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Spot Bitcoin exchange-traded funds (ETFs) recorded six straight weeks of net inflows through Friday, drawing $3.4 billion combined. 

The run marks the longest positive streak since a seven-week stretch ended in July 2025, according to SoSoValue data.

Bitcoin ETFs Extend Inflow Streak to 6 Weeks

The week ending April 17 anchored the streak with $996.38 million in net inflows. That marked the largest weekly haul since mid-January.

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Bitcoin ETF Inflow Streak. Source: SoSoValue

Notably, Bitcoin products outperformed other crypto ETFs over the same window. Ethereum (ETH) ETFs slipped to an $82.47 million outflow in the week ending May 1. They rebounded to $70.49 million the following week.

XRP (XRP) and Solana (SOL) funds also could not match Bitcoin’s straight run. Both recorded weekly outflows in the week ending May 1, breaking their inflow trend.

Six-Week Streak Faces Test as Buyers Step Back

The current run is close to last summer’s streak in length but trails it sharply in scale. Weekly inflows since April 2 have averaged $568 million. By comparison, the seven-week run ending July 25, 2025, averaged $1.51 billion per week and totaled $10.58 billion.

Moreover, daily flows suggest a cooling of momentum. Bitcoin ETFs posted back-to-back outflows on May 7 and May 8. That broke a five-session green run for the funds.

The funds shed $277.50 million on May 7 and another $145.65 million on May 8. Until then, daily inflows had been strong from April 30 through May 6. Net inflows on May 1 alone reached $629.73 million.

Whether the weekly streak extends to a seventh week now hinges on flows in the days ahead. The next sessions will show whether buyers return or the run ends at six.

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Chainlink (LINK) climbed 15.27% over the past week to an intraday peak of $10.6, marking its highest price in more than three months. 

At press time, the altcoin traded at $10.48, up 6.38% over the past 24 hours. The rally coincides with shrinking exchange reserves and a sharp uptick in social media chatter.

Chainlink (LINK) Price Performance. Source: BeInCrypto Markets Why Is Chainlink Price Up? 

According to Santiment, roughly 13.5 million LINK, about 10.5% of exchange-held coins, have been withdrawn over the past five weeks, pointing to accumulation. Social volume has simultaneously surged to a three-month high, suggesting renewed trader attention is converging with shrinking sell-side liquidity.

“Crypto’s 15th largest market cap has had a resurgence in discussions across social media throughout this week, and this has likely contributed to this mini breakout,” the post read.

Whale holdings further corroborate the accumulation trend. Wallets holding between 1 million and 10 million LINK increased their holdings from 265.02 million to 288.04 million LINK over the past 30 days. That marks a 23-million-token increase, or 8.7%.

Wallets with 100,000 to 1 million LINK added another 9.83 million coins. Their stash rose from 163.08 million to 172.91 million tokens during the same period.

Chainlink Whale Holdings. Source: Santiment

Combined, these two cohorts absorbed roughly 32.85 million LINK in one month. Their holdings expanded by 7.7%, reflecting consistent buy-side conviction from larger wallets.

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LINK Outlook Remains Bullish

Several traders see further upside from the current breakout zone. Trader Quinten Francois flagged the altcoin’s breakout from the multi-year pennant in a post on X.

Trader Clifton highlighted that LINK’s daily chart is forming a descending broadening wedge. He noted measured targets that point to potential gains of 100% to 150% from breakout zones.

“A strong upside breakout from the upper trendline of this wedge, supported by a momentum candle and rising volume, could trigger a powerful bullish rally. Measured targets suggest potential gains of 100-150% from the breakout zone,” the analyst wrote.

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The share of profitable Pump.fun traders climbed to 73.28% in April 2026, the fourth consecutive month above 50%. CoinGecko data shows the metric has more than doubled from its low of 30.08% in June 2025.

Profitable wallets had collapsed steadily through 2025 as retail traders absorbed heavy losses on Solana meme coins.

Pump.fun Wallets Stage Historic Profitability Comeback

Pump.fun launched on Solana in January 2024 and quickly became the dominant meme coin launchpad. By late 2024, monthly active wallets had grown into the millions. Most of those traders walked away with realized losses each month.

Profitable traders accounted for less than 50% of active wallets each month from June 2024 through December 2025. The metric hit a low of 30.08% in June 2025. That month, roughly 70% of them booked monthly losses.

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The trend changed in January 2026. The share of profitable traders climbed from 50.08% that month to 73.28% by April.

“While we cannot conclusively explain this reversal, we hypothesize it reflects a natural exodus of unprofitable traders from the platform. This is supported by the continuous decline in monthly active wallets from its peak of 5.2M in May 2025 to 1.8M in December 2025,” CoinGecko researcher Loke Choon Khei wrote.

Modest Gains Dominate the Comeback

In April 2026, 3.14 million active wallets transacted on Pump.fun. Of those, 2.30 million ended the month profitable. The wins, however, were heavily skewed toward small amounts.

“This study only accounts for Realized PnL; this means that it excludes bagholders who never sold their tokens even if it crashes to zero,” the report added. 

About 2.05 million wallets, or 65.14% of the total, recorded gains between $1 and $500. Meanwhile, another 87,127 wallets booked profits between $500 and $1,000. Only 168,795 wallets, or 5.37%, cleared more than $1,000.

Losses followed a similar small-size pattern. About 792,724 wallets lost between $1 and $500, while just 24,538 took realized losses above $1,000. 

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Trump Media & Technology Group (TMTG) posted a $405.9 million net loss for the first quarter of 2026, dominated by non-cash losses.

Unrealized losses on digital assets and equity securities reached $368.7 million, almost the entire shortfall. Stock-based compensation added $11.8 million, alongside $11.5 million of accreted interest.

Bitcoin Treasury Drives Paper Losses as Prices Drop

TMTG’s crypto treasury is valued at $821.9 million against a $1.24 billion cost basis, per CoinGecko data. The position is roughly $423.06 million underwater overall.

The treasury contains 9,542 Bitcoin (BTC) worth $767 million, acquired at an average cost of $118,529 per coin. TMTG’s Bitcoin balance dropped by 2,000 BTC in late February, down from 11,542 BTC.

Bitcoin fell roughly 22% during Q1 2026, marking its worst quarter since 2018. The company also holds 756 million Cronos (CRO), worth $54 million. 

