I’m back with yet another crypto market round-up for the week – in case you missed anything.

It’s been one of those weeks where big moves are coming from every direction. We’ve seen Bitcoin back at $100,000, Ethereum making its own comeback, and a string of corporate moves that could reshape the industry.

“Crypto market update: Bitcoin hits $100K again as Trump slams Dems over scuttled stablecoin bill”

Bitcoin has finally returned to the $100,000 levels, a milestone reached earlier this year during the tumultuous first half of 2024.

The flagship cryptocurrency is currently trading at around $99,000, marking a staggering recovery from the recent lows of $90,000.

This rally can be attributed to several key factors, including renewed investor interest in crypto.

Indeed, several developments point toward a shift in narrative. After months of pessimism, investors seem to be warming up to crypto once again.

Little wonder then that institutional money is also flowing back into the space. In the past week alone, nearly $1.8 billion went into institutional products linked to Bitcoin.

This influx follows a period of minimal interest, with only $0.6 billion in outflows during the prior week.

A recent report by Glassnode indicates that despite the significant outflows from U.S. short-term investment products over the past two weeks, there’s still a net inflow of $6.54 billion into institutional products from January 1 to May 9.

This pattern suggests that although some institutional investors might be taking profits, overall, institutions are still optimistic about Bitcoin and continue to pour money into the market.

However, the buildup of pessimism toward crypto had reached such extreme levels that even a slight shift in sentiment can have a noticeable impact on prices.

After a turbulent period marked by rising interest rates and inflation, the Federal Reserve finally decided to keep interest rates unchanged at its May meeting.

Moreover, the U.S. president announced a trade deal with the UK, further boosting investor morale.

In the meantime, major U.S. companies like Meta (NASDAQ:META) and Coinbase (NASDAQ:COIN) announced earnings that exceeded analysts’ expectations.

These developments suggest that the U.S. economy might be more resilient than anticipated, which could lead to continued strength in the crypto market.

#1 Ethereum surges past $2,300 as Pectra upgrade goes smoothly, Arbitrum and Optimism in focus

Ethereum (ETH) prices surged past the $2,300 mark on Friday as the market absorbed bullish catalysts, including the successful Pectra upgrade on Friday morning (ET).

The upgrade, which went smoothly despite concerns over potential technical hitches, promises to streamline staking and improve the network’s overall efficiency.

This is said to have contributed to Ethereum’s resilience even as Bitcoin (BTC) slid from the $100,000 levels earlier this week.

In addition, Ethereum saw a massive 373% spike in whale netflows, signaling a strong investment trend among large-scale buyers.

According to data from blockchain analytics firm Whalemap, the net inflow for ETH reached over $1.3 billion on Thursday.

Meanwhile, Ethereum-focused ETFs also saw $17.6 million in net inflows this week, while Bitcoin ETFs saw outflows of $400 million.

Layer-2 solutions Arbitrum and Optimism continue to draw attention in the market. Arbitrum, known for its advanced smart contracts capabilities, saw a seven-fold increase in total value locked (TVL) over the past 18 months.

Optimism, focused on scaling Ethereum through optimistic rollups, has seen a four-fold rise in TVL during the same period.

Together, Arbitrum and Optimism now account for nearly two-thirds of the total TVL on all Ethereum scaling solutions.

#2 As Galaxy Digital heads for Nasdaq debut, SEC approves move to U.S.

Galaxy Digital (NYSE:GDM) is one step closer to its planned initial public offering (IPO) on the Nasdaq Global Select Market.

The U.S. Securities and Exchange Commission (SEC) has approved Galaxy Digital’s move to the U.S. from Canada.

This is a crucial step as it paves the way for the crypto firm to list its shares on a U.S. stock exchange.

Galaxy Digital plans to move its principal place of business to Delaware, a state known for being a hub for large corporations due to its favorable tax laws.

The move to the U.S. is part of Galaxy Digital’s broader strategy to get closer to the country’s capital markets and capitalize on the growing institutional interest in crypto.

As institutions like BlackRock (NYSE:BLK) and Fidelity apply for spot Bitcoin (BTC) exchange-traded funds (ETFs), there’s a sense of urgency to get these products approved quickly.

Galaxy Digital’s potential listing on the Nasdaq would mark another significant moment in the ongoing convergence of crypto and traditional finance.

#3 Cryptocurrency platform eXch shut down in Germany as part of crypto crime bust