Key Takeaways

• Michael Saylor shared “Back to work, BTC” on X on May 10, indicating an upcoming Bitcoin acquisition
• The company suspended its Bitcoin purchases for one week surrounding its May 5 Q1 2026 earnings report
• During Q1 earnings, Saylor revealed Strategy might occasionally liquidate minor BTC amounts for dividend funding — marking a departure from its historical hold-forever policy
• The firm’s Bitcoin treasury contains 818,334 BTC purchased at an average price of $75,537, valued at roughly $66.15 billion today
• CEO Phong Le emphasized any BTC sales would be minimal and inconsequential to market dynamics, noting Bitcoin’s daily trading volume exceeds $60B

Michael Saylor of Strategy seems poised to resume Bitcoin acquisitions. On May 10, he shared “Back to work, BTC” on X, accompanied by the company’s recognizable “Orange Dots” visualization — a post style that has consistently foreshadowed purchase announcements.

Historical patterns suggest an official acquisition announcement could arrive as soon as May 11.

The company’s buying hiatus spanned one week, strategically positioned around Strategy’s May 5 Q1 2026 earnings announcement. That particular earnings call generated considerable discussion.

Saylor stated during the presentation that Strategy would “probably sell some Bitcoin to fund a dividend, just to inoculate the market.” This marked a significant shift from the firm’s established never-sell Bitcoin philosophy.

Before this pause, Strategy’s latest acquisition occurred on April 27, purchasing 3,273 BTC for approximately $255 million at $77,906 per coin. This transaction elevated total holdings to 818,334 BTC.

Strategy Inc, MSTR

Currently, Strategy’s Bitcoin holdings are valued at around $66.15 billion, with an average acquisition cost of $75,537 per BTC — representing approximately a 7.6% gain on the position.

Divided Opinions Within the Bitcoin Community

The dividend-funding sale strategy generated varied responses across the Bitcoin community. Strategy shareholder Adam Livingston contended that strategic periodic sales would benefit the treasury over time, providing capital for additional BTC acquisitions.

Bitcoin proponent Samson Mow noted that maintaining the option to sell provides Strategy with enhanced flexibility in capital markets.

However, critics voiced stronger concerns. Some community members warned the approach could trigger a “doom loop,” where selling BTC to fund credit instrument dividends creates downward pressure on Bitcoin’s spot price.

CEO Phong Le rejected this characterization. He informed CNBC that Strategy’s trading activity doesn’t significantly influence Bitcoin’s market price.

Leadership Dismisses Market Impact Concerns

Le highlighted that Bitcoin experiences over $60 billion in daily trading activity. Strategy’s annual dividend commitments related to credit products amount to approximately $1.5 billion — representing just a small fraction of daily volume.

“I don’t think we’re driving the price up or down,” Le stated.

He further specified that Bitcoin sales would only occur under particular circumstances: satisfying dividend obligations and managing tax deferrals.

Strategy generated approximately $82 million through an MSTR at-the-market equity offering prior to the earnings-related pause. While that amount could have funded roughly 1,000 BTC at prevailing prices, the company refrained from making any purchase.

The April 27 acquisition — involving 3,273 BTC — represented a considerable deceleration from the $2.54 billion purchase executed on April 20. Strategy had been aggressively accumulating Bitcoin throughout April, and market observers had already detected the slowdown before the formal pause.

Strategy currently controls approximately 4% of Bitcoin’s circulating supply.

Bank of England Governor Andrew Bailey has warned that international regulators could face a difficult confrontation with the United States over how stablecoins should be governed across global payment systems.

According to Reuters, Bailey said at a conference on Friday that stablecoins would only function properly in international payments if regulators agreed on common standards, adding that discussions with the U.S. administration were likely to become a “coming wrestle.”

Bailey’s comments came as the Trump administration continued backing stablecoin adoption through the GENIUS Act, which established a regulatory framework for issuers in the U.S. Dollar-backed stablecoins currently dominate the sector, with CoinGecko data valuing the market at more than $317 billion.