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Trump Media’s Financial Assets Climb to $2.1 Billion as Revenue Stays Thin

Meanwhile, the operator of Truth Social produced just $0.9 million in revenue. Operating cash flows totaled $17.9 million, marking the company’s fourth straight positive quarter.

The firm’s total assets reached $2.2 billion. The figure nearly tripled from $759 million a year earlier.

“Trump Media is using its strong balance sheet and positive operating cash flow to continue growing all our businesses and platform infrastructure. Even as we work toward advancing our proposed merger with TAE Technologies as quickly as possible, we’re identifying new growth opportunities and new ways to increase shareholder value,” Interim CEO Kevin McGurn said.

Trump Media also said it is developing new Truth Social features, including prediction-market tools, a sports section, expanded use of artificial intelligence across the platform, and more.

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Ondo (ONDO) has climbed to a nearly five-month high, extending a price rally that began earlier this month. The altcoin surged to $0.48 today, marking its highest level since December 2025.

At press time, ONDO had slightly pulled back to $0.44, though it remained up around 24.45% over the past day. The latest rally has erased all of the token’s early-2026 losses, with ONDO gaining roughly 70% over the past week alone.

Ondo (ONDO) Price Performance. Source: BeInCrypto Markets Tokenization Bets Stack Up Behind ONDO

Market data showed the uptrend began at the start of the month. Momentum accelerated after two back-to-back developments boosted investor sentiment.

On May 4, the Depository Trust & Clearing Corporation (DTCC) named Ondo Finance to its tokenization working group. The group includes more than 50 financial firms.

Then, on May 6, Ondo, Kinexys by JPMorgan, Mastercard, and Ripple completed a cross-border pilot redemption of tokenized US Treasuries.

“This milestone marks the first time tokenized U.S. Treasuries have settled across borders and banks in near real time and outside traditional banking windows,” Ondo Finance wrote.

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Whale Wallets Keep Adding ONDO

The developments highlight that ONDO’s rally is driven by real catalysts, with on-chain whale behavior reinforcing the move. Santiment data showed that in the past month, whales holding between 1 million and 10 million ONDO grew their collective stash from 555.38 million to 594.05 million, adding roughly 38.67 million ONDO.

ONDO Whale Holdings. Source: Santiment

Holders in the 100,000–1 million range increased from 145.87 million to 154.95 million, adding about 9.08 million ONDO. The whales holding 10 million–100 million altcoins grew from 2 billion to 2.03 billion, roughly adding 30 million coins. 

Taken together, the three cohorts absorbed around 77.7 million ONDO over the month. Accumulation showing up across every tier, rather than just one, is a healthy distribution signal.

In addition, large holders typically invest with a longer-term outlook. As a result, continued accumulation instead of selling often signals growing confidence in ONDO’s medium-term prospects.

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DTCC’s tokenization service launches in October, with initial production trades penciled in for July. Therefore, the rollout could likely deliver additional tailwinds for ONDO in the months ahead.

Ethereum whale Garrett Jin deposited $178 million worth of ETH into Binance on May 8. BlackRock and Fidelity also sent a combined 35,394 ETH to Coinbase Prime within hours.

The combined flow exceeded 113,000 ETH valued at nearly $260 million. The transfers hit exchange-linked platforms as US spot Ether exchange-traded funds (ETFs) absorbed $103.5 million in outflows the day before.

Garrett Jin Trims ETH Stack by Over 20%

The whale, tagged on-chain as #BitcoinOG1011, still holds 303,618 ETH worth roughly $692.5 million. The address also retains 9,343 bitcoin (BTC).

Jin moved 165,000 ETH to Binance two days earlier in a similar pattern. The former BitForex chief executive built his reputation on outsized directional bets.

His track record includes a $735 million BTC short placed before the October 2025 crash. The wallet has rotated between BTC and ETH multiple times in 2026.

Whether the latest deposit reflects spot selling, hedging, or portfolio rebalancing is not visible on-chain.

Spot ETF Issuers Add Operational Pressure

Elsewhere, BlackRock’s iShares Ethereum Trust sent 11,475 ETH worth $26.27 million to Coinbase Prime three hours before the whale move. Fidelity followed with 23,919 ETH worth $54.44 million within the next hour.

ETF deposits to Coinbase Prime do not always translate into spot sales. Issuers regularly use the platform for redemption baskets, custody shifts, and authorized participant flows tied to investor activity.

However, moving coins to exchanges may also signal intention to sell, in which case the moves by Gareth, BlackRock, and Fidelity could ultimately translate into selling.

Both moves coincide with $103.51 million in net outflows from US spot Ether ETFs on May 7. Fidelity’s FETH led with $62.26 million in redemptions, followed by BlackRock’s ETHA at $26.31 million.

Spot Ethereum ETF Flows on May 7. Source: SoSoValue

ETH traded near $2,289 as of this writing. Traders will watch ETF flow updates and Binance order books for signs the deposits convert into visible spot-market selling.

BMNR stock price trades at $22.00 after a 4% drop on May 7, sliding alongside the broader crypto-treasury complex as chairman Tom Lee signaled BitMine may slow its Ethereum accumulation pace.

The stock sits within an ascending channel that appears bullish on the surface, but multiple flow and positioning signals suggest a deeper test is ahead.

BMNR Stock Price Holds an Ascending Channel After a 59% Drop

BitMine Immersion Technologies (BMNR) traded at $22.00 on May 7, down 3.97%. Chairman Tom Lee said at Consensus Miami that the company may slow its Ethereum (ETH) purchases as it nears its 5% supply target. BitMine currently holds 5.18 million ETH, roughly 4.29% of the circulating supply.

The slowdown signal hit a stock that was already structurally weak. BMNR is down 46% over the past six months. The share price sits 86% below its 52-week high of $161 set in mid-2025.

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The daily chart shows an ascending channel forming since early February. The pattern emerged after a 59.14% drop from the December 10 high of $42.03. Channels that form after sharp declines often act as continuation patterns rather than reversal structures. They tend to resolve in the direction of the prior trend, which in this case is down.

Ascending Channel: TradingView

Tom Lee also pointed to BitMine’s $4 billion share repurchase program as an alternative use of capital. Capital may rotate away from ETH and toward buybacks, weakening the ETH treasury narrative that has supported BMNR’s premium.

That structural backdrop sets the stage for the technical signals.

EMAs Are the Last Line of Defense

Inside the ascending channel, BMNR is grappling with two exponential moving averages (EMAs). EMAs are trend indicators that give weight to recent price action, with shorter EMAs tracking near-term momentum.

