blockchain SUI
What happened: Stablecoin news
How is this significant?
News emerged this week that RLUSD stablecoin issuer Ripple made an offer to acquire USDC issuer Circle
According to Bloomberg sources, Circle rejected the rumoured $4bn to $5bn deal as “too low”, likely looking forward to its own upcoming IPO plans
Leading stablecoin rival Tether will launch a US-based stablecoin (and payment solution) by the end of the year “contingent on stablecoin legislation”, according to CEO Paolo Ardoino
In an interview, Ardoino disclosed “In the US, you have to create a payment product, something that could be used by institutions, something that can be used as a competitor of PayPal's CashApp. That is what we are aiming for”
The new platform allows customers to launch stablecoin-linked card programs in multiple programs at once, beginning in Latin America
Bridge co-founder Zach Abrams commented “We started the company because we believed that stablecoins would be this core global regulated financial infrastructure. A core part of making that possible is connecting the existing financial system with this new tokenised world that is possible with stablecoins. Launching with Visa is one of the first times where we’re making the two worlds very interoperable”
Additionally, Visa partnered with crypto debit card firm Baanx “to launch stablecoin payment cards tied to self-custodial wallets, starting in the US with Circle’s USDC”
Baanx CCO Simon Jones stated “In many regions, access to stable currency is a luxury. We're giving people the ability to hold and spend USD-backed stablecoins seamlessly—in a self-custodial, real-time way—anywhere Visa is accepted. This is what the future of finance looks like”
CEO Bam Azizi stated “We believe that as soon as crypto payments are as seamless as fiat payments, nothing is left to stop the mass migration of global commerce onto blockchain rails”
PayPal disclosed the end of an SEC investigation into its PYUSD stablecoin, as “in February 2025, the SEC communicated it was closing this inquiry without enforcement action”
World Liberty co-founder Zach Witkoff, speaking at the Token2049 summit in Dubai, stated “We're working on a lot of different DeFi integrations. Right now, we aim to establish USD1 as the preferred stablecoin in the DeFi and CeFi ecosystem. Working really hard on, you know, getting integrations into traditional retail point of sale systems”
After last week's reports around renewed digital asset efforts by institutional mainstays Cantor Fitzgerald and Softbank, another TradFi giant appears to be entering the fray; banking behemoth Morgan Stanley
Customers on its E*Trade platform may soon be able to buy digital assets, according to reports in the Financial Times and Bloomberg
Given Morgan Stanley’s profile, some analysts believe this could be “be the most significant move [since deregulation started under Trump] by a major US bank to help everyday customers buy into the asset class”
Morgan Stanley currently offers ETFs and futures access for its wealthier clientele, but E*Trade is far more accessible and could open the door for many more customers to interact with crypto
According to the reports, plans for E*Trade integration remain in the early stages, citing a provisional launch window of next year, as Morgan Stanley is currently consulting crypto companies for partnerships and infrastructural support
Morgan Stanley was actually one of the first big banks to recognise the potential of the new asset class, as former CEO James Gorman recognised Bitcoin as “more than just a fad” back in 2017
Moves by major US banks to embrace digital assets were likely catalysed by a shift towards deregulation under the current Republican administration, which included recent withdrawal of banking guidance by the Federal Reserve
Speaking to Reuters, Charles Schwab CEO Rick Wurster revealed this week that the $10tn will provide spot trading services for Bitcoin and Ether within the next 12 months
Wurster stated “Schwab's edge in the crypto business is serving investors who already own stocks and bonds and who are ‘intrigued’ by crypto and interested in owning a little bit, rather than ‘crypto aficionados’ eager to own dozens of coins that Schwab does not envisage supporting”
He also voiced support for the deregulation movement within the Trump White House, positing that it provided a “green light” for expansion within the market
Back in November (as incoming CEO), Wurster already outlined ambitions to serve crypto-curious customers, stating in an interview “We will get into spot crypto when the regulatory environment changes… Crypto has certainly caught many’s attention, and they’ve made a lot of money doing it. I have not bought crypto, and now I feel silly”
Another major American fintech, SoFi, also announced plans to (re)introduce crypto services due to improved regulatory conditions
In an interview with CNBC, CEO Anthony Noto said SoFi would reclaim ground it had to cede during moves to become a regulated bank under the previous administration; “We're going to re-enter the crypto business, which we had to exit. We'll re-enter the business of allowing our members to invest in crypto assets. We want to actually make a bigger, more comprehensive push, really providing crypto or blockchain capabilities in each product area we have”
BlackRock, the world's largest asset manager, is reportedly increasing its tokenisation efforts yet furter, following the success of its BUIDL tokenised money market fund
At the time of writing, BUIDL boasts an AUM figure of nearly $2.9bn, after experiencing near-parabolic growth during recent tariff tensions, as money market funds became more compelling when investors moved into risk-off mode
Its next venture into tokenisation could be even more significant though; a recently-filed registration statement indicates the firm will issue blockchain-based shares in its $143 billion Treasury Trust Fund (TTF)
According to Bloomberg reports, the new “DLT” share class will only be available from BNY Mellon, at a minimum $3m entry
Bryan Armour, director of passive strategies research at Morningstar Inc told Bloomberg that this appears to be a hybrid approach, with shares mirrored on the blockchain, rather than native to it
