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Bloomberg Senior ETF Analyst Eric Balchunas posted on the X platform that Bitcoin's volatility and correlation are increasingly approaching gold levels. This trend is significantly underestimated in the current market adjustment and may be a positive signal amid recent market turbulence.According to the 60-day historical volatility comparison data between IBIT and the Gold ETF (GLD) since its launch, it can be seen that Bitcoin's volatility structure is gradually aligning with gold, indicating that its asset characteristics may be changing.Eric Balchunas added that despite the highly volatile market environment, the BlackRock Bitcoin Spot ETF (IBIT) has continued to outperform U.S. stocks since the escalation of the Iran conflict, achieving more than double the excess returns compared to the S&P 500 ETF (SPY) since the approval of the BlackRock ETF.

According to Cointelegraph, the Texas Comptroller's Office has released a request for proposals, planning to transfer its $10 million strategic Bitcoin reserve from the BlackRock-owned IBIT spot ETF to directly held Bitcoin. The winning bidder must complete the transition of the IBIT holdings to directly held Bitcoin within 60 days after the contract is executed and will be responsible for purchasing, holding, managing, and reporting the state's Bitcoin and other eligible cryptocurrency assets, while also establishing a public website to disclose the reserve holdings.In addition, the Texas Strategic Bitcoin Reserve Advisory Committee has been officially formed to provide recommendations on custody arrangements, risk management, and investment strategies.

The cryptocurrency market saw a significant decline on Thursday morning, with Bitcoin dropping below $73,000. This round of decline was accompanied by the largest single-day net outflow from the U.S. spot Bitcoin ETF since late January. Nick Ruck, director of LVRG Research, stated that this sharp drop reflects a risk-averse sentiment as profit-taking occurs after recent highs, and is also influenced by rising U.S. Treasury yields and macro caution stemming from geopolitical news.Analysts added that the market decline is primarily due to funds rotating into traditional financial stocks, and once key price levels are breached, a large amount of derivatives liquidation further depressed prices. Data shows that the U.S. spot Bitcoin ETF recorded a total net outflow of $733.4 million on Wednesday, marking the largest single-day outflow since January 29. Among them, BlackRock's IBIT saw a net outflow of $527.8 million, setting a record for the largest single-day outflow since the fund's inception. Additionally, other ETFs like Grayscale's GBTC also experienced negative outflows. Only Morgan Stanley's MSBT recorded a net inflow of $4.3 million.Analysts believe that the outflow of funds is due to basis trade liquidations and institutional de-risking operations, while IBIT's record outflow was influenced by large trades the previous day. Peter Chung, head of research at Presto Research, pointed out that Bitcoin has exhibited a "unique trading pattern" since mid-May, continuing to decline over the past two weeks and underperforming risk assets like the S&P 500 and Nasdaq, primarily driven by outflows from the spot Bitcoin ETF.Analysts are closely monitoring ETF fund flow trends and Bitcoin's support level around $70,000, warning that ongoing fund outflows may indicate that institutions are further adjusting their cryptocurrency asset allocations. On a macro level, Asian stock markets opened lower on Thursday, with the Hong Kong Hang Seng Index and Japan's Nikkei 225 both declining, due to renewed strikes by the U.S. against Iran amid a fragile ceasefire agreement.

An unknown trader sold approximately $1.3 billion worth of BlackRock's Bitcoin spot ETF IBIT in the dark pool market on Tuesday, attracting market attention. Data shows that the trader sold 29,200,000 shares of IBIT around 14:30 UTC at a price of $43.16. As a result, the price of Bitcoin dropped from $77,875 to $76,720 within 10 minutes, a decline of about 1.5%, and then further fell to around $75,600.Alex Thorn, head of research at Galaxy Digital, stated that this was the largest IBIT dark pool trade he had ever seen. Bloomberg ETF analyst Eric Balchunas noted that this trade was more than 22 times larger than the second-largest IBIT sell order of the day. Additionally, U.S. Bitcoin spot ETFs have seen net outflows for eight consecutive trading days. On Tuesday alone, the net outflow was approximately $333.6 million, with IBIT accounting for about $192.4 million. Since May 14, the cumulative net outflow from Bitcoin ETFs has exceeded $2 billion. Reports indicate that Jane Street reduced its Bitcoin ETF holdings by about 70% in the first quarter of this year, while Goldman Sachs also cut its related positions by about 10%.