The 20-day EMA sits at $21.92 and the 50-day at $22.17. With BMNR at $22.00, the stock is wedged directly between them, a tight zone where the next move is binary.

BMNR EMA Stack: TradingView

History suggests the 20-day matters most. Each prior break of the 20-day EMA in 2026 has produced a sharp correction. On April 27, BMNR dropped 6.48% in one session after losing the 20-day. On March 25, the same break delivered a 15.62% slide.

If the 20-day EMA at $21.92 breaks again, the same cascade pattern is likely. The 100-day EMA at $24.80 and the 200-day EMA at $27.06 sit well above the current price. Both cap any rally attempt and reinforce the longer-term bearish lean.

CMF Divergence and Put-Call Ratio Flag Smart Money Caution

While retail traders may read the ascending channel as bullish, the flow data tells a different story. The Chaikin Money Flow (CMF) is showing weakness despite the higher prices. CMF measures money flow volume to gauge buying or selling pressure over a set period.

CMF currently reads 0.03, technically still above zero. The indicator has, however, broken its own ascending trendline that connected the lows since late March.

Also, between April 29 and May 6, BMNR’s price trended higher while CMF trended lower. That bearish divergence suggests institutional buying pressure is fading even as price holds.

CMF Divergence: TradingView

Options positioning adds another layer. The put-call ratio, a sentiment gauge that compares put contracts to call contracts, has shifted in a contradictory way. The volume put-call ratio dropped from 0.38 on April 29 to 0.29 on May 7. The shift indicates more long positions are being placed.

Put-Call Ratio: Barchart

Open interest tells a quieter story. The OI put-call ratio drifted lower from 0.44 to 0.42 in the same window. Retail is adding fresh long bets while existing positions are being closed. That mix often precedes a long squeeze if the stock breaks lower, adding another layer of risk.

BMNR Stock Price Levels Set Up a 9% Move Either Way

With structure, EMAs, CMF, and options positioning all pointing in one direction, the price ladder reveals what each scenario unlocks.

The bullish path requires BMNR to first reclaim $22.47. That level sits just above the 50-day EMA. A clean reclaim signals the stock is comfortably above its moving averages. The next test is $24.09, the 0 Fibonacci anchor at the upper trendline.

A break above the $24 zone represents 9.57% upside from the current price and would weaken the continuation thesis.

BMNR Stock Price Analysis: TradingView

The bearish path is more layered. Below the EMA support at $21.92, BMNR opens at $21.47 and $20.65 as immediate floors. The most critical downside level is $19.84, the 0.618 Fibonacci level. A daily close below $19.84 marks a 9.75% drop from the current price and confirms the bearish structure.

Below $19.84, the path opens to $18.69 and $17.22. The longer-range extension at $12.96 (1.618 Fibonacci) becomes a deep continuation target if the entire ascending channel breaks down.

Telegram has formally replaced the TON Foundation as the main force behind The Open Network (TON), with founder Pavel Durov confirming the messenger will become the chain’s largest validator. Toncoin (TON) responded by rallying more than 100%.

The takeover, the third stage of Durov’s “Make TON Great Again” program, places Telegram at the center of TON’s infrastructure. Investors read it as the strongest signal that the messenger plans to anchor a billion-user crypto economy on the chain.

Why TON Is Rising

TON’s gains track Telegram’s renewed control over the network’s roadmap and validation. Alexander Tobol, chief technology officer at Wallet in Telegram, spoke with BeInCrypto. He said the chain was originally built by Telegram’s team before spinning out as an open-source project.

Tobol said the validator move signals deeper commitment from Telegram. It lifts interest in TON as a core part of the messenger’s stack.

Toncoin (TON) Price Performance. Source: TradingView

The messenger’s reach makes any default crypto layer immediately consequential. Telegram counts more than one billion users, giving the chain a distribution edge few rivals can match.

Beyond architecture, Durov’s team staked about 2.2 million TON to claim the largest validator slot. The move deepens Telegram’s stake in network security.

Transfers, payments and mini-app services could all settle on TON. In that scenario, Tobol expects the network to lead all chains by active retail wallets.

“In such a scenario, TON could potentially become the leading blockchain by number of active wallets thanks to retail usage inside Telegram,” Tobol told BeInCrypto.

Network Speed and Cost Reset

Meanwhile, recent infrastructure work strengthens the case. Storm Trade founder Denis Vasin pointed to the Catchain 2.0 upgrade.

It cut block times from about 2.5 seconds to 400 milliseconds. Finality fell from roughly ten seconds to one.

The same upgrade lowered fees about sixfold, to around $0.0005. The network can also process more than 100,000 transactions per second.

Vasin said the exclusivity of the Telegram-TON pairing now matches the architecture investors expected in 2018.

He described TON as one of the highest-throughput Layer-1 chains. Fast finality and low cost position it for frequent small-value transactions.

If this integration is implemented consistently, TON gains what most Layer-1 blockchains lack — native distribution and real user use cases,” Vasin said in remarks shared with BeInCrypto.

Pricing the Telegram TON Takeover

Tobol expects the next leg of growth to depend on bots and mini-apps. Users would transact directly inside Telegram. Staking yields, currently around 15% annually, support liquidity retention.

However, Vasin urged caution. Markets have already repriced TON sharply. Any pullback would test whether Telegram can convert distribution into recurring on-chain revenue. The rally leaves limited margin for execution missteps.

Last year’s large Telegram-led sales of Toncoin reminded holders the messenger has acted as both buyer and seller.

Investors will watch for evidence the validator role binds Telegram more tightly to TON’s long-term value.

Whether TON returns to the top 10 of CoinMarketCap depends on transaction activity rather than announcements.

Toncoin (TON) Among Top 20 Cryptos By Market Cap. Source: Coingecko

The next several weeks should reveal if the chain is gaining real economic gravity.

A $1.75 trillion IPO is about to redefine which space stocks to watch this summer. SpaceX is closing in on the largest IPO ever. The public S-1 is due late May, with the listing slated for late June or early July.

When SpaceX publishes real launch costs and Starlink economics, the entire sector gets repriced against the same yardstick. Three names stand out as the cleanest read-through points.

Rocket Lab (NASDAQ: RKLB)

Rocket Lab Corporation (RKLB) is the closest public comparison to SpaceX, building launch vehicles, spacecraft, and components in-house. The SpaceX IPO matters here.

