BlackRock Accumulates 9,615 BTC in Three Days as ETF Flows Flash First Bullish Signal
Bitcoinis trading up roughly 3.4% Tuesday morning near $68,000 after whipsawing over the weekend when U.S.–Israeli airstrikes on Iran briefly sent prices near $63,000.Bloombergthe selloff "left almost no lasting trace of fear or safe-haven demand," attributing the muted reaction to already-lightened positioning after months of consolidation.Barron's, a 24/7 settlement layer for macro hedging while traditional markets were closed. Iran's security chiefaWall Street Journal reportclaiming Tehran was reaching out to resume nuclear talks, sending bitcoin briefly near $66,768 as investors rotated into gold, while President Trump confirmed airstrikes would continue for "four to five weeks."Reuters reportedthe dollar strengthened on safe-haven buying while the yen and euro weakened on energy-import vulnerability. The clearer signal came from on-chain gold proxies: tokenized gold market cap surged past $6B,per Blockhead, as physical gold hit $5,394/oz and whales rotated from stablecoins into PAXG and XAUT. Roughly 38% of altcoins are trading near all-time lows. Stay up on the crypto news that matters with "Crypto Currents," daily from The Fly. Join us at 2 PM ET for your essential briefing on the fast-moving world of cryptocurrency on FlyCast radio.BLACKROCK ACCUMULATES 9,615 BTC IN THREE DAYS AS ETF FLOWS FLASH FIRST BULLISH SIGNAL SINCE OCTOBER:showed BlackRock(BLK)received another 4,082 BTC from Coinbase Primeon Tuesday, its third consecutive day of accumulation, totaling 9,615 BTC in net inflows. The pattern of consistent ETF-related flow through Coinbase Prime signals sustained institutional demand even as bitcoin trades roughly 46% below its October all-time high. Separately,SoSoValue datashowed U.S. spot bitcoin ETFs pulled in $458M on Monday, one of the quarter's strongest inflow days, with BlackRock's iShares Bitcoin Trust accounting for roughly half of three-session inflows totaling $1.1B.RIOT PLATFORMS POSTS RECORD $647M REVENUE BUT NET LOSS BALLOONS TO $663M:Riot Platforms(RIOT)reported FY25. However, the company swung to a net loss of $663M from net income of $109M in 2024, driven by $346.8M in depreciation, a $158.1M contract settlement loss, and other non-cash items, while adjusted EBITDA collapsed to $13M from $463M. Q4 revenue of $152.83M missed consensus of $158.05M, and the Q4 EPS of ($2.03) badly missed the (22c) estimate. On the positive side, Riot's AMDdata center lease is now generating revenue, with expected annual net operating income of approximately $25M. The diverging paths of Core Scientific and Riot Platforms illustrates the broader miner identity crisis: CORZ is selling every last bitcoin for AI, while RIOT tries to straddle both worlds.CORE SCIENTIFIC TO LIQUIDATE ENTIRE BTC TREASURY TO FUND AI PIVOT:In the session's most consequential corporate development, Bitcoin miner Core Scientific(CORZ)disclosed during its Q4 earnings call that it sold over 1,900 BTC in January for approximately $175M at an average of $92,100 and plans to sell the remaining 600 BTC during Q1 26 to fund its AI data center colocation buildout,.. At year-end 2025, CORZ held 2,537 BTC at an average cost basis of $101,639, meaning the company is liquidating at a loss relative to its carry. Q4 revenue came in at $79.8M, with colocation revenue surging 268% year-over-year while self-mining revenue fell 57%, underscoring the speed of the pivot. CEO Adam Sullivan said the company is "building a differentiated data center platform" as it accelerates toward AI infrastructure with CoreWeaveas its primary customer. CORZ is now effectively a pure-play AI colocation stock shedding its last bitcoin exposure.ECB WARNS STABLECOINS THREATEN MONETARY POLICY AS SENATE PASSES CBDC BAN:A European Central Bank working paperwarned that widespread stablecoin adoption, particularly dollar-backed instruments, could trigger reallocation from euro-area bank deposits to digital assets, constraining lenders' intermediation capacity and weakening ECB monetary transmission. The paper adds fuel to a broader transatlantic tension: the U.S. is actively encouraging stablecoin growth while Europe fears deposit flight. On the legislative side, the U.S. Senate advanced the "21st Century ROAD to Housing Act" by a vote of 84-6, which includes a provision temporarily banning the Federal Reserve from issuing a central bank digital currency until December 31, 2030,. The bill carves out an exception for private, permissionless "dollar-denominated" currencies, language widely interpreted as favorable to stablecoins like USDCand USDT, and the White House issued a statement explicitly endorsing the CBDC ban provision. The divergence means Circle(CRCL)and Coinbase face a widening regulatory moat domestically even as European competition intensifies.JPMORGAN FILES 21 BITCOIN-LINKED STRUCTURED NOTES; SLAM CORP GETS CRYPTO-NATIVE LEADERSHIP:JPMorgan(JPM)filed, offering 1.5x upside leverage with barrier protection. The filings continue JPMorgan's aggressive push into bitcoin-structured products. Subversive Bitcoin Acquisition Corp.filed itsthird amendment to a $100M S-1for a first-of-its-kind SPAC that places 10% of IPO proceeds directly into a bitcoin account, with Jefferies, Canaccord Genuity, and Galaxy Digital as underwriters. Canton Strategic Holdings(CNTN), which has a $545M digital asset treasury strategy, announced its CEO was. Massimo Group(MAMO), the powersports manufacturer that adopted a bitcoin treasury strategy in December 2025, filed an8-K appointing a new CFOeffective March 2. Finally, Marex Group(MRX)with revenue up 27% to $2.02B, citing digital asset futures as part of its expanded clearing product offering.PRICE ACTION:As of time of writing, bitcoin was trading at$67,758.83, while etherwas trading at$1,971.13,according to price data from TipRanks.
