Americas Crypto Daybook: Fintech and Funds Amass Bitcoin Holdings Despite Market Pause

By Omkar Godbole (All times ET unless stated otherwise) The narrative of corporate adoption in the global crypto space continues to gain momentum, even as the bitcoin price and the broader crypto market take a temporary breather, potentially laying the groundwork for a new high. Méliuz, a Brazilian fintech firm listed on the stock exchange, announced on Thursday the acquisition of 274.52 BTC, bringing its total holdings to 320.2 BTC, valued at over $33.3 million. On Wednesday, the Bahrain-listed A1 Abraaj Restaurants Group disclosed its initial purchase of 5 BTC, with plans to significantly scale up its holdings. Eric Trump, the second-eldest son of President Donald Trump, captured the sentiment on day 2 of CoinDesk's Consensus Toronto event: "I'm traveling, and everybody worldwide is trying to accumulate bitcoin right now. I hear it from sovereign wealth funds, the wealthiest families, and the biggest companies." While the global adoption trend undoubtedly favors a continued bull market, some recent developments, such as the dwindling bipartisan support for the GENUIS Act aimed at establishing a national regulatory framework for payment stablecoins and the Coinbase (COIN) data breach, are causes for concern. "While many are celebrating COIN's entry into the S&P 500, it's been quite a week otherwise," Quinn Thompson, chief investment officer at Lekker Capital, said on X. "Obstructing the stablecoin bill to prolong their regulatory capture at the industry's expense, losing customer funds, and jeopardizing personal data, and now an SEC investigation. What amazing timing, too, that this was all announced after the S&P 500 inclusion pump that insiders sold into." On Thursday, Coinbase's shares plummeted 7% as the exchange confirmed an ongoing SEC investigation into potentially inflated user metrics from 2021. Additionally, inflows into U.S.-listed spot BTC exchange-traded funds (ETFs) have slowed, alongside large sell orders at around $105,000. FTX creditors are set to receive over $5 billion in distributions starting May 30, as part of the second phase of the bankrupt exchange’s court-approved recovery plan. All this indicates scope for price volatility in the short term. Remain vigilant! Key Events to Watch Conferences CoinDesk's Consensus is taking place in Toronto on May 14-16. Use code DAYBOOK and save 15% on passes. Token Talk By Shaurya Malwa Derivatives Positioning Market Movements Bitcoin Statistics Technical Analysis Crypto Equities ETF Flows Spot BTC ETFs: Spot ETH ETFs Source: Farside Investors Overnight Flows Chart of the Day While You Were Sleeping In the Ether