The S-1 is the SEC document required before going public. SpaceX filed confidentially on April 1, with the public version due late May.

When it lands, SpaceX’s launch revenue, costs, and Starlink margins go on display for the first time. RKLB is the only publicly traded company doing similar work. When investors see SpaceX’s real numbers, RKLB gets repriced against them.

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Fundamentals look strong. Q1 revenue hit $200.3 million (+63.5% YoY), backlog reached $2.2 billion, and liquidity exceeded $2 billion.

The stock fell 7.17% to $78.58 anyway, as profit-taking on a 240% YoY run outweighed a Q2 guidance beat.

RKLB sits inside a rising channel that has held since late November. The recent top was rejected at $94.40 (0.618 Fibonacci). Price hugs the 20-day exponential moving average (EMA) at $78.96.

EMAs weight recent prices most heavily, while the 50-day EMA sits at $75.52.

The last clean break of the 20-day EMA on March 26 produced a 19.31% slide. A repeat opens $70.71, then $62.45 (200-day EMA), then $56.08 (channel floor).

RKLB Year-on-Year Price Chart. Source: Google Finance

Options lean the other way. The volume put-call ratio sits at 0.53 versus 0.73 at the last -$0.07 print. Open interest holds at 0.77. Traders buy calls into the IPO window despite the miss.

RKLB Put Call: Barchart

A reclaim of $87.08 opens $94.40 and the breakout zone above $104.81.

RKLB Price Analysis: TradingView

Among space stocks to watch, RKLB sets up the cleanest move into the SpaceX listing.

AST SpaceMobile (NASDAQ: ASTS)

AST SpaceMobile, Inc. (ASTS) builds the only US satellite network that connects directly to standard smartphones. AT&T, Verizon, and FirstNet are anchor partners.

That positioning maps to the part of SpaceX nobody can price yet: Starlink direct-to-cell. When SpaceX’s S-1 publishes Starlink’s subscriber count and revenue per customer, the market gets its first benchmark for ASTS.

BlueBird 7, one of ASTS’s direct-to-cell satellites, failed to reach orbit on April 20. The miss puts the 45-satellite year-end target at risk. ASTS announced a mid-June Falcon 9 launch for BlueBird 8-10, set to overlap with the SpaceX roadshow week.

ASTS closed at $65.35 on May 7, down 7.54%, with earnings due Monday after close.

ASTS has fallen 51.27% from its February 2 high of $129.78. Current support is $63.25. Above price, the 200-day EMA sits at $73.53, the 20-day at $76.20, and the 50/100-day cluster sits at $82.40-$82.50.

Two bearish crossovers loom. The 50-day EMA is closing in on the 100-day, and the 20-day EMA is closing in on the 200-day. A break of $63.25 opens $58.40, then $45.95.

ASTS Price Analysis: TradingView

Options lean the other way. The volume put-call ratio dropped from 0.62 to 0.45 since early April, while open interest fell from 0.49 to 0.42. With earnings on Monday and implied volatility at 112.55%, traders bet on a positive surprise.

Bullish Put-Call Ratio: Barchart

For ASTS to reset the trend, it needs to reclaim $68.17, $81.90, and $82.40. A move above $104.12 invalidates the bearishness. Among space stocks to watch, ASTS is the higher-risk pick into the SpaceX listing.

Intuitive Machines (NASDAQ: LUNR)

Intuitive Machines, Inc. (LUNR) builds lunar landers and runs NASA’s Near Space Network, sharing the Artemis program with SpaceX.

The SpaceX IPO angle here is profitability. LUNR is the only listed pure-play stock guiding to positive adjusted EBITDA in 2026. When SpaceX’s S-1 reveals Starlink’s profit economics, the market hunts for the next stock with that profile.

LUNR closed at $24.11 on May 7, down 8.43%. The company guides 2026 revenue of $900 million to $1 billion, almost 5x FY25, with positive adjusted EBITDA. Q1 results land on May 14.

LUNR has held a rising channel since mid-November. A breakout attempt failed on April 22, and the price has weakened since. The recent pullback pushed LUNR below the 20-day EMA at $24.92 on May 7.

The critical floor is $22.71, and the 50-day EMA is at $22.61, just below. Breaking those levels opens deeper losses. The first upside hurdle is $32.21 (0.618 Fibonacci). A clean break sets up a channel breakout.

The Chaikin Money Flow (CMF) measures institutional inflows and outflows. CMF sits at -0.01, just below the zero line. April 1 set the precedent. CMF crossed zero alongside a 20-day EMA reclaim, and LUNR rallied 71.15% in days.

LUNR Price Analysis: TradingView

Earnings on May 14 are the trigger. A CMF cross with a 20-day EMA reclaim can replay April 1 into the SpaceX listing. Among space stocks to watch, LUNR offers the cleanest profitability story.

Economist Steve Hanke says his bubble detector shows the US stock market in clear bubble territory, even as Big Tech powers one of the fastest equity rallies on record.

His warning lands as five mega-cap tech stocks pull the S&P 500 to fresh highs. Traders are also piling into call options at a pace never seen before in modern markets.

Steve Hanke Flags Bubble Territory as Warning Signs Stack Up

The Johns Hopkins applied economics professor pointed to the bond-stock yield spread as a second confirmation signal alongside his bubble model.

“My Bubble Detector says the US stock market is in bubble territory. So does the bond-stock yield spread. Buckle up,” he warned.

Hanke previously served as a senior economist for President Ronald Reagan and has flagged similar overvaluation through 2025 and 2026.

The warning arrives during a historic reversal. Analysts at Bull Theory said US equities added roughly $10 trillion in 39 days. The Nasdaq topped 29,000 for the first time, and the index reached 7,400.

Five Tech Stocks Carry the Rally

Five companies, comprising Alphabet, Nvidia, Amazon, Broadcom, and Apple, drove roughly half of the S&P 500’s gains since April 1.

The five stocks added about six percentage points to the index’s 12% climb over that stretch. Alphabet led with a 38% advance, followed by Nvidia at 21%, Amazon at 30%, and Broadcom at 33%. The equal-weighted S&P 500 has risen only 6% in the same window.

Five companies drove roughly half of the S&P 500’s gains since April 1

Mark Newton, head of technical strategy at Fundstrat, told Milk Road that the Magnificent Seven traded sideways for months before this leg higher.

He said strong earnings and heavy AI capex gave investors confidence that tech could keep carrying the broader market.