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BlackRock's 2026 Thematic Outlook Analysis
- AI Infrastructure Investment Surge: BlackRock's report indicates that token consumption grew 17 times last year, highlighting that the demand for AI infrastructure far exceeds capital expenditures, suggesting that this sector is still in its infancy and future investments will continue to rise, potentially boosting stock prices of related companies.
- Rise of Thematic ETFs: Data from BlackRock shows that thematic ETFs have grown over 11 times in the past decade, while the average allocation among U.S. advisors is only 3.6%, indicating a growing awareness among investors regarding structural growth opportunities, which may lead to increased demand for thematic ETFs in the future.
- Underinvestment in Infrastructure: Despite numerous drivers for infrastructure investment, the average allocation in the SP500 is only 3%, revealing a significant underallocation by investors in this area, which may attract more capital in the coming years.
- Rapid Growth of Tokenized Assets: The iShares Bitcoin Trust ETF surpassed $70 billion in AUM within 341 trading days, reflecting strong market demand for digital assets, which may encourage more traditional investors to consider tokenized assets as a hedge against risks.
BlackRock's 2026 Thematic Outlook Analysis
- AI Infrastructure Investment Growth: According to BlackRock's report, last year's AI infrastructure capital expenditure accounted for only 0.8% of U.S. GDP, significantly lower than the 4.5% for U.K. railroads in the 1860s, indicating that AI development is still in its infancy and is expected to accelerate in the coming years, creating long-term investment opportunities for related companies.
- Gradual Adoption of Thematic ETFs: BlackRock's data shows that the average allocation to thematic ETFs among U.S. advisors is only 3.6%, while their internal model portfolios have reached 7.5%, suggesting a gap in advisors' allocation to structural growth opportunities, which may gradually increase focus on thematic investments in the future.
- Surge in Token Consumption: BlackRock noted that token consumption grew 17 times last year, demonstrating strong support for AI demand; despite accelerating capital expenditures, market demand for AI continues to outstrip supply, potentially leading to bottlenecks that could impact profitability for related companies.
- Long-Term Potential of Infrastructure Investment: Despite infrastructure investment averaging only 3% of the S&P 500, significant capital inflows are expected over the next few decades due to global population growth and aging infrastructure, making it a key area of focus for investors.
US Stocks Close Mixed: Dow Hits All-Time High
- Dow Hits Record High: The Dow Jones Industrial Average rose 1.73% to reach an all-time high, reflecting strong rebounds in bank and managed healthcare stocks, despite a 0.53% decline in the Nasdaq 100 due to weakness in technology stocks.
- Crude Oil Prices Decline: WTI crude oil prices fell over 3%, lowering inflation expectations and pushing the 10-year T-note yield down 2 basis points to 4.47%, providing support for both stock and bond markets, indicating a complex market reaction to economic outlooks.
- Jobless Claims Rise: Initial jobless claims in the US increased by 13,000 to 225,000, marking a 3.75-month high, suggesting a weaker labor market, although unit labor costs were unexpectedly revised down to 1.8%, easing concerns over wage pressures.
- Earnings Season Summary: As of Thursday, 83% of the 494 S&P 500 companies reported earnings that beat estimates, with Q1 earnings projected to rise 12% year-over-year, but excluding the tech sector, growth is only about 3%, the lowest in two years, reflecting divergence across industries.
