Did you see it? There's a monster in the market. Institutional demand is quietly eating all the crypto. Remember just a month ago when everyone was max bearish, the haters were hating, and it was the end of markets as we know it? Well, a lot has changed since vol was trading at financial crisis levels and the talking heads were guaranteeing a recession. BTC ripping, SOL ripping, and omg... ETH +50% in a week! Let's get it. Our weekly performance dashboard and trading ranges are below, but first a few things that have my attention. BlackRock, Goldman Sachs, and U.S. corporations are quietly accumulating BTC at a rate that's outpacing new supply by more than 3x. That's not retail FOMO. That's the biggest money on the planet showing up with size. - This is "Bitcoin will be too risky not to own" kind of conviction - BlackRock's words, not mine. Corporations have already bought 157,000 BTC in 2025, equivalent to roughly $16 billion in capital deployment. For context, that's more than three times the number of new BTC mined during the same period. This isn't just treasury diversification. It's the beginnings of a structural demand wave that could define the next cycle, especially if U.S. accounting rules loosen up, or a Bitcoin reserve concept gains political momentum. In case it wasn't already clear that crypto's gone mainstream, Coinbase (COIN) will join the S&P 500 on May 19, replacing Discover. Analysts estimate $9 billion in passive inflows from index funds and $7 billion more from active managers. Coinbase just posted $527M in Q1 net income, added derivatives powerhouse Deribit, and is on a fast track to expand its institutional business. If you're looking for a higher volatility BTC proxy, this is one way to get exposure. "First they fight you, then they add you to the S&P 500." - Bernstein Research Also, Macro conditions are shifting from fear to risk-on as the market starts to price in a more constructive environment on a forward basis. Don't take my word for it, look at what sectors of the equity market are starting to outperform while both the VIX and bond market volatility breakdown. Tech (XLK) +17% and Consumer Discretionary (XLY) +13% over the past month vs Utilities (XLU) +4% and Consumer Staples (XLP) -0.5% is a signal. As always, patience pays, and trade the ranges. Yes, I'm bullish, but I'm looking to add on pull-backs, not chase at the top. We could easily see sub-100k BTC and 2,300 ETH on any short-term correction. If we do, I'll be ready. |