Most of the largest stablecoins are tied to the U.S. dollar and rely on reserves such as Treasury bills and cash held in dollars. Regulators outside the U.S., including officials in the UK, have repeatedly argued that stablecoins could create risks for the banking system if oversight remains too light.

Serving as chair of the Financial Stability Board, Bailey said he still viewed stablecoins as a potential financial stability risk. He told the conference that some stablecoins may not be easily redeemable for cash without going through crypto exchanges, which could create problems during periods of market stress.

Concerns over convertibility have shaped the Bank of England’s own regulatory proposals. In consultation papers released in November 2025, the central bank proposed temporary limits of £20,000 for individual stablecoin holdings and £10 million for corporate balances as part of its planned framework for pound-backed stablecoins.

Bank of England keeps stricter line on stablecoins

Under the Bank of England proposal, issuers would also be required to hold 40% of their reserves as non-interest-bearing deposits at the central bank, while the remaining 60% could be invested in short-term UK government debt.

At the time, the Bank of England said the structure was designed to support redemptions during periods of stress and maintain confidence in stablecoin reserves. Exemptions were included for firms such as supermarkets and crypto trading platforms that may need larger balances for operational reasons.

Bailey has repeatedly questioned whether stablecoins could weaken state control over money if they grow without strong safeguards. Last year, he said stablecoins “have to maintain their nominal value” because they are being designed to function as money and payment instruments.

Friday’s remarks also touched on cross-border flows. Bailey warned that if hard-to-redeem dollar stablecoins spread internationally, countries such as the UK could end up absorbing redemption pressure during a market panic.

“We know what would happen if there was a run on a stablecoin; they’d all turn up here,” Bailey said, according to Reuters.

Similar concerns have surfaced in Washington during negotiations over crypto legislation. U.S. banking groups have urged lawmakers to prohibit crypto platforms from offering yield on stablecoins, arguing that such products could compete with bank deposits while operating outside traditional banking rules.

Negotiators failed to reach a full agreement after months of talks. The latest draft of the Senate market structure bill bans rewards on idle stablecoin balances while still allowing platforms to provide other customer incentive programs.

The Senate Banking Committee, which delayed a vote on the legislation earlier this year, is scheduled to hold a markup session on Thursday.

OpenAI employees became some early financial winners of the AI boom after more than 600 current and former workers sold shares in October 2025.

The sale totaled $6.6 billion, according to The Wall Street Journal. About 75 people reportedly sold the maximum $30 million each, while the wider group averaged about $11 million per seller.

The deal came after employees waited about two years to sell equity tied to the fast-growing artificial intelligence company. OpenAI had previously limited employee share sales to $10 million, but raised the cap to $30 million due to investor demand.

The report said the sale allowed many workers who joined after ChatGPT launched to turn private shares into cash before any public listing. The figures were based on people familiar with the matter, so the exact split among workers has not been publicly confirmed by OpenAI. For employees, the sale offered liquidity while investors sought more exposure to OpenAI.

Valuation keeps moving higher

The transaction valued OpenAI at an estimated $400 billion. In October 2025, a secondary sale involving current and former employees valued OpenAI at $500 billion, showing how private-market valuations have moved fast.

The company has also been preparing for a possible public listing. Crypto.news recently reported that OpenAI crossed $25 billion in annualized revenue and was preparing an IPO process that could include a filing in the second half of 2026. The same report said the company is still not profitable and faces heavy cash needs.

Moreover, OpenAI’s private equity story is also reaching crypto-linked products. As crypto.news reported in April, Robinhood Ventures Fund I bought about $75 million of OpenAI common stock to support venture tokens that give users price exposure through a fund, not direct ownership of OpenAI shares.

That structure has already drawn caution. OpenAI previously said: “These ‘OpenAI tokens’ are not OpenAI equity.” The line matters because token buyers may track price exposure without owning real company shares. It also shows that late-stage AI equity is becoming part of crypto-native product design.