According to BBX data, corporate Bitcoin reserves are under pressure, intertwined with the continuous outflow of ETF funds, leading to an overall cautious sentiment in crypto concept stocks. The core dynamics are as follows:Trump Media & Technology Group, Corp. (NASDAQ: $DJT) transferred 2,650 BTC (approximately $205 million) to a Crypto.com exchange address on May 22. The company's official statement described this as a "transfer rather than a sale," part of an expanded trading strategy, but the actual disposal method remains to be confirmed as of the report deadline. On-chain data shows that the funds have arrived at the Crypto.com exchange address. Previously, the company transferred 2,000 BTC (approximately $175 million) to Crypto.com about four months ago. The Q1 2026 financial report (May 9, CoinDesk) indicates that as of March 31, the company held 9,542.16 BTC (with a fair value of $647.1 million, and a purchase cost of approximately $1.13 billion); after this transfer of 2,650 BTC, Arkham's on-chain estimate of the remaining holdings is about 6,889 BTC (approximately $532 million). The Q1 financial report also disclosed a net loss of $405.9 million (compared to a loss of $31.7 million in the same period last year) and revenue of only $871,200. The company originally purchased 11,542 BTC at an average price of about $118,522, with a total purchase cost of approximately $1.37 billion, and the current holdings are still significantly discounted compared to the cost; during the same period, the company withdrew its ETF applications for Bitcoin, Ethereum, and Solana from Truth Social.The U.S. Bitcoin spot ETF recorded over $2.26 billion in net outflows in the two weeks ending May 23, ending a streak of seven consecutive weeks of net inflows. During this period, Bitcoin fell from about $82,500 (the recent high on May 6) to $74,305 (on May 23), a decline of about 10%, marking the lowest point since April 20. The iShares Bitcoin Trust (NASDAQ: $IBIT) under BlackRock, Inc. (NYSE: $BLK) has seen its holdings decrease from a peak of about 812,000 BTC to about 800,000 BTC, still accounting for approximately 62% of total assets in U.S. Bitcoin spot ETFs. CoinDesk analysts attribute this round of outflows to high U.S. Treasury yields (with the 10-year yield touching 5.01%) and systemic deleveraging driven by geopolitical pressures, rather than a weakening belief in Bitcoin's long-term logic.

According to Catcher Predict monitoring, in the predicted market Polymarket for the event "LoL: Nongshim Red Force vs Hanwha Life Esports (BO3) - Esports World Cup Korea Qualifiers Playoffs," the "Yes" option for the sub-market "Both teams destroy inhibitors" has experienced a dramatic fluctuation in win rate, soaring from 0.5% an hour ago to the current 49.95% (a fluctuation of 49.45%). Please note the impact of related breaking news.

According to SoSoValue data, during the last trading week (Eastern Time May 18 to May 22), Bitcoin spot ETFs experienced a net outflow of $1.257 billion. The Bitcoin spot ETF with the highest net outflow last week was BlackRock ETF IBIT, with a weekly net outflow of $1.008 billion, bringing IBIT's total historical net outflow to $64.77 billion.Following that was Fidelity ETF FBTC, with a weekly net outflow of $112 million, and FBTC's total historical net outflow currently stands at $10.76 billion. The Bitcoin spot ETF with the highest net inflow last week was Morgan Stanley ETF MSBT, with a weekly net inflow of $1.1107 million, and MSBT's total historical net inflow has reached $23.4 million.As of the time of writing, the total net asset value of Bitcoin spot ETFs is $98.87 billion, with an ETF net asset ratio (market value relative to total Bitcoin market value) of 6.49%, and the historical cumulative net inflow has reached $57.08 billion.

Cointelegraph posted on the X platform that the governor of South Carolina has signed Bill S.163. The bill protects the self-custody rights of Bitcoin, prohibits discriminatory taxes on Bitcoin, and safeguards the rights of proof-of-work mining in the state.

According to Bits.media, the Central Bank of Russia aims to prohibit Russian citizens from trading on cryptocurrency exchanges that comply with international sanctions. Ekaterina Lozgacheva, head of the Central Bank's Strategic Development Department, stated that the Central Bank plans to ban Russians from trading on foreign cryptocurrency exchanges that adhere to international sanctions. Russians can only trade cryptocurrencies on foreign platforms through Russian brokers, provided that these foreign platforms do not comply with international sanctions.The country's central bank will establish its own standards for foreign platforms that Russian brokers and investors can use. Lozgacheva noted that even trading cryptocurrencies abroad through Russian intermediaries is subject to foreign regulation, posing additional risks. The annual purchase limit for non-professional investors is set at 300,000 rubles, and they can only access the most liquid cryptocurrency assets through domestic brokers. A test must be completed before trading, and qualified investors are not subject to the limit but must also undergo testing. Relevant restrictions will be included in the second reading version of the draft "Digital Currency and Digital Rights Law," with key provisions expected to take effect on July 1.

