ETFs Still Flowing, Filings Still Waiting, Strategy Still Stacking

• BTC spot ETFs recorded $1.5B in inflows, ETH ETFs saw net inflows of $247M
• MSTR added another 15,355 BTC, lifting its total holdings to 553,555 BTC
• Mastercard adds stablecoin settlement support for merchants
  

Sideways tape, BTC ETF inflows stay steady, MSTR keeps stacking

Crypto markets were range-bounded this week but stayed in green territory, with total market capitalization hovering around the $3 trillion mark and bitcoin dominance holding steady above 63%. Among the majors, bitcoin posted a modest gain of 0.8% on the week, while ether outperformed with a 2.1% rise. While price momentum seemed to take a breather, ETF flows continued to stay strong – BTC spot ETFs brought in $1.5 billion in net inflows over the past 5 trading days, while ETH spot ETFs saw $247 million in cumulative inflows. BlackRock’s IBIT alone accounted for nearly $1 billion in inflows on April 28, marking its second largest single-day intake since its January 2024 launch. IBIT now manages over $54 billion in assets, representing 51% of BTC spot ETF market share, according to Dune. It also ranks as the 33rd largest ETF globally across crypto and traditional asset categories, per ETF Database.

While flows continue to climb, regulatory momentum has taken a more measured pace. The SEC this week postponed decisions on a series of crypto ETF filings, including those tied to Dogecoin and XRP. The agency extended its review period to June 15 for Bitwise’s Dogecoin ETF and to June 17 for the Franklin XRP Fund, citing the need for more time to evaluate the proposals. This comes amid a wave of ETF applications ranging from Solana to Hedera, as issuers respond to a perceived shift in the SEC’s posture under the Trump administration. Since January, the agency has dropped several high-profile lawsuits against crypto firms and opened public dialogue around regulation, including roundtables and comment periods. The SEC’s new chair, Paul Atkins—widely seen as more crypto-friendly—has said he sees “huge benefits” in digital assets and is looking to establish a more durable regulatory framework in collaboration with lawmakers. While the Biden-era SEC approved spot BTC and ETH ETFs following the Grayscale ruling, the current wave of applications—including a Nasdaq filing this week to list 21Shares’ Dogecoin ETF—suggests issuers are testing how far the new regime might go. The SEC also deferred decisions on whether to permit staking for Franklin’s Ethereum and Crypto Index ETFs, as well as on Grayscale’s Hedera Trust, pushing all deadlines into mid-June.

While filings wait in queue, corporate balance sheet accumulation showed no signs of slowing. Bitcoin treasury company Strategy (formerly MicroStrategy) added another 15,355 BTC between April 21 and April 27, purchasing approximately $1.42 billion worth at an average price of $92,737 per coin, according to an 8-K filing with the SEC. This brings the company’s total holdings to 553,555 BTC—worth over $52 billion—acquired at an average price of $68,459, implying roughly $14 billion in unrealized gains and representing more than 2.6% of the maximum total supply of 21 million bitcoins. The latest purchases were funded through a mix of equity sales, including 4.02 million MSTR shares, which raised $1.4 billion, and 435,069 STRK perpetual preferred shares, which brought in an additional $37.5 million. These offerings are part of Strategy’s broader “21/21 plan,” targeting $42 billion in capital across equity and fixed-income instruments for bitcoin acquisition. Co-founder and executive chairman Michael Saylor had hinted at the move ahead of time, posting an update to the company’s BTC tracker over the weekend with a typically direct message: “Stay humble. Stack sats.”

Less speculation, more structure – yield in Bitcoin, spend in USDC

Not everyone is focused on stacking—some are now looking at how to generate yield on existing BTC exposure. Coinbase Asset Management is set to launch the Coinbase Bitcoin Yield Fund (CBYF) on May 1, a new offering aimed at international institutional investors looking to generate returns on their BTC. Positioned as a yield-generating alternative to passive exposure, the fund seeks to address a long-standing gap in Bitcoin’s utility: unlike Ether or Solana, which offer native staking rewards, Bitcoin lacks built-in yield mechanisms. Coinbase highlighted that previous attempts to extract yield from BTC have often relied on risk-heavy strategies, including unsecured lending or aggressive options selling. In contrast, CBYF will pursue a conservative approach centered on cash-and-carry arbitrage—profiting from pricing discrepancies between spot and derivatives markets—while steering clear of higher-risk tactics like high-interest lending or systematic call overwriting. The fund will also use third-party custodians to limit counterparty exposure. Target net returns are in the range of 4% to 8% annually, paid directly in BTC, as Coinbase aims to expand bitcoin’s use case beyond directional price exposure into something more income-oriented for institutions operating outside the US.