AI race widens beyond OpenAI

The employee sale also comes as the private AI market becomes more competitive. Tokenized pre-IPO markets recently priced Anthropic at about $1.2 trillion, above OpenAI’s private-market pricing on some platforms.

OpenAI is still expanding beyond consumer chat tools. crypto.news has also reported that the company is building financial-services tools for ChatGPT through links with FactSet, Third Bridge, Excel, and Google Sheets. That push could make AI a larger part of finance workflows, including digital asset research and market reporting.

Morgan Stanley’s spot bitcoin ETF has completed its first month without a single day of net outflows, even as larger rival funds posted repeated redemption sessions during the same period.

SoSoValue data reviewed by crypto.news showed Morgan Stanley’s MSBT continued attracting fresh capital every trading day since its April 8 launch, while the broader U.S. spot bitcoin ETF market alternated between large inflow and outflow sessions. On May 7 alone, MSBT added $5.7 million as BlackRock’s IBIT lost $27.2 million, Fidelity’s FBTC shed $97.6 million, and ARKB recorded $26.6 million in outflows.

Launching into a weak session for the ETF sector, MSBT drew $30.6 million in first-day inflows and roughly $34 million in trading volume while the broader category saw $94 million leave spot bitcoin funds. 

Bloomberg Senior ETF Analyst Eric Balchunas later said the debut ranked among the top 1% of ETF launches.

Within six trading sessions, the fund had crossed $103 million in cumulative inflows, overtaking WisdomTree’s BTCW, which has operated since January 2024 and has gathered roughly $86 million in total net inflows over its lifetime.

Low fee strategy gains traction

MSBT entered the market with a 0.14% sponsor fee, the lowest among all U.S. spot bitcoin ETFs. Grayscale’s Bitcoin Mini Trust charges 0.15%, Bitwise’s BITB charges 0.20%, ARKB charges 0.21%, while both IBIT and FBTC sit at 0.25%. Grayscale’s legacy GBTC fund still carries a 1.50% fee.

The pricing difference appears marginal for smaller investors but scales quickly for institutions, with an 11 basis point gap between MSBT and IBIT translating to roughly $1.1 million annually on a $1 billion allocation.

Trading activity also pointed to sustained demand pressure. SoSoValue data showed MSBT traded at a 0.24% premium to net asset value on May 7, above IBIT’s 0.18% and FBTC’s 0.13%.

Morgan Stanley’s crypto expansion has extended beyond ETFs. As crypto.news previously reported, the bank launched a pilot crypto trading service on ETrade on May 6 with a flat 0.5% transaction fee for bitcoin, ether, and solana trades executed through Zerohash infrastructure. 

Bloomberg reported that Morgan Stanley is below Coinbase, Fidelity, and Charles Schwab on retail crypto trading costs.

Eric Balchunas said competitors were unlikely to leave the pricing unchanged and compared the situation to the fee compression battle that followed the launch of spot bitcoin ETFs.

Advisors yet to fully enter

Almost all early inflows into MSBT came from self-directed investors rather than Morgan Stanley’s advisory network.

“Almost all of that first week or two of activity was self-directed, meaning it was not our advisors that were selling this,” Amy Oldenburg, Morgan Stanley’s head of digital assets, said at the Consensus conference in Miami.

Morgan Stanley oversees roughly $9.3 trillion in client assets through roughly 16,000 financial advisors, although the bank had not yet opened MSBT access across its wealth management platform during the fund’s first weeks.

Once integrated into that channel, the ETF would gain access to one of the largest distribution systems tied to a U.S. financial institution. Morgan Stanley is also developing a proprietary digital wallet expected later in 2026 that would hold cryptocurrencies alongside tokenized stocks, bonds, and real estate assets.

MSBT’s first month coincided with renewed demand across the U.S. spot bitcoin ETF sector. SoSoValue data showed the 13-spot bitcoin funds attracted more than $3 billion across six straight weeks through May 8, the longest positive streak since mid-2025. Total assets across the category reached $106.6 billion, equal to 6.67% of bitcoin’s market capitalization, while cumulative inflows since launch climbed to $59.3 billion.

