🔼 U.S. spot BTC and ETH ETFs recorded net inflows over the last 2 weeks; Morgan Stanley launched a money market fund for stablecoin issuer reserves

Quick Take

• U.S. spot BTC and ETH ETFs recorded nine days of inflows over the last 2 weeks, suggesting a shift toward long-term investor allocation.
• U.S. spot BTC ETFs saw a net inflow of US$824 million last week, down from the $997 million inflow a week prior. Spot ETH ETFs saw a net inflow of $155 million in the same period, lower than the $276 million inflow the week prior.
• The U.S. stock market saw sharp volatility and divergence last week. The S&P 500 (+0.55%) held 7,165, while the Nasdaq Composite (+1.50%) outperformed, fueled by “blowout earnings” from chipmakers like Arm (+40.8%), AMD (+24.9%), and Intel (+20.5%) that drove the tech sector to a record. In contrast, the Dow Jones (-0.44%) lagged.
• • Key market drivers included the semiconductor breakout, surging WTI crude oil (+8.5% to ~$95/barrel) on renewed U.S.-Iran tensions and a naval blockade, and rising 10-year Treasury yields (4.31%) due to strong economic data, which pressured yield-sensitive sectors. Earnings were mixed; banks showed steady consumer activity, but industrial guidance was cautious due to rising input costs linked to energy.
  • Growth stocks beat Value (+0.60% vs +0.19%) as the "AI winners" valuation gap widened. Energy was a top performer with Technology, lifted by crude oil's rise, serving as a geopolitical hedge. Defensive sectors like Consumer Staples saw some safe-haven inflows, but Healthcare, including a 24% fall in Medpace, and Financials faced significant selling pressure.

Research Dashboard

According to our research dashboard, the price index grew +2.40% last week, while the volume and volatility indices dropped -20.48% and -32.58%, respectively.

Most token prices in the index increased, even as trading volume dropped. BTC and ETH prices increased by +6.48% and +4.63%, respectively. ZEC led the increase in price and volatility, while WLFI led the price decline amid an ongoing legal conflict.

Chart of the Week

BTC and ETH both saw increased institutional interest in recent weeks, evidenced by significant fund flows into U.S. spot exchange-traded funds (ETFs). U.S. spot BTC ETFs recorded a nine-day consecutive inflow streak from April 14 to April 24, 2026, totaling $1.82 billion over the last two weeks. This represents the longest such streak since October 2025. Meanwhile, spot ETH ETFs recorded nine days of net inflows over the last two weeks, totaling $431 million.

Sustained capital inflows during a period where Bitcoin and Ether trade below their peaks suggests a potential shift in investor behavior toward long-term allocation.

Weekly Performance

Top-cap tokens saw positive growth last week. ATOM and APT led the surge.

All categories saw market capitalization increases, led by Real-World Assets (RWA).

News Highlights

Regulation

• The U.S. Securities and Exchange Commission (SEC) Chair Paul Atkins announced the SEC is nearing the release of an "innovation exemption" to enable compliant on-chain trading of tokenized securities. The SEC's guidance, issued on March 17, established a token taxonomy that categorizes digital assets as digital commodities, collectibles, tools, or stablecoins. Critically, only tokenized securities fall under the SEC's core jurisdiction. This taxonomy is intended to clarify the regulatory boundaries between the SEC and the CFTC.

Adoption

• Morgan Stanley Investment Management (MSIM) launched the Stablecoin Reserves Portfolio (MSNXX), a government money market fund designed as a regulated repository for stablecoin issuer reserves. The fund invests exclusively in high-quality, liquid instruments such as U.S. Treasury bills and repurchase agreements, maintaining a stable $1 net asset value to eliminate price volatility while offering daily liquidity. This move positions Morgan Stanley as a key infrastructure provider in the stablecoin ecosystem, offering a regulated reserve management solution that could become mandatory as U.S. legislation progresses through Congress.
• Three major Japanese financial institutions (Mizuho, Nomura, and Japan Securities Clearing Corporation) announced a joint proof-of-concept using the Canton Network to tokenize Japanese Government Bonds (JGBs).
• A 12-bank consortium led by Qivalis (backed by BBVA, BNP Paribas, ING, and UniCredit) selected Fireblocks to build the infrastructure for a MiCA-compliant euro stablecoin targeted for H2 2026. A regulated euro stablecoin could reduce reliance on dollar tokens for European users.
• DoorDash is partnering with Tempo to integrate stablecoin payments into its global marketplace, starting with cross-border merchant and delivery worker payouts. Additionally, Stripe, Coastal Bank, and Latin American fintech ARQ are preparing payment operations on stablecoin rails through Tempo.

Investment Instruments

• Crypto market maker GSR launched its first ETF under ticker BESO on Nasdaq, offering actively managed exposure to BTC, ETH, and SOL with weekly rebalancing and staking rewards. The fund charges a 1% management fee.

Other

• DeFi Lending platform Aave has raised approximately $160 million to address $200 million in bad debt stemming from the Kelp DAO exploit. The recovery effort, part of the ”DeFi United” initiative, aims to stabilize the rsETH token and mitigate systemic losses following the security breach.

Catalyst Calendar

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