US Stock Indices Decline Amid Tensions and Economic Data
- Market Retreat: On Wednesday, the S&P 500 index fell by 0.74%, the Dow Jones Industrial Average dropped by 1.21%, and the Nasdaq 100 index decreased by 0.29%, indicating market vulnerability amid escalating US-Iran tensions that negatively impacted investor sentiment.
- Oil Price Surge: WTI crude oil prices rose over 2% to a 1.5-week high following the US interception of Iranian missiles and drones, heightening concerns about Middle Eastern stability and potentially affecting global supply chains and inflation expectations.
- Strong Employment Data: The US May ADP employment change increased by 122,000, surpassing expectations of 120,000, signaling signs of economic recovery that could support the stock market, although overall market performance remains influenced by other factors.
- Divergent Tech Stock Performance: While Marvell Technology rose over 3%, software and cybersecurity stocks faced significant declines, with Datadog and IBM dropping more than 6%, reflecting a lack of confidence in the tech sector despite some positive developments.
US Stock Market Slides Amid Geopolitical Tensions
- Market Decline: The S&P 500 index fell by 0.40%, the Dow Jones Industrial Average dropped by 0.74%, and the Nasdaq 100 decreased by 0.08%, indicating market pressure due to escalating geopolitical tensions, particularly between the US and Iran.
- Rising Oil Prices: The WTI crude oil price surged over 1% to a 1.5-week high amid US-Iran clashes, which could further elevate inflation expectations and impact Federal Reserve monetary policy decisions.
- Strong Employment Data: The US May ADP employment change rose by 122,000, exceeding expectations of 120,000, indicating signs of economic recovery that may support the stock market, although the overall market remains weighed down by declines in software and cybersecurity stocks.
- Divergent Tech Stock Performance: Despite overall market pressure, Marvell Technology's stock rose over 7% following Nvidia CEO's prediction that it would reach a $1 trillion valuation, highlighting the supportive role of AI infrastructure spending on technology stocks.
US Stock Market Under Pressure with Mixed Tech Performance
- Market Decline: The S&P 500 index fell by 0.57%, the Dow Jones Industrial Average dropped by 0.58%, and the Nasdaq 100 decreased by 0.60%, indicating market vulnerability amid escalating US-Iran tensions, which negatively impacted investor sentiment.
- Mixed Tech Performance: While Marvell Technology surged over 6%, software companies like Atlassian and Datadog saw declines exceeding 7%, highlighting significant internal divergence within the tech sector that could affect overall market stability.
- Supportive Employment Data: The May ADP employment change rose by 122,000, surpassing expectations of 120,000 and marking the largest increase in 16 months, indicating resilience in the US labor market that may provide support for stocks.
- Mortgage Applications Decline: For the week ending May 29, US MBA mortgage applications fell by 2.5%, with the purchase mortgage sub-index down 2.9%, reflecting pressure from rising interest rates on the housing market, which could impact future consumer spending.
BlackRock's 2026 Thematic Outlook Analysis
- AI Infrastructure Investment Surge: BlackRock's report indicates that token consumption grew 17 times last year, highlighting that the demand for AI infrastructure far exceeds capital expenditures, suggesting that this sector is still in its infancy and future investments will continue to rise, potentially boosting stock prices of related companies.
- Rise of Thematic ETFs: Data from BlackRock shows that thematic ETFs have grown over 11 times in the past decade, while the average allocation among U.S. advisors is only 3.6%, indicating a growing awareness among investors regarding structural growth opportunities, which may lead to increased demand for thematic ETFs in the future.
- Underinvestment in Infrastructure: Despite numerous drivers for infrastructure investment, the average allocation in the SP500 is only 3%, revealing a significant underallocation by investors in this area, which may attract more capital in the coming years.
- Rapid Growth of Tokenized Assets: The iShares Bitcoin Trust ETF surpassed $70 billion in AUM within 341 trading days, reflecting strong market demand for digital assets, which may encourage more traditional investors to consider tokenized assets as a hedge against risks.
BlackRock's 2026 Thematic Outlook Analysis
- AI Infrastructure Investment Growth: According to BlackRock's report, last year's AI infrastructure capital expenditure accounted for only 0.8% of U.S. GDP, significantly lower than the 4.5% for U.K. railroads in the 1860s, indicating that AI development is still in its infancy and is expected to accelerate in the coming years, creating long-term investment opportunities for related companies.
- Gradual Adoption of Thematic ETFs: BlackRock's data shows that the average allocation to thematic ETFs among U.S. advisors is only 3.6%, while their internal model portfolios have reached 7.5%, suggesting a gap in advisors' allocation to structural growth opportunities, which may gradually increase focus on thematic investments in the future.