Balchunas projected MSBT could eventually reach $5 billion in assets under management during its first year, though he indicated advisor-driven flows would likely need to accelerate for the fund to maintain its current pace.

Sui network’s native token, SUI, has climbed 50% over the past seven days after a Nasdaq-listed company staked a large portion of the token’s supply and developers announced upcoming features, including zero-fee stablecoin transfers and private transactions. 

SUI traded around $0.94 on May 4 before climbing to $1.41 on Sunday, according to CoinGecko. Over the same timeframe, trading volume surged from more than $213 million to over $2.5 billion. 

Ryan McMillin, co-founder and chief investment officer of Australian crypto investment manager Merkle Tree Capital, told Cointelegraph the rally has likely been driven by multiple reinforcing catalysts.

He pointed to a “meaningful supply squeeze” as the “clearest near-term trigger” after Nasdaq-listed SUI Group Holdings revealed Friday that its entire SUI treasury of more than 108 million tokens, worth over $143 million, has been staked.

Sui launched its mainnet in May 2023, aiming to be scalable and process transactions fast enough for financial institutions. African payments infrastructure company Paga Group announced at Consensus 2026 in Miami on Thursday that it has partnered with Sui to develop blockchain‑powered cross‑border transfers and stablecoin products. 

Private fee-free stablecoin promise 

Adeniyi Abiodun, a co-founder of Mysten Labs, the developers behind the Sui network, also announced at Consensus 2026 that zero-fee stablecoin transfers would roll out soon and reiterated plans to add a private transaction feature.

Privacy-focused cryptocurrency Zcash (ZEC) spiked by more than 70% last week as crypto traders started paying closer attention to privacy-focused projects. Privacy had been a significant investment theme for crypto in 2025, with privacy-focused tokens surging despite a broader downturn in the rest of the market.

Source: Adeniyi Abiodun

“This positions Sui as low-friction rails for payments and liquidity and also attractive to agentic AI payments. The Nasdaq angle is also notable: it puts SUI in the same public company treasury/equity market access group as BTC, ETH, SOL and others, signaling growing institutional comfort,” McMillin added.

“Sui is shifting from promising L1 or high-beta play to actual adoption story. The combo of institutional staking, zero-fee ambition and regulated futures access is rare among alts. Watch on-chain metrics post-announcement for confirmation.”

At the same time, Abiodun said Friday the Sui network’s prediction market DeepBook Predict was going live on the testnet. A March report from Bitget Wallet and Polymarket found that prediction markets are among the most active on-chain applications, with $25.7 billion in trading volume that month.

Rally’s success depends on execution, rollout 

SUI has settled at around $1.31 as of Monday. McMillin said that in the short term, the token could extend its rally because supply shocks and product news generally sustain momentum.

“We are also in an environment where we are seeing green shoots all over the crypto ecosystem and it looks more and more likely the bear market hibernation is over,” he said.

“Medium-term: more uncertain but constructive. Success depends on execution, actual zero-fee rollout, Paga integration traction in Nigeria and stablecoin volume growth. Sui has real tech edges and usage momentum, but token unlocks and broader crypto cycles remain risks.”

Magazine: Guide to the top and emerging global crypto hubs — Mid-2026 

Bank of England Governor Andrew Bailey said international regulators will have to “wrestle” with the US over global rules for stablecoins, which are largely denominated in and backed by US dollars.

“If ​we want stablecoins to be part of the architecture of payments globally […] they’re ‌only ⁠going to work if we have international standards,” Bailey said at a conference on Friday, according to Reuters. 

“Frankly, that, I think, is going to be a coming wrestle with the [US] administration,” he added.

US President Donald Trump has the goal of attracting the crypto industry to the US and has promoted the use of stablecoins through the GENIUS Act, which gave a regulatory framework to stablecoin issuers.