“The official record of digital funds remains the traditional book-entry method, so these efficiencies aren’t yet gained. This is a step toward incorporating blockchain technology in investments, but it’s not a new strategy or a fully tokenised offering”
In other BlackRock news, Head of Digital Assets Robert Mitchinik recently stated that Bitcoin may “evolve into a permanent low-beta play reflexively”
Speaking at Dubai’s Token2049 summit, he claimed “It makes no fundamental sense, and yet when it's repeated enough, it can actually become a little self-fulfilling, right? It is something that can happen reflexively because enough pundits and research outlets and other commentators have said that it would”
Additionally, Raphael Coin issued a press release announcing tokenised fractional ownership of one of its namesake Renaissance master’s works; “Recto: Study for the Battle of the Milvian Bridge”
Fractionalised ownership of unique assets is one of the lesser-considered applications of tokenisation, making it possible “to open doors for more people to engage directly with significant historical assets in a meaningful way”
Speaking at Token2049 in Dubai, Franklin Templeton digital asset VP Kevin Farrelly outlined the asset manager’s perceived evolution of Bitcoin as an asset class
Farrelly said Bitcoin can move beyond just its classic “store of value” proposition, and into the DeFi space alongside smart contract blockchains like Ethereum and Solana
“I don’t think focusing on Bitcoin DeFi will dilute or complicate Bitcoin’s core narrative… Instead, it expands Bitcoin’s utility for a specific type of investor—one with enough technical sophistication to optimise for yield, security, or custom portfolio needs”
Farrelly added "These users aren’t replacing the 'store of value' thesis; they’re building on it… It's not narrative dilution, it's infrastructure evolution"
One reason for Franklin Templeton’s endorsement of such new paradigms may well be its investment in Bitlayer, a Bitcoin VM (Virtual Machine) firm that develops infrastructure enabling DeFi activity interacting with the Bitcoin blockchain
One cited benefit of DeFi activity is more transaction fees generated across Bitcoin—incentivising the continued presence of miners as block rewards are reduced in the future
Farrelly did concede that the simplicity of Bitcoin’s classic positioning remains a compelling selling point for investors; “At its core, it’s seen as a digital store of value. Bitcoin doesn’t require deep technical explanation—it has a clear, focused purpose. That clarity may be part of what makes it easier to understand, easier to model, and with the ETF, easier to allocate”
What happened: Regulatory news
How is this significant?
Regulatory efforts continue to advance in the United States, as well as several other countries across the world
As Trump celebrated his first 100 days in office, attention turned to policy actions and achievements thus far, including within the digital asset sphere
Technology law firm Cahill published a memo praising the policy approach so far, stating “The first 100 days of President Trump’s second term have ushered in a transformative era for crypto asset regulation in the United States, marked by a pro-innovation, deregulatory approach across federal agencies that may pave the way for the crypto market to become integrated with the broader financial system”
CNBC said the approach on digital assets marks a complete “180” from the Biden administration, earning approval from industry participants
There remains of course a counterpoint; particularly in regards to concerns over potential presidential profiteering due to family involvement in digital assets
Politico reported about top house Democrats planning to walk out of a joint congressional hearing on crypto asset legislation scheduled for Tuesday
One particular cause of dismay is Trump’s decision to host crypto dinners for holders of his TRUMP memecoin, creating potential conflicts of interest
Rep. Maxine Waters recently claimed “This Committee voted to make Trump the King of Crypto by passing legislation that lets him corner the market on stablecoins, kick George Washington off the dollar, and make his own stablecoin US legal tender”
Trump claims crypto is important as a matter of national standing; “I’m not profiting from anything. All I’m doing is, I started this long before the election. I want crypto. I think crypto’s important because if we don’t do it, China’s going to”
Meanwhile, House Republicans unveiled a discussion draft of a bipartisan bill to regulate the digital asset industry
Financial Service Committee chair French Hill stated “We made historic progress in the 118th Congress to build bipartisan, bicameral consensus in crafting a functional regulatory framework for digital assets. Our discussion draft builds upon that work and provides much-needed regulatory clarity for the digital asset ecosystem by protecting consumers and safeguarding the long-term integrity of digital asset markets in the United States”
Further afield, a Dubai family office wants to invest nearly $9bn to make the Maldives a major regional crypto hub
Industry publication Coindesk reported “The investment, led by MBS Global Investments, will be deployed over five years and is structured around a new joint venture with the Maldives government”
In a Financial Times interview, Finance Minister Moosa Zameer described it as an important potential diversifier for the island nation’s economy
El Salvador confirmed it continues to purchase Bitcoin, despite terms of a recent IMF loan requiring it scale back exposure to the digital asset
What happened: Bitcoin Treasury news
How is this significant?
Leading Bitcoin balance sheet advocate Strategy (formerly MicroStrategy) purchased over $180m of Bitcoin last week; acquiring 1,895 BTC for $180.3 million at roughly $95,167 per bitcoin and bringing total holdings to 555,450 Bitcoin
CEO Simon Gerovich tweeted “Our unrealised gains on Bitcoin now exceed 6bn Yen which is more than four times our market cap before we adopted the Bitcoin standard”
Freight Technologies will raise between $1m and $20m for buys via convertible note issuances, leveraging Trump’s current position in the American Zeitgeist
This weekly financial roundup is for informational purposes only and is not financial, investment, or legal advice. Information is based on public sources as of publication and may change. Consult a professional before acting.