Call Options and Retail demand push risk appetite to records

Call option volume on the S&P 500 hit a record $2.6 trillion in notional value on Wednesday, per Kobeissi Letter. Calls now account for around 58% of all S&P 500 options traded, the highest share on record.

Retail buying mirrors that mood. Individual investors bought $1.1 billion of tech hardware stocks in the week ending May 6. That marked the second-largest weekly figure on record and the fifth straight week of net inflows.

SanDisk has surged 3,731% over the past year, outpacing Qualcomm’s 2,620% gain in 1999.

Whether Professor Hanke proves early or wrong will depend on how long AI revenue can justify these valuations.

Intel (INTC) shares hit a record on May 8 after a preliminary deal to manufacture silicon for Apple. The rally lifted the Trump-era U.S. government Intel stake from $8.9 billion to $56.5 billion.

Washington paid $8.9 billion for the 9.9% position eight months ago. The Treasury now sits on roughly $47.6 billion in unrealized gains, according to The Kobeissi Letter. Intel shares climbed about 18% intraday to around $129, an all-time high.

How the Trump-era Intel stake was built

In August 2025, the Trump administration converted unpaid federal funding into 433.3 million Intel shares at $20.47 each.

The deal repurposed $5.7 billion in CHIPS and Science Act grants. It also drew $3.2 billion from the Defense Department’s Secure Enclave program.

President Trump publicly claimed credit for the move, telling supporters the country now owned 10% of Intel.

“The United States paid nothing for these Shares, and the Shares are now valued at approximately $11 Billion Dollars. This is a great Deal for America and, also, a great Deal for INTEL,” Trump wrote on Truth Social at the time.

The position is held by the U.S. Treasury as a passive investor, with no board seats. The structure tied the stake to a broader chip tariff agenda.

Following news that Apple and Intel had reached an agreement for the semiconductors and chip builder to make chips in Apple devices, INTC stock jumped 15%, pushing Trump’s investment to a valuation of $56.5 billion.

Intel Corporation (INTC) Stock Performance. Source: TradingView

“That’s a gain of +$47.6 BILLION in less than 8 months. Truly unprecedented,” analysts at the Kobeissi Letter commented.

Why the Apple deal matters for Intel

The Wall Street Journal first reported the deal, the first time Apple has agreed to use Intel for production silicon. Apple has historically depended on Taiwan Semiconductor Manufacturing Company for its custom chips.

Commerce Secretary Howard Lutnick had met repeatedly with CEO Tim Cook to push the partnership forward.

Intel’s foundry business has spent more than a year searching for an anchor customer. Microsoft signed on for the 18A process earlier this year.

April 2026 was Intel’s strongest month on record with a 114% gain. The Apple deal adds another major customer to a foundry roadmap once viewed as struggling. It feeds the broader push to onshore semiconductor manufacturing.

The $47.6 billion gain remains on paper. Any sale will hinge on market conditions. It also depends on political appetite for booking a profit on what was framed as industrial policy.

The equity-for-grants formula has drawn Senate scrutiny over Trump policy windfalls.

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UFO-themed Solana meme coins lit up following the Pentagon’s first declassified UAP file release on Friday. Multiple tokens posted double-digit gains as the disclosure narrative gathered steam.

The Department of War launched the Presidential Unsealing and Reporting System for UAP Encounters (PURSUE) on Friday. Officials posted Release 01 to a public WAR.GOV/UFO portal, with rolling tranches every few weeks.

UFOPEPE Leads the UFO Ticker Pack

UFOPEPE (UFO), a Solana token blending Pepe with UFO imagery, gained about 44.68%, while a separate UFO Token climbed 30.79%. Meanwhile, UFO Gaming added 5.98%.

UFO-Theme Meme Coins Performance After Pentagon Releases First UAP Files. Source: Geckoterminal

However, the original UFO Token slipped almost 5%, showing how speculative flows split across competing tickers sharing the same theme.

UFO Token Price Performance. Source: Coingecko

Solana remains the home turf for low-cap narrative trades. Pump.fun activity has hit fresh highs in 2026, with the launchpad’s DEX volume reaching all-time records on retail-driven momentum.

Pump-and-Dump Risk Remains

Bot activity accounts for 60% to 80% of trading volume on Solana meme coin venues. That dynamic distorts price signals and triggers rapid rotations.

Total volume vs Bot volume on Pump.fun. Source: Naveen on X

Meme coin pumps on event-driven narratives also tend to fade within hours or days.

UFO-themed assets carry no fundamental link to the Pentagon release. Their volatility tracks social media buzz rather than file content.

Recent surges in tokens like PUNCH show how fragmented UFO tickers raise execution risk for retail.

Why the Files Could Keep Meme Coins Alive

The Department of War plans rolling drops every few weeks. Each new tranche could trigger fresh meme coin cycles on Solana launchpads.

“Based on the tremendous interest shown, I will be directing the Secretary of War, and other relevant Departments and Agencies, to begin the process of identifying and releasing Government files related to alien and extraterrestrial life, unidentified aerial phenomena (UAP), and unidentified flying objects (UFOs), and any and all other information connected to these highly complex, but extremely interesting and important, matters,” Trump wrote in a recent Truth Social post.

Traders treating these events as catalysts may find short-lived liquidity windows. Most positions retrace once the news flow ends, and if unresolved cases produce viral imagery, expect fast tokens to follow within hours.

British sprinter CJ Ujah is one of 10 suspects charged in a UK crypto fraud probe. Authorities say victims lost wallet funds to phone-based deception.

Ujah, 32, was charged with conspiracy to defraud after raids by the Eastern Region Special Operations Unit. The operation spanned Kent, Essex, and London. He was granted bail until 28 May at Chelmsford Crown Court.

From Doping Ban to Fraud Charges

The charges landed four years after Ujah’s career was disrupted by a 22-month doping ban tied to Tokyo 2020.

The Athletics Integrity Unit blamed a contaminated £10 ($13.63) beta-alanine supplement bought during the Covid-19 lockdown. He was later cleared of intentional doping.

That redemption narrative carried him through to the 100 m semi-finals at the 2024 European Championships in Rome. Ujah had not raced since April 2025 before this case emerged.

He ran the first leg when Great Britain won the 4x100m relay at the 2017 World Championships. That proved to be Usain Bolt’s final race.

