This week, digital asset markets surged toward new highs as Bitcoin to ~$104K, institutional capital poured into ETFs, and traditional finance giants stepped deeper into crypto.

1. Thumzup and ETF Updates Highlight Altcoin and BTC Sentiment

Thumzup Media Corporation filed a $200M shelf offering on May 3 and disclosed it may allocate part of the proceeds to purchase Bitcoin, a bold move by a small-cap firm leaning into BTC treasury exposure. Meanwhile, the SEC delayed the Canary Spot Litecoin ETF (May 6), and Bitwise filed an S-1 for a NEAR Protocol ETF (May 7), extending this cycle's ongoing wave of altcoin ETF activity.

Impact: Thumzup’s Bitcoin interest supports the ongoing treasury adoption narrative, while altcoin ETF filings and delays underscore both growing demand and persistent regulatory friction for broader asset exposure.

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2. Bitcoin Hits $104K as ETF Inflows Top $2B

Bitcoin surged to ~$104,000, its highest level since February, as ETF inflows reached over $2 billion for the week, with BlackRock’s IBIT alone pulling in $675M on Friday. According to CoinShares, this marks a sharp reversal from Q1 sentiment, with $5.5B in cumulative inflows over the last 3 weeks.

Impact: Strong institutional demand is reinforcing Bitcoin’s macro hedge thesis and pushing BTC to the $104K milestone.

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3. Morgan Stanley and Schwab to Open Crypto Access to Retail

Morgan Stanley is preparing to launch BTC and ETH trading on its E*Trade platform, dramatically expanding access beyond its high-net-worth ETF clients. Meanwhile, Charles Schwab’s CEO confirmed plans to roll out spot crypto trading within 12 months, aligning with regulatory tailwinds. Finance Yahoo

Impact: TradFi giants opening crypto to retail marks a pivotal moment for adoption, setting the stage for fresh capital inflows.

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4. Ripple’s $5B Bid to Acquire Circle Rejected

Ripple reportedly offered $4–5 billion to acquire Circle, the issuer of USDC, but the deal was rejected as Circle aims to pursue its IPO. The move indicates Ripple’s intent to expand its RLUSD stablecoin footprint and compete directly with USDC and Tether. FinanceMagnates

Impact: The stablecoin sector is rapidly consolidating, and Ripple’s ambition signals an intensifying fight over on-chain payment dominance.

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5. BlackRock Tokenizes $143B Treasury Fund After BUIDL Success

Following the success of its tokenized money market fund BUIDL (now at $2.9B AUM), BlackRock has filed to tokenize its $143B Treasury Trust Fund (TTF). The new offering will be mirrored on blockchain infrastructure and distributed via BNY Mellon. Bloomberg

Impact: This marks a major step in bridging traditional finance with tokenized infrastructure, signaling institutional confidence in blockchain rails.

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6. Strategy Buys $180M BTC, Doubles Raise to $84B

Strategy (formerly MicroStrategy) added 1,895 BTC at ~$95K, bringing its total holdings to over 555,000 BTC. The company also doubled its planned capital raise from $42B to $84B, aiming to fuel even more Bitcoin acquisitions. BTCtimes

Impact: This move solidifies BTC’s role as a treasury reserve asset and reinforces institutional confidence in long-term accumulation.

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7. Ethereum’s Pectra Upgrade Aims to Boost UX and Performance

Ethereum developers have finalized the scope for the upcoming Pectra upgrade, expected by Q1 2025. The update combines elements from the Prague and Electra proposals and focuses on improving the Ethereum user experience, notably by enabling smart contract wallets via EIP-3074 and other gas efficiency changes. ETHCommunity

Impact: Pectra is seen as a critical evolution toward a more user-friendly and scalable Ethereum. While not market-moving yet, it sets the groundwork for stronger long-term utility and mainstream adoption.

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Week 19: Bitcoin Builds Momentum, TradFi Joins, and Stablecoins Consolidate

This week’s developments highlight crypto’s growing institutional alignment. With TradFi opening access, ETFs gaining traction, and tokenization scaling, digital assets are entering a new phase of global legitimacy.

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Outlook: Watch for follow-through on BTC’s $104K resistance, stablecoin regulation in the U.S., and further TradFi-crypto integrations as Q2 unfolds.

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