Crypto markets kicked off the week higher, with bitcoin trading around $79,000 and ethereum above $2,300, supported by steady ETF inflows and improving risk sentiment. The move coincided with a broader rebound across global markets, including record highs in Asian equities, as geopolitical tensions showed signs of fatigue rather than escalation. The Crypto Fear & Greed Index moved back to neutral territory, pointing to a shift from defensive positioning toward more balanced risk-taking.
Institutional demand remains the primary driver of the move. U.S. spot bitcoin ETFs recorded $823.7 million in inflows last week, extending a four-week streak of positive flows. This steady bid continues to anchor price action, reinforcing the structural demand layer that has emerged since the launch of ETF products. It's safe to say that participants are increasingly viewing these inflows as a baseline support mechanism rather than a short-term catalyst.
Despite the renewed upward momentum, macro remains in sight. Traders are turning to the upcoming Federal Reserve decision and other economic data releases, with positioning reflecting caution.
Global ETP inflows hit $1.2B as institutional demand extends recovery
Global crypto investment products recorded $1.2 billion in net inflows last week, marking the fourth consecutive week of positive flows and confirming a continued recovery in institutional participation. While slightly below the previous week’s $1.4 billion, the consistency of inflows suggests that capital is returning steadily rather than opportunistically, even as markets approach key macro events.
Bitcoin products dominated allocations, attracting $932.5 million and pushing year-to-date inflows to approximately $4 billion. Ethereum followed with $192.4 million, maintaining strong demand across three consecutive weeks, while smaller allocations were observed in XRP and Solana products. The concentration of flows into bitcoin highlights its continued role as the primary institutional entry point into the asset class.
From an issuer and regional perspective, flows remain heavily concentrated in U.S.-linked products, with BlackRock, ARK 21Shares, and Fidelity leading inflows. U.S. funds accounted for over $1 billion of the weekly total, while Europe saw moderate contributions. Notably, blockchain equity ETFs have also attracted $617 million over the past three weeks, indicating growing interest in indirect exposure to the sector alongside direct crypto allocations.
Strategy resumes accumulation, reinforcing corporate treasury demand
Strategy continued its aggressive accumulation strategy, purchasing 3,273 BTC for $255 million and bringing total holdings to 818,334 BTC. This represents approximately 3.9% of bitcoin’s total supply, reinforcing the scale at which corporate treasury strategies are influencing market structure.
The acquisition was funded through at-the-market equity issuance, highlighting the firm’s continued reliance on capital markets to finance bitcoin purchases. With over $26 billion still available under its issuance program, Strategy retains significant capacity to continue accumulating, maintaining its position as the dominant corporate holder of bitcoin.
While the number of public companies adopting similar strategies continues to grow, many trade at compressed valuation multiples relative to their net asset value. Nevertheless, Strategy’s consistent accumulation reinforces the structural bid for bitcoin, even as equity market performance across treasury-focused firms remains uneven.
BitMine becomes the largest public ETH holder amid rapid accumulation
BitMine Immersion Technologies has quickly positioned itself as the largest public holder of ether, with holdings exceeding 5 million ETH, approximately 4.2% of total supply. The company’s latest $241 million purchase reflects an accelerated accumulation strategy that is transforming it from a mining-focused entity into a treasury-style vehicle centered on Ethereum.
A significant portion of BitMine’s holdings — over 70% — is actively staked, generating an estimated $264 million in annualized revenue. This yield component differentiates ether treasury strategies from bitcoin equivalents, introducing an income-generating layer that can partially offset volatility and enhance capital efficiency.
The shift underscores a broader evolution in digital asset treasury strategies, where firms are increasingly optimizing for yield and capital productivity rather than pure exposure. As staking infrastructure matures, ether-based treasury models may become more attractive for institutions seeking both asset appreciation and recurring income streams.
Western Union moves into stablecoins with USDPT settlement infrastructure
Western Union is preparing to launch USDPT, a Solana-based stablecoin designed for internal settlement rather than consumer use. The initiative represents a significant shift from traditional payment rails toward blockchain-based infrastructure, positioning stablecoins as a replacement layer for systems like SWIFT.
The company is also building a broader ecosystem around USDPT, including the Digital Asset Network (DAN), which connects crypto wallets to its global agent network, and a forthcoming Stable Card designed for consumer spending. Together, these components aim to bridge digital assets with existing financial infrastructure while maintaining familiar user experiences.
This upcoming launch is strongly aligned with a key trend among legacy financial institutions: stablecoins are not being introduced as standalone products but as embedded infrastructure to enhance efficiency, reduce settlement friction, and expand global reach.
Morgan Stanley launches reserve fund tailored to stablecoin issuers
Morgan Stanley Investment Management introduced the Stablecoin Reserves Portfolio (MSNXX), a government money market fund designed specifically for stablecoin issuers. The product aligns with emerging regulatory frameworks, including requirements under the GENIUS Act, which emphasize high-quality liquid assets and capital preservation.
The fund invests exclusively in short-duration U.S. Treasuries and cash equivalents, offering daily liquidity and a stable net asset value. By providing an institutional-grade reserve management solution, Morgan Stanley is effectively positioning itself within the stablecoin infrastructure stack rather than competing directly in issuance.
As issuance grows, demand for compliant, scalable reserve management solutions is increasing. Traditional asset managers are moving to capture this segment, reinforcing the integration of stablecoins into the broader financial system.
GSR launches multi-asset ETF as market structure expands
GSR launched the Core3 ETF, an actively managed product providing exposure to bitcoin, ether, and solana, with integrated staking rewards where applicable. The fund represents one of the first multi-asset crypto ETFs in the U.S. incorporating yield generation, marking a new phase in product development following the success of spot ETFs.
The ETF will rebalance weekly and aims to address three core investor needs: asset selection, yield generation, and dynamic positioning. This reflects a shift away from single-asset exposure toward more diversified, portfolio-oriented crypto investment strategies tailored to institutional investors.
This move isn't particularly surprising as GSR has evolved from market maker to full-spectrum capital markets player, including recent expansions into token advisory and tokenization. As ETF structures continue to mutate, the integration of staking, multi-asset exposure, and active management is likely to define the next generation of institutional crypto products.
At Finery Markets, we continue to monitor how liquidity dynamics, institutional flows, and infrastructure development are redefining digital asset markets. This newsletter is provided for informational purposes only and does not constitute investment advice.
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