Other regulators are looking into greater oversight and control of stablecoins compared to the US, seeing them as a lighter-regulated alternative to the banking system that could impose systemic risks.

The stablecoin market is currently valued at more than $317 billion, according to CoinGecko, with the largest stablecoins by market capitalization dominated by tokens pegged to the US dollar, most of which use US Treasury bills and US dollars as backing assets.

Bailey, who chairs the Financial Stability Board, an international body that aims to coordinate regulation, said he sees stablecoins as a potential threat to financial stability.

Andrew Bailey at a press conference in February after a meeting of the Bank of England’s Monetary Policy Committee on interest rates. Source: YouTube

Bailey added that he was concerned some stablecoins could not be readily converted to cash without the use of a crypto exchange, which could limit their convertibility in changing market conditions.

He said if stablecoins are widely used for cross-border payments, then the US dollar tokens that are hard to convert could flow to other countries, like the UK, which is planning to have strong laws around converting stablecoins.

“We know ​what would happen if there was a run on a stablecoin; they’d all turn ​up here,” Bailey said.

Related: US Senator questions Mark Zuckerberg on Meta’s stablecoin plans

US banking groups have raised similar concerns about stablecoins with Congress and have pushed for a Senate crypto market structure bill to include a ban on third-party platforms, such as crypto exchanges, offering yield payments on stablecoins.

Crypto and banking groups failed to come to an agreement on the ban after months of negotiations, and the latest version of the bill, released earlier this month, prohibits stablecoin rewards on idle balances while allowing crypto platforms to “offer other forms of customer rewards.”

The Senate Banking Committee, which indefinitely postponed a vote on advancing the bill in January, has scheduled a markup of the bill on Thursday.

Magazine: How crypto laws changed in 2025 — and how they’ll change in 2026

Bitcoin held near the $80,000 mark on Monday after President Donald Trump rejected Iran’s latest response to a U.S. peace plan. 

The move kept traders focused on the conflict, oil prices, and the Strait of Hormuz. Trump called the Iranian counterproposal “TOTALLY UNACCEPTABLE” after Tehran pushed for compensation, sanctions relief, an end to the blockade, and recognition of its control over the strait.

Bitcoin (BTC) first fell from $81,430 to $80,520 within 45 minutes of Trump’s post, then climbed to $82,347 less than three hours later, according to crypto.news data. The rebound wiped out nearly $410 million over 24 hours, based on Coinglass data.

Hormuz tensions keep risk assets on edge

The Strait of Hormuz remains central to the market reaction. Reuters reported that the waterway carried one-fifth of global oil and liquefied natural gas flows before the war began on February 28. 

Oil prices jumped more than $4 a barrel after Trump rejected Iran’s proposal, showing that energy markets are still reacting quickly to each new statement from Washington or Tehran.

The dollar also gained for a second day in Asian trading as strong U.S. jobs data and safe-haven demand supported the currency. Brent crude rose 4.5% to $105.85 a barrel after the rejection. That mix of higher oil, a stronger dollar, and war uncertainty left Bitcoin trading in a tight but volatile range.

Repeated pattern

Recent crypto.news coverage had already linked Bitcoin’s $80,000 test to Iran headlines. On May 1, crypto.news reported that BTC rose toward $78,700 after Iran sent a revised peace proposal through Pakistani mediators, easing some oil pressure and improving risk sentiment. The report cited 21Shares chief market strategist Adrian Fritz, who said $80,000 was “quite a resistance” and that a move above $85,000 could show early signs of a broader reversal.

Crypto.news also reported on May 4 that Bitcoin climbed to $80,529 after Trump announced “Project Freedom,” an effort linked to cargo ships affected by the Strait of Hormuz closure. 

In an earlier report, crypto.news said Bitcoin’s sharp moves showed how geopolitical headlines continue to drive short-term crypto price action.

Traders watch $85K as next upside test

Analysts are now watching whether Bitcoin can turn $80,000 into support. Crypto Tony posted that there was a