Bitcoin briefly reached 70-day highs last week, surpassing $97,431 before settling over $96,500. This was due to surging institutional interest, high FOMO, and Saylor’s MicroStrategy pump plans. The weak US labor market data also supports the bullish trend. Bitcoin maintained its bullish guidance as it breached the $95,000 resistance and maintained steady support above 96k. Trading Bitcoin attracted new buyers, with volume reaching $24 billion.
Short-term silvers reserved at $95,500 were also aided by these factors. Saylor’s $21 billion attempt to fund purchases for MicroStrategy further fuelled the bitcoin-sucking machine. Saylor, the Chief Executive of MicroStrategy, has been a strong advocate for Bitcoin and his persistent accumulation often coincides with periods of bullish price action. The Arizona State Legislature’s bill to mark a first official Bitcoin ETF reserve is another sign of legitimizing baseline crypto investment products at the state level.
ETF Inflows Rekindle Hopes In The Market
Bitcoin ETFs underwent a significant revival on Friday after temporarily stalling on Thursday with $54 million in outflows. Bitcoin ETFs acquired $422 million in aggregate inflow, with BlackRock’s IBIT and Grayscale’s GBTC funds leading the charge with $351 million and $41 million, respectively.
Renewed demand resulted from reversing sharp sell pressure that occurred earlier in the week during a prolonged eight-day buying spree where ETFs acquired $4 billion worth of Bitcoin. Thursday’s retreat fueled fears surrounding a market cooldown, but Friday’s inflows obliterated fears of a sell-off occurring without reason. While volatility and regulatory ambiguity set the stage, these trends paired with ETF performance persisting as key CFS indicators showcase that investors’ appetite for Bitcoin remains strong.
Altcoins Send Mixed Signals
Bitcoin extended its dominance, but the rest of the crypto market was showing more complexity. The total cryptocurrency market capitalization now stands at billion, which is an increase of 1.5% since early March. Still, the overall market cap drop of 1.4% during early Friday trading reflects caution among altcoin proponents. Both Solana (SOL) and Ethereum (ETH) recorded slight increases of 0.7%, while Cardano (ADA) has gone sideways. Meanwhile, mid-cap tokens surged with far more volatility.
StakeStone (STONE) skyrocketed by 31%, reaching $0.173, due to increased activity in DeFi alongside improved staking rewards. SUI, the native token of the Sui blockchain, increased 6.2% to $3.45 after 21Shares applied for a spot SUI ETF, which significantly elevated search interest and optimism. VANAR Chain (VANRY) also surged 36.4% to $0.0326 with the announcement of a prominent gaming partnership, fueling massive community hype.
Most mid-cap altcoins still managed to hold their ground. Adidas-honoring struggled narratives in the sector aligned with liquid staking and AI-infused architecture, despite the delisting announcement of the MOVE token by Coinbase set for May 15 due to standard listing concerns.
TBG Projects Eyes on 260K Bitcoin By 2034
As for The Blockchain Group (TBG), they are TBG Treasury now, a Bitcoin treasury company that made headlines as they plan to accumulate between 170,000 to 260,000 BTC by 2034—this would represent 1 percent of the total Bitcoin supply.
TBG is traded on Euronext Growth Paris under ALTBG and changed into a BTC treasury firm in November 2024. They have increased their holdings from 15 BTC to 620 BTC by April 2025. They are backed by Fulgur Ventures, UTXO Management, and TOBAM and are advised strategically by Adam Back from Blockstream. TBG’s selected strategy also goes in line with other institutional investors who are looking to buy into digital assets.
Governance Chaos at Movement Labs
Not every development was optimistic in nature. Movement Labs suspended co-founder Rushi Manche as they deal with an internal governance investigation spearheaded by Groom Lake. Allegedly, the probe focusing on a market maker’s wrongdoing encompasses token shilling and other forms of manipulation.
The scandal emerges at a time when Coinbase is set to remove the MOVE token from its platform on May 15, due to not meeting the required standards for being listed.As for the price of MOVE, it has now dropped to unprecedented lows, which indicates that investors are worried the firm is trying to fix its chain of command and internal governance systems.