According to monitoring by Catcher Predict, in the event "LoL: Hanwha Life Esports vs HANJIN BRION (BO3) - Esports World Cup Korea Qualifiers Playoffs" on the prediction market Polymarket, the win rate of the "Yes" option in the sub-market "Both Teams Destroy Suppressors" has experienced a dramatic fluctuation, soaring from 49% an hour ago to the current 74% (a fluctuation of 25%). Please note the impact of related breaking news.

According to SoSoValue data, yesterday (Eastern Time May 18), the total net outflow of Bitcoin spot ETFs was $649 million. The Bitcoin spot ETF with the highest net outflow yesterday was Blackrock ETF IBIT, with a net outflow of $448 million. Currently, the historical total net inflow of IBIT has reached $65.333 billion.The second highest was the ETF ARKB from Ark Invest and 21Shares, with a net outflow of $110 million. Currently, the historical total net inflow of ARKB has reached $1.28 billion. As of the time of writing, the total net asset value of Bitcoin spot ETFs is $100.485 billion, and the ETF net asset ratio (market value compared to the total market value of Bitcoin) is 6.52%, with a historical cumulative net inflow of $57.691 billion.

According to Catcher Predict monitoring, in the Polymarket event "LoL: DN SOOPers vs Nongshim Red Force (BO3) - Esports World Cup Korea Qualifiers Playoffs," the "Yes" option win rate in the sub-market "Both Teams Destroying the Nexus" has experienced a dramatic fluctuation, soaring from 0.5% an hour ago to the current 49.95% (a fluctuation of 49.45%). Please note the impact of related breaking news.

According to BBX data, last weekend Gemini and BlackRock released Q1 data, with the following core dynamics:Gemini (NASDAQ: GEMI): Q1 revenue of $50.3 million (+42%, exceeding expectations), EPS -$0.93 (better than -$1.03); $100 million BTC strategic investment (1,258 BTC, $14/share); credit card +300%, CFTC DCO license; +17% on May 15.Coinbase (NASDAQ: COIN): -7.6% on May 15 (CLARITY Act sell-off, Polymarket 59%, Warsh Fed uncertainty, Form 144); data security costs of $180-400M hanging.BlackRock (NYSE: BLK) IBIT: Mubadala Q1 13F (disclosed on May 16): IBIT holding of 14.7 million shares worth $566 million (+16%), over $500 million for three consecutive quarters; Al Warda holds another $408 million, with a combined peak of over $1 billion.

Abu Dhabi sovereign wealth fund Mubadala has increased its IBIT holdings to nearly $660 million worth of Bitcoin ETF shares.

According to The Block, sovereign wealth funds, universities, and banks have recently disclosed their 13F holdings reports for the first quarter of 2026. On the sovereign wealth fund side, the Abu Dhabi sovereign wealth fund Mubadala increased its holdings in BlackRock's iShares Bitcoin Trust ETF (ticker IBIT), raising its share count from 12,702,323 to 14,721,917, adding over $90 million in holdings, with a total holding value of nearly $660 million. Mubadala's Abu Dhabi Investment Council (ADIC) maintained its IBIT holdings unchanged, holding 8,218,712 shares valued at $315.8 million.Several university endowments reported that their cryptocurrency ETF holdings remained largely stable. Harvard University's endowment reported holding 3,044,612 shares of IBIT, valued at approximately $117 million. This is a 43% decrease from the 5.35 million shares held at the end of 2025, after Harvard had already reduced its holdings by 21% in the fourth quarter. IBIT is no longer its largest holding (overtaken by TSMC, Alphabet, Microsoft, and SPDR Gold Trust). Harvard also completely liquidated its previously established position in BlackRock's Ethereum spot ETF valued at $86.8 million from the previous quarter.Dartmouth College reported holding 201,531 shares of IBIT, valued slightly above $9 million, unchanged from the previous quarter. The college transferred its Ethereum ETF holdings from Grayscale Ethereum Mini Trust to Grayscale's Ethereum Staking ETF, keeping its 178,148 shares unchanged. Dartmouth also disclosed a new holding in Bitwise Solana Staking ETF, holding 304,803 shares, currently valued at nearly $3.67 million. This is the first time an institutional endowment fund has expressed interest in expanding its investment scope beyond Bitcoin or Ethereum into other cryptocurrencies.Meanwhile, Brown University maintained its holdings of 212,500 shares of IBIT, while Emory University simplified its Bitcoin fund holdings from two to one. The school liquidated its 4,450 shares of IBIT while increasing its holdings in Grayscale Bitcoin Mini Trust from slightly over 1 million shares to 1,354,148 shares.Traditional financial institutions are also actively rebalancing positions and hedging. Royal Bank of Canada (RBC) increased its direct holdings in IBIT and enhanced the use of put and call options for hedging. Canadian Imperial Bank of Commerce (CIBC) increased its holdings by 214,370 shares of IBIT after liquidating its previously held Trump-related U.S. Bitcoin stocks. Barclays also disclosed its IBIT positions, including approximately 4.46 million shares of spot stock and a significant number of put and call option positions related to the ETF. Hong Kong-based Laurore has reduced its IBIT holdings from 8,786,279 shares to 6,846,279 shares.