- Surge in Token Consumption: BlackRock noted that token consumption grew 17 times last year, demonstrating strong support for AI demand; despite accelerating capital expenditures, market demand for AI continues to outstrip supply, potentially leading to bottlenecks that could impact profitability for related companies.
- Long-Term Potential of Infrastructure Investment: Despite infrastructure investment averaging only 3% of the S&P 500, significant capital inflows are expected over the next few decades due to global population growth and aging infrastructure, making it a key area of focus for investors.
US Stocks Close Mixed: Dow Hits All-Time High
- Dow Hits Record High: The Dow Jones Industrial Average rose 1.73% to reach an all-time high, reflecting strong rebounds in bank and managed healthcare stocks, despite a 0.53% decline in the Nasdaq 100 due to weakness in technology stocks.
- Crude Oil Prices Decline: WTI crude oil prices fell over 3%, lowering inflation expectations and pushing the 10-year T-note yield down 2 basis points to 4.47%, providing support for both stock and bond markets, indicating a complex market reaction to economic outlooks.
- Jobless Claims Rise: Initial jobless claims in the US increased by 13,000 to 225,000, marking a 3.75-month high, suggesting a weaker labor market, although unit labor costs were unexpectedly revised down to 1.8%, easing concerns over wage pressures.
- Earnings Season Summary: As of Thursday, 83% of the 494 S&P 500 companies reported earnings that beat estimates, with Q1 earnings projected to rise 12% year-over-year, but excluding the tech sector, growth is only about 3%, the lowest in two years, reflecting divergence across industries.
US Stock Indices Decline Amid Tensions and Economic Data
- Market Retreat: On Wednesday, the S&P 500 index fell by 0.74%, the Dow Jones Industrial Average dropped by 1.21%, and the Nasdaq 100 index decreased by 0.29%, indicating market vulnerability amid escalating US-Iran tensions that negatively impacted investor sentiment.
- Oil Price Surge: WTI crude oil prices rose over 2% to a 1.5-week high following the US interception of Iranian missiles and drones, heightening concerns about Middle Eastern stability and potentially affecting global supply chains and inflation expectations.
- Strong Employment Data: The US May ADP employment change increased by 122,000, surpassing expectations of 120,000, signaling signs of economic recovery that could support the stock market, although overall market performance remains influenced by other factors.
- Divergent Tech Stock Performance: While Marvell Technology rose over 3%, software and cybersecurity stocks faced significant declines, with Datadog and IBM dropping more than 6%, reflecting a lack of confidence in the tech sector despite some positive developments.
US Stock Market Slides Amid Geopolitical Tensions
- Market Decline: The S&P 500 index fell by 0.40%, the Dow Jones Industrial Average dropped by 0.74%, and the Nasdaq 100 decreased by 0.08%, indicating market pressure due to escalating geopolitical tensions, particularly between the US and Iran.
- Rising Oil Prices: The WTI crude oil price surged over 1% to a 1.5-week high amid US-Iran clashes, which could further elevate inflation expectations and impact Federal Reserve monetary policy decisions.
- Strong Employment Data: The US May ADP employment change rose by 122,000, exceeding expectations of 120,000, indicating signs of economic recovery that may support the stock market, although the overall market remains weighed down by declines in software and cybersecurity stocks.
- Divergent Tech Stock Performance: Despite overall market pressure, Marvell Technology's stock rose over 7% following Nvidia CEO's prediction that it would reach a $1 trillion valuation, highlighting the supportive role of AI infrastructure spending on technology stocks.
US Stock Market Under Pressure with Mixed Tech Performance
- Market Decline: The S&P 500 index fell by 0.57%, the Dow Jones Industrial Average dropped by 0.58%, and the Nasdaq 100 decreased by 0.60%, indicating market vulnerability amid escalating US-Iran tensions, which negatively impacted investor sentiment.
- Mixed Tech Performance: While Marvell Technology surged over 6%, software companies like Atlassian and Datadog saw declines exceeding 7%, highlighting significant internal divergence within the tech sector that could affect overall market stability.
- Supportive Employment Data: The May ADP employment change rose by 122,000, surpassing expectations of 120,000 and marking the largest increase in 16 months, indicating resilience in the US labor market that may provide support for stocks.
- Mortgage Applications Decline: For the week ending May 29, US MBA mortgage applications fell by 2.5%, with the purchase mortgage sub-index down 2.9%, reflecting pressure from rising interest rates on the housing market, which could impact future consumer spending.