How the Alleged Scam Worked

Investigators say members of the organised group posed as police officers and representatives of a crypto company. They pressured victims to share wallet seed phrases. One person reportedly lost more than £300,000 ($408,895).

Such impersonation tactics have surged across the industry. The Regional Organised Crime Unit warned that genuine police and crypto firms never request seed phrases by phone. They also never demand device access or urgent transfers.

Fellow British sprinter Brandon Mingeli, 25, was also charged. He represented Great Britain at the U23 level in 2021 and remains remanded in custody.

British Athletics has not commented publicly on the case. Both Ujah and his nine co-defendants are presumed innocent. The 28 May hearing will likely shape whether Ujah’s comeback continues.

Crypto-native prediction markets reacted within minutes after the Pentagon released its first declassified UAP files on Friday, more famously being labeled as the ‘Alien Files’. Polymarket’s flagship alien disclosure market has now reached a cumulative volume of over $33 million.

The Department of War launched the Presidential Unsealing and Reporting System for UAP Encounters (PURSUE) on Friday. Officials posted Release 01 to a public WAR.GOV/UFO portal, with rolling tranches promised every few weeks.

Polymarket Disclosure Bets Tops $33 Million

Traders on Polymarket have wagered roughly $33 million on whether a senior U.S. official will confirm extraterrestrial life by year-end. The crypto-native prediction platform sat at 19% on May 8 after Release 01 dropped.

Bettors Wager on the US Confirming Aliens Exist. Source: Polymarket

A separate market on whether Trump declassifies new UFO files this year prices December 31 at 83%. Bettors appear positioned for more rolling tranches rather than a single dramatic event.

“This release follows the direction of President Donald J. Trump to begin the process of identifying and declassifying government files related to UAP in the interest of total transparency,” read an excerpt in the Friday announcement.

A separate $16 million market asking whether the administration would declassify UFO files in 2025 resolved “Yes” earlier this year.

No formal presidential declassification took place at the time. Late-session bids near 99 cents and a contested UMA oracle vote pushed the outcome through.

Comment threads on the platform labeled the call a scam. Critics dubbed the dispute mechanism “proof-of-whales,” reigniting questions about token-weighted oracles overriding trader consensus.

What Rolling Releases Mean for the Markets

The Department of War welcomes private-sector analysis of the unresolved cases. Each new tranche could move disclosure odds and revive the dispute around how oracles call ambiguous outcomes.

If headline catalysts keep arriving, the prediction-market lens may become the cleanest gauge of how seriously markets price disclosure narratives.

A long-term altcoin market cap chart shows a structure that preceded the last two altcoin seasons. The Altcoin Season Index, however, reads 35 and remains firmly in Bitcoin Season territory.

Two technical setups argue for a coming altcoin rally, while one real-time data point argues against it. The chart hints at a 2017 or 2021 repeat as Bitcoin dominance breaks out of accumulation.

Altcoin Market Cap Repeats a Pattern That Preceded 2017 and 2021 Rallies

X analyst el_crypto_prof published a weekly altcoin market cap chart showing three structurally similar setups across the past decade. The total altcoin market cap, excluding Bitcoin (BTC), currently sits near $1.06 trillion.

The first setup ran through 2015 and 2016. Altcoins built an accumulation base, climbed an ascending trendline, then printed a fakeout below the line in late 2016. That fakeout marked the bottom before the parabolic 2017 altcoin rally.

Altcoin Market Cap / Source: X

The second setup played out in 2019 and 2020. Compression along a descending trendline ended with the March 2020 Covid Crash fakeout. That fakeout preceded the 2020 and 2021 altseason explosion.

The current setup has shown a similar structure since 2023. Altcoins built a base, climbed an ascending trendline through 2024, and recently printed a fakeout near the upper boundary. Analyst Benjamin Cowen has flagged comparable cyclical signals throughout the cycle.

The analyst framed the pattern in a post on X.

“It would be absolutely crazy if Altcoins were to repeat the story of 2016/2017 and 2020/2021, wouldn’t it? It’s starting to look more and more likely, though. We’ve got every reason to be excited, guys.”

Bitcoin Dominance Breakout Threatens the Bullish Altcoin Setup

The bullish thesis needs Bitcoin dominance to roll over. The opposite just happened. Bitcoin dominance closed at 60.88% on the daily chart and broke out of an eight-month accumulation range.

That range held BTC.D between 58% and 60% from August 2025 to April 2026. The breakout points to further upside, with the prior cycle high at 66.06% as the next resistance area.

The 61% area has acted as a resistance multiple times. BTC.D was rejected there on October 10, 2025, and November 5, 2025. Both rejections occurred near a parallel ascending channel from earlier in the cycle.

BTC.D daily chart / Source: Tradingview

Momentum indicators hint at exhaustion. The Relative Strength Index (RSI) was rejected from bullish territory and is rolling over. The Moving Average Convergence Divergence (MACD) just printed a bearish cross.

If the rejection holds, the first support sits at 59.63%, the long-term 0.236 Fibonacci retracement. The next support is the 0.382 Fib at 55.66%. A move below 59.63% would open a path for altcoin outperformance.

Altcoin Season Index Reads 35, Confirming Alts Still Trail Bitcoin

The technical setups suggest a coming rotation. Real-time data shows the rotation has not started. The Altcoin Season Index from blockchaincenter.net reads 35, deep inside Bitcoin Season.

The index measures how many of the top 50 cryptocurrencies outperform Bitcoin over the trailing 90 days. It excludes stablecoins and asset-backed tokens. A reading of 75 or higher signals altcoin season, while a reading of 25 or lower signals Bitcoin season.

A 35 reading means roughly that share of top 50 alts are beating Bitcoin right now. Past altseason peaks visible on the chart pushed the index above 90. The current value sits less than half the altseason threshold.

Altcoin Season Index / Source: blockchaincenter.net

Bitcoin’s share of total crypto market cap holds near 60.3% as of May 2026. Capital continues to favor Bitcoin as institutional inflows persist. BeInCrypto previously identified key signals that would need to flip for altcoins to take the lead.

The binary is clear. If Bitcoin dominance loses 59.63% and the Altcoin Season Index pushes above 50, the el_crypto_prof setup gains traction. If BTC.D extends toward 66% and the index stays below 50, the pattern fails.

US spot Bitcoin ETFs (exchange-traded funds) drew $1.97 billion in April, the best month of 2026 per SoSoValue. The total outpaced March’s $1.37 billion and reversed a soft start to the year.