According to SoSoValue data, yesterday (Eastern Time May 14), the total net inflow of Bitcoin spot ETFs was $131 million.The Bitcoin spot ETF with the highest single-day net inflow yesterday was Blackrock ETF IBIT, with a single-day net inflow of $144 million. Currently, IBIT's historical total net inflow has reached $65.917 billion.The second was Bitwise ETF BITB, with a single-day net inflow of $17.7038 million. Currently, BITB's historical total net inflow has reached $2.086 billion.The Bitcoin spot ETF with the highest single-day net outflow yesterday was Grayscale ETF GBTC, with a single-day net outflow of $31.6357 million. Currently, GBTC's historical total net outflow has reached $26.4 billion.As of the time of publication, the total net asset value of Bitcoin spot ETFs is $107.746 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 6.61%. The historical cumulative net inflow has reached $58.630 billion.

According to MacroScope monitoring, Dartmouth College in the U.S. disclosed in its submitted 13F filing that as of March 31, it held approximately 201,531 shares of the BlackRock Bitcoin ETF "IBIT," valued at $7.7 million, with the position unchanged from the previous quarter.The college also reported a new position, holding a Bitwise Solana Staking ETF valued at $3.4 million (304,803 shares).

According to Cointelegraph, the 13F filing shows that JPMorgan significantly increased its Bitcoin ETF holdings in the first quarter, with its position in the BlackRock iShares Bitcoin Trust (IBIT) rising from approximately 3 million shares to 8.3 million shares, an increase of 174%.In addition, JPMorgan also significantly increased its holdings in other Bitcoin spot ETFs such as Fidelity FBTC and Bitwise BITB, while slightly increasing its position in Strategy (MSTR).Regarding altcoin ETFs, JPMorgan's actions varied: it made its first purchase of the Bitwise Solana Staking ETF (BSOL), increased its holdings in Ethereum-related ETFs, while completely liquidating its XRP ETF.

According to SoSoValue data, yesterday (Eastern Time May 13), the total net outflow of Bitcoin spot ETFs was $635 million.The Bitcoin spot ETF with the highest net outflow yesterday was the Blackrock ETF IBIT, with a net outflow of $285 million. Currently, the historical total net inflow of IBIT has reached $65.773 billion.The second highest was the Ark Invest and 21Shares ETF ARKB, with a net outflow of $177 million. Currently, the historical total net inflow of ARKB has reached $1.451 billion.As of the time of writing, the total net asset value of Bitcoin spot ETFs is $105.010 billion, with an ETF net asset ratio (market value compared to the total market value of Bitcoin) of 6.58%. The historical cumulative net inflow has reached $58.499 billion.

According to BBX data, institutional demand for Bitcoin ETFs maintained strong momentum yesterday. Today, both houses of Congress are advancing cryptocurrency legislation simultaneously for the first time, with the core dynamics as follows:The U.S. Bitcoin spot ETF recorded a total net inflow of approximately $358.1 million yesterday (May 13), with BlackRock, Inc. (NYSE: $BLK) subsidiary iShares Bitcoin Trust (NASDAQ: $IBIT) seeing a single-day net inflow of $269.3 million, the strongest single-day data in recent weeks; the overall U.S. Bitcoin spot ETF has recorded net positive inflows for seven consecutive weeks, further reinforcing the structural signal of institutional capital returning. Bitcoin closed above $80,000 yesterday, with a year-to-date increase of about 14%, and market sentiment remains relatively optimistic on the eve of the CLARITY Act markup.The House Ways & Means Committee held a closed-door meeting today (May 14) on cryptocurrency tax reform in sync with the Senate Banking Committee's CLARITY Act markup, covering topics such as the treatment of capital gains tax on crypto assets, tax reporting responsibilities for DeFi protocols, and the tax classification of Bitcoin mining and staking income; this marks the first time in 2026 that both houses of Congress are advancing cryptocurrency regulatory legislation on the same day, indicating that cryptocurrency regulatory legislation has expanded from a single market structure issue to a complete legislative ecosystem of "regulatory framework + tax system."