Beyond the majors, stablecoins continue to gain ground—especially in real-world payment applications where crypto rails meet traditional finance. A growing number of initiatives are emerging to let users manage and spend stablecoins seamlessly, with support from major card networks like Visa and Mastercard. This week, Mastercard announced a broader push into stablecoin utility, rolling out an integrated program that will allow users to earn rewards, pay, and spend stablecoins held in their crypto wallets using traditional cards across its global merchant network. The offering will also enable users to withdraw stablecoins into their bank accounts via Mastercard Move. As part of the rollout, Mastercard is partnering with OKX on a branded card and working with issuers like Circle (behind USDC) and Paxos to support stablecoin acceptance at the merchant level. On the institutional side, banks are preparing for eventual legislation that could open the door to stablecoin issuance and on-chain treasury use. Earlier this month, Bleap partnered with Mastercard to integrate stablecoin payment flows into traditional financial infrastructure. Mastercard’s previous crypto partnerships include MetaMask, Ledger, Baanx, and Argent, which last year collaborated on a payment card with blockchain firm Kulipa. “We believe in the potential of stablecoins to streamline payments and commerce across the value chain,” Mastercard’s Chief Product Officer said in a statement—highlighting how traditional rails are continuing to adapt for stablecoin-based transactions.

Visa is also moving in parallel, adding to the momentum around stablecoin-backed payments. Visa is extending its stablecoin efforts through a new partnership with Bridge, a Stripe-acquired startup, to launch card-issuing infrastructure that enables developers to offer stablecoin-backed Visa cards. According to the announcement, users will be able to spend stablecoin balances at any merchant that accepts Visa, with Bridge handling the backend for fiat conversion and balance drawdowns. The product will launch in multiple countries, starting with Argentina, Colombia, Ecuador, Mexico, Peru, and Chile, where merchants will receive local currency settlements. Visa framed the move as part of a broader effort to make stablecoins function as seamlessly as traditional money within its network, offering users the ability to earn rewards, pay, and withdraw stablecoins to bank accounts using Mastercard Move. The rollout includes partnerships with Circle, Paxos, and crypto exchange OKX, with additional integrations expected. Visa’s Chief Product and Strategy Officer described the initiative as a meaningful step in enabling stablecoins for everyday use—underscoring the growing focus on real-world utility as payments infrastructure adapts for digital assets.

Momentum may ebb and flow, but this week made one thing clear: infrastructure, institutions, and product design are evolving in parallel. The pieces continue to move, and the structure beneath the surface keeps getting stronger.

Macro pulse 

Among the TradFi assets, Oil futures plunged 6.3% on the week, while US equities gained 3.6%, though yesterday’s session ended mixed as markets digested a string of softer data prints. A contraction in the Q1 advanced GDP reading, coupled with an uptick in Core PCE Prices, revived stagflation concerns. The ADP employment report came in well below expectations ahead of Friday’s non-farm payrolls, while the Chicago PMI also missed ahead of Thursday’s ISM Manufacturing release. March PCE data was mixed, but included upward revisions. Elsewhere, the US Dollar Index fell by 0.4%, 10-year Treasury yields declined 22 bps, and the Gold & Silver Index posted a modest 0.8% weekly gain.

^{*Note: Weekly (7 calendar day) performance figures are as of 8am SGT on May 01, 2025} 

^{DISCLAIMER: The views and opinions expressed herein are those of the author(s) and do not necessarily reflect the views of Talos Global, Inc. or its affiliates (collectively, "Talos") and summarizes information and articles with respect to cryptocurrencies or related topics. This material is for informational purposes only and is only intended for sophisticated institutional investors, and is not (i) an offer, or solicitation of an offer, to invest in, or to buy or sell, any interests or shares, or to participate in any investment or trading strategy, (ii) intended to provide accounting, legal, or tax advice, or investment recommendations, or (iii) an official statement of Talos. No representation or warranty is made, expressed or implied, with respect to the accuracy or completeness of the information or to the future performance of any digital asset, financial instrument or other market or economic measure. The information is believed to be current as of the date indicated and may not be updated or otherwise revised to reflect information that subsequently became available or a change in circumstances after the date of publication. Talos and its employees do not make any representation or warranty, expressed or implied, as to accuracy or completeness of the information or any other information transmitted or made available. Investing in cryptocurrency comes with risk. Certain statements in this document provide predictions and there is no guarantee that such predictions are currently accurate or will ultimately be realized. Prior results that are presented here are not guaranteed and prior results do not guarantee future performance. Recipients should consult their advisors before making any investment decision. Talos may have financial interests in, or relationships with, some of the assets, entities and/or publications discussed or otherwise referenced in the materials. Certain links that may be provided in the materials are provided for convenience and do not imply Talos's endorsement, or approval of any third-party websites or their content. Any use, review, retransmission, distribution, or reproduction of these materials, in whole or in part, is strictly prohibited in any form without the express written approval of Talos.}