The April rebound brought cumulative inflows since the products launched in early 2024 above $58 billion. Combined March and April demand offset January and February redemptions, returning the category to positive 2026 territory.

BlackRock IBIT Leads Bitcoin ETF Inflows

BlackRock’s iShares Bitcoin Trust (IBIT) accounted for the bulk of April flows, attracting roughly $2 billion in net subscriptions. The fund’s intake alone exceeded the category total, indicating other issuers collectively recorded modest outflows.

Grayscale’s Bitcoin Trust ETF (GBTC) extended a multi-quarter redemption pattern, shedding approximately $280 million in April.

Higher management fees relative to peers continue to push holders toward cheaper alternatives. The shift has shaped flows since the first wave of conversions in 2024.

Smaller issuers including Fidelity’s Wise Origin Bitcoin Fund posted mixed daily results. SoSoValue data showed several outflow days late in April. Combined redemptions reached around $490 million during a brief volatility spike.

Spot Bitcoin ETF Flows in 2026. Source: SoSoValue Institutional Demand Returns After Soft Start

The April rebound reflected a shift in positioning after January and February outflows tied to profit-taking and macroeconomic uncertainty.

Bitcoin climbed about 12% during the month, briefly trading above $80,000. The move marked its strongest monthly gain since April 2025.

Sustained ETF demand reduced spot supply available on exchanges, helping absorb sell pressure from miners and short-term holders.

Corporate treasury buyers added to that pressure, with several public companies reporting fresh purchases throughout the month. The combined buying narrowed available float and contributed to the BTC price recovery above $80,000.

Daily inflow streaks have continued into early May, with multi-day runs adding more than $1 billion in single weeks. However, volatility persists, and isolated outflow days of several hundred million dollars remain part of the pattern.

Meanwhile, Ethereum ETFs also turned positive, drawing $356 million in April. The figure marked their first monthly inflow since October 2025. Total crypto ETF demand topped $2.3 billion across both products.

Spot Ethereum ETF Flows. Source: SoSoValue

Whether the momentum holds depends on macro conditions, regulatory developments, and Bitcoin’s ability to defend the $80,000 zone.

Toncoin (TON), Zcash (ZEC), and Venice Token (VVV) make up the top 3 altcoins flashing bullish daily structures this weekend. Each token enters Saturday with fresh breakouts on rising volume and clear paths toward the next major Fibonacci targets.

Each coin has cleared a critical resistance level over the past week. Supporting voices on X point to extended legs higher if current consolidations resolve in favor of buyers.

Toncoin (TON) Breaks Out Above $2.74 With Path to $3.10

Toncoin (TON) has broken out from a multi-month accumulation zone on May 4. Daily volume on the breakout candle was the largest green print on the chart since October.

Buying volume has continued to expand every session since. Price now trades at the 0.618 Fibonacci retracement at $2.74. The level is drawn from the August 2025 high down to the April low at $1.12.

A daily close above this level opens the path to the 0.786 Fib at $3.10. In the event of a correction, the first major support sits at the 0.382 Fib near $2.12.

Momentum readings have pushed near 93. The Bollinger Band Width Percentile (BBWP) also flashes extreme red readings, signaling stretched conditions. However, no bearish divergence has formed yet, which keeps the immediate trend intact.

TON daily chart / Source: Tradingview

The breakout coincides with fresh enthusiasm around the network. Telegram founder Pavel Durov has outlined a roadmap that puts Telegram itself as the largest TON validator.

Trader Zach Humphries sees the move as the start of a textbook expansion phase. He argues that TON is now testing a distribution block at $2.89. A flip of that level into support would open a longer-term path to $6.

“The expansion phase on $TON is playing out exactly as scripted… If we flip this resistance into support the path to $6.00 is wide open for the summer.”

TON daily chart / Source: X Zcash (ZEC) Breaks $533 Resistance With $628 Next on the Map

Zcash (ZEC) has trended higher since April 13, when the price bounced off the 0.236 Fib at $317. Two days ago, the privacy coin broke through the 0.618 Fib at $533. That level also coincided with the December 29 swing high (blue circle).

The next target sits at the 0.786 Fib near $628. On the downside, the 0.382 Fib at $400 marks the first meaningful support if buyers lose control. The Visible Range Volume Profile (VRVP) shows the last significant resistance node near $690, with thin volume above that pocket.

Momentum is stretched. The 14-day Relative Strength Index (RSI) prints 86, deep in overbought territory, while BBWP also signals extreme volatility expansion.

ZEC daily chart / Source: Tradingview

The breakout has coincided with a sharp burst of institutional interest. Multicoin Capital disclosed a significant ZEC position at Consensus Miami this week. ETF speculation has accelerated alongside a fresh Robinhood listing.

X analyst TheMoonShow shared an hourly chart showing a tight consolidation triangle that resolved to the upside above $580.

“$ZEC looks like it’s getting ready for ATHs. Consolidated after the breakout and now looks ready for another expansion move.”

ZEC 1-hourly chart / Source: X Venice Token (VVV) Pushes to $13.96 With $17.30 Target

Venice Token (VVV) is the strongest performer of the three. The native token of the Venice AI ecosystem has reached a fresh 2026 high near $13.96. Price has trended higher since the breakout on February 13.

A Fibonacci retracement drawn from the February 13 low to the current swing high reveals two key support zones. The 0.618 Fib sits at $9.30, and the 0.382 Fib rests at $6.42.

Upside targets come from external Fibonacci extensions. The 1.272 extension lands at $17.30 and the 1.618 extension at $21.52.

The 14-day RSI sits at 80 and continues to trend up without any bearish divergence. Volatility, measured by BBWP, also remains in expansion mode.

VVV daily chart / Source: Tradingview

A move into the $20 zone would sit between the 1.272 and 1.618 external Fib levels. Both extensions are mapped on the daily chart. For traders eyeing the VVV longer-term path, the same structure remains intact as long as $9.30 holds on any pullback.

Top 3 Altcoins Outlook for the Weekend

All three setups remain technically aligned for upside continuation, as long as their respective breakout levels hold. A close below $2.51 (TON), $400 (ZEC), or $9.30 (VVV) would invalidate the immediate thesis. Such a move would shift focus to deeper retracements.

The bullish case rests on momentum staying expanded through Saturday and Sunday. If buyers absorb supply at the current Fib levels, each chart points to an extended leg higher into next week.

