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ARP's Crypto Digest
ARP Digital
May 19, 2025
General Digital Asset Market View:
Source: Farside, ARP Digital Research Team Q2’25
Bitcoin Spot ETFs saw a strong recovery this week, with over $600 million in net inflows from May 12 to May 16. The week started off quiet, with just $5.2 million coming in on Monday, followed by a $91.4 million outflow on Tuesday.
Momentum picked up midweek. Wednesday brought in $319.5 million, followed by $114.9 million on Thursday and $260.2 million on Friday. Most of the inflows were concentrated in BlackRock and Fidelity , showing steady institutional interest.
The rebound in ETF flows came alongside gains in broader markets and Bitcoin holding above the $100K mark. ETFs continue to be a key entry point for investors looking to get exposure during market moves.
Macro:
Next week, the focus will be on the global flash PMIs for May on Thursday, including the impact of recent trade policy changes. Other economic data highlights will include inflation in the UK, Canada and Japan as well as April economic activity in China. From central banks, there will be a rates decision from the RBA on Tuesday and the account of the ECB’s April meeting on Thursday. There are also a slew of Fed speakers on the docket, including the Atlanta Fed’s annual Financial Markets Conference in Amelia Island, Florida. House Republicans’ fiscal bill is also expected to be a major focus, with markets closely following developments in Congress.
More Crypto:
Source: Glassnode
Bitcoin’s LTH realized price climbed to $45.34K, as coins bought near $90K–$100K enter long-term territory after 155 days, gradually lifting the cohort’s average cost basis.
Source: Cryptorank
Over 14M BTC is now effectively illiquid — nearly two-thirds of all Bitcoin ever mined.
In the past 30 days alone, 180,000 BTC moved into dormant wallets with little to no spending history, reinforcing a long-term holding trend.
Source: Defillama
Top DeFi protocols saw rising TVL over the past month, with ether.fi leading the charge at +61%, likely fueled by ETH’s recent price rally.
What Happened This Week:
U.S. CPI rose 2.3% YoY (below 2.4% est), while Core CPI matched expectations at 2.8%.
Robinhood acquires Canada’s top crypto platform, WonderFi.
Jack Mallers’ Twenty One Capital buys 4,812 BTC for $458M.
Sonic Labs wins court order to liquidate Multichain Foundation over $210M exploit.
Abu Dhabi’s Sovereign Fund invests $408M in BlackRock’s spot Bitcoin ETF.
Meliuz buys $28.4M in Bitcoin, becoming Brazil’s first BTC treasury firm.
What to Look Out For:
Coinbase to join S&P 500.
Dubai teams up with cryptocom to enable crypto payments for government services.
FTX to distribute over $5B to creditors in second round on May 30, 2025.
Basel Medical Group plans to acquire $1B in Bitcoin.
What we enjoyed reading and listening to:
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