BNY has launched institutional digital asset custody services from Abu Dhabi Global Market, positioning itself as the first U.S. global systemically important bank to offer crypto custody from the UAE's financial free zone. According to a press release, the platform will initially support custody for Bitcoin and Ethereum, with expansion into stablecoins and tokenized real-world assets planned once the service is live and regulatory approvals are secured. The initiative is being delivered through a three-way collaboration with Finstreet Limited and ADI Foundation, with Finstreet providing digital market infrastructure and ADI Foundation offering sovereign-grade blockchain infrastructure. BNY, which oversees $59.4 trillion in assets under custody and administration and $2.1 trillion in assets under management as of March 31, 2026, is pitching the ADGM build-out as a way to "localize and elevate" institutional crypto custody in the region.
Bitcoin has been stalling near $82,000 for weeks, with technical analysis pointing to a fundamental issue beyond chart patterns. According to latest analysis, US buyers have been absent for six months since October 2025, creating a critical supply-demand imbalance that prevents sustained rallies. The cryptocurrency's 50-day and 100-day EMAs are approaching a bullish crossover that could mirror April's 10.72% rally, but the 200-day EMA at $82,020 continues acting as resistance. Bitcoin's daily chart shows four EMAs closely stacked: the 20-day at $78,805, 50-day at $76,016, 100-day at $76,538, and 200-day at $82,020. The 200-day EMA has rejected Bitcoin's reclaim attempts on May 6 and May 10, with the latest attempt ending in a quick reversal. Until the 200-day flips from resistance to support, the looming 50-day and 100-day crossover remains a setup without a trigger.
US spot demand has been absent or net negative for six months since late October 2025, according to Coinbase Premium Index data. The Coinbase Premium has stayed mostly negative, with only brief green spikes, indicating US sellers are dominant. This metric flipped negative on May 5 right before the 200-day EMA reclaim attempt, then turned positive on May 6, resulting in the EMA rejection. Bitcoin funding rates have undergone a regime shift, staying mostly negative for around 90 days since late January, with the latest reading at -0.0031% on May 10. A funding rate below -0.01% signals strong short dominance, where leverage is crowded on the bearish side. The timing shows spot weakness led the derivatives shift, not the other way around, with the Coinbase Premium flipping negative three months before funding rates did.
Digital asset investment products recorded $857.9 million in inflows last week, marking their sixth straight positive week and the largest weekly total since April 24, according to CoinShares' latest weekly fund flows report. The figure represents a significant recovery from the previous week's performance, with total assets under management rising to $160 billion. CoinShares attributed the move to stronger market sentiment after Bitcoin climbed above $80,000 during the week, with the firm noting that the move "likely reflects" improving sentiment around the CLARITY Act. Recent analysis from Bitcoin Archive on X shows that since bottoming, Bitcoin has recovered 28%, including a robust 12% move in April alone, while the S&P 500 saw only a 16% recovery during the same period.
A major sticking point in pending US crypto legislation may finally have been resolved after lawmakers reportedly reached a compromise regarding stablecoin "yield" provisions. The dispute centered on whether stablecoin issuers should be permitted to offer yield or rewards programs, an issue that had drawn sharp opposition from traditional banking interests concerned about deposit migration. The reported compromise could clear the path for broader market-structure legislation that the crypto industry has sought for years. Stablecoin regulation has become one of the central bottlenecks in US crypto policymaking. If lawmakers can resolve this issue, it may unlock long-awaited federal legislation establishing clearer rules for exchanges, token issuers, and digital asset markets.
US spot Bitcoin ETFs recorded $622.7 million in weekly net inflows last week, extending the current inflow streak to six straight weeks. The funds have now attracted more than $3.4 billion during that six-week stretch, with institutional demand continuing to tighten available supply as ETF issuers keep accumulating Bitcoin from the open market. Analysts also pointed to improving regulatory conditions in the United States, with the Senate Banking Committee confirming it will hold a markup hearing for the CLARITY Act on May 14, reviving momentum around one of the crypto industry's most important market structure bills.