Michael Saylor walked back his most absolute Bitcoin (BTC) maximalist rhetoric this week, telling investors Strategy will probably sell a portion of its 818,334 BTC holdings to fund dividend payments after a $12.54 billion first-quarter loss.

The pivot arrives roughly a year after Saylor told X followers to “sell a kidney if you must, but keep the Bitcoin” and posted his own decree that the only rules of Bitcoin were to buy and never sell.

From Maximalist Tweets to Earnings Call Reversal

In early 2025, Saylor flooded his timeline with absolutist messaging. On Feb. 2 he wrote “Never sell your Bitcoin.” On Feb. 3 he listed the “Rules of Bitcoin” as buying and refusing to sell. By March 4 he taunted shorts with “We can buy more Bitcoin than they can sell.”

The Q1 2026 earnings call delivered a different message. Saylor told analysts the firm would likely move BTC out the door to keep its preferred shareholders paid.

“We’ll probably sell some Bitcoin to fund a dividend just to inoculate the market, just to send the message that we did it.”

$12.5 Billion Loss Forces Pragmatic Pivot

Strategy booked a $14.46 billion unrealized markdown after Bitcoin fell from roughly $87,000 to $68,000 across the quarter. The firm now holds 818,334 BTC at an average cost of $75,537 per coin.

Bitcoin posted its worst opening quarter since 2018, dropping more than 23% as ETF outflows, tariff anxiety, and a hawkish Federal Reserve drained risk appetite.

CFO Phong Le said any sale would proceed only if it lifted Bitcoin per share. Saylor argued BTC needs to appreciate just 2.3% annually for the Strategy to cover its STRC dividends indefinitely through small disposals. The company carries $1.5 billion in yearly dividend obligations and roughly 18 months of cash coverage. The MSTR stock dropped after the call.

Critics Watch Saylor’s Bitcoin Pivot

Long-time skeptics pounced on the contradiction. Economist Peter Schiff has repeatedly labeled the firm’s Bitcoin-funded structure a Ponzi and questioned whether the dividend math holds without continuous BTC appreciation. He has also branded the equity itself a scam, intensifying scrutiny over how long the structure can hold.

The shift forces Saylor to reconcile two voices: the absolutist who told retail to mortgage everything, and the executive now selling to make payroll. The next earnings cycle will reveal whether that reconciliation comes quietly or through public correction.

Revolut users worldwide saw Bitcoin (BTC) briefly displayed at $0.02 on Friday after a chart glitch in the fintech app, before the price snapped back within seconds.

The display problem surfaced through the app’s chart and push notifications, sparking widespread confusion across X (Twitter) and Reddit. Bitcoin continued trading above $80,000 on every major exchange during the incident.

What Happened on the Revolut App

Screenshots circulating on social media showed Bitcoin candles dropping to as low as $0.019916 on Revolut’s in-app chart, with similar anomalies appearing for Solana (SOL), XRP, and several other tokens.

“For 3 seconds, I thought I was about to buy the entire supply and become Satoshi’s final boss. Then I remembered: it’s probably just a Revolut chart glitch. Crypto never sleeps. Neither do bugs,” one user remarked.

Some users received push alerts claiming BTC had hit a 52-week low. The disruption lasted only a few seconds for most affected accounts.

Follow us on X to get the latest news as it happens

CoinGecko and CoinMarketCap showed no matching price action on tracked exchanges, indicating the issue was confined to Revolut’s display layer rather than any underlying market move.

Revolut Confirms Bitcoin Price Glitch

Revolut Support said the company was experiencing technical issues affecting some crypto functionalities, and that engineers were actively investigating the root cause.

The fintech, which holds a MiCA license through Cyprus and serves more than 68 million customers across 40 markets, has not detailed what triggered the faulty data feed.

The flash on screens arrived during a softer trading day for Bitcoin, which almost slipped below $80,000 after a modest correction that triggered almost $300 million in futures liquidations.

Bitcoin (BTC) Price Performance. Source: TradingView

No user reports have confirmed any orders filling at the displayed glitch price.

Affected European and global users say balances and pending orders went unaffected, though the episode renewed concerns about how centralized apps handle third-party price feeds during volatile sessions.

Revolut has continued expanding its crypto footprint, including stablecoin settlement on Polygon, even after delisting some altcoins last year.

BlackRock has filed a comment letter with the U.S. Office of the Comptroller of the Currency, backing the agency’s proposed regulatory framework for payment stablecoin issuers under the GENIUS Act.

The world’s largest asset manager submitted seven recommendations, urging the OCC to permit broader reserve eligibility and adopt flexible compliance rules. BlackRock said the GENIUS Act framework can support real-time settlement and stronger payment system standards.

BlackRock Backs Principles-Based Framework

The OCC proposal, published on March 2, sets requirements for permitted payment stablecoin issuers (PPSIs) under the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act. It addresses reserve assets, diversification, concentration, capital, and supervisory standards.

BlackRock said it prefers the agency’s “Option A,” which pairs a principles-based approach with an optional quantitative safe harbor. That harbor carries 10% daily and 30% weekly liquidity thresholds, a 40% concentration limit, and a 20-day weighted average maturity cap.

The firm wants same-day settling government money market funds (GMMFs) counted toward the weekly liquidity floor, citing more than $6.2 trillion held in such funds. It also asked the OCC to confirm that qualifying ETFs receive equal treatment. Robert Mitchnick, BlackRock’s Head of Digital Assets, was among five executives who signed the letter.

“With the right regulatory framework in place, stablecoins can improve the payments system and drive new forms of financial utility, including real-time settlement.”

BlackRock, X

Push to Drop 20% Cap on Tokenized Reserves

BlackRock urged the OCC not to impose extra quantitative limits on tokenized forms of eligible reserves. The proposal had floated a 20% cap on tokenized assets, which the firm argues penalizes form over substance rather than risk.

The asset manager also wants U.S. Treasury Floating Rate Notes (FRNs) with up to two-year maturities added as eligible reserves. It called for separately managed accounts to remain available for professional reserve management. CEO Larry Fink has previously framed tokenization as a fresh asset class for institutional portfolios.

The framework arrives as stablecoins move further into mainstream payments use, even as BlackRock’s spot Bitcoin ETF flows have shown signs of cooling this quarter.

The comment period gives U.S. regulators a first chance to align stablecoin policy with institutional reserve standards. BlackRock’s letter signals where major asset managers want the line drawn before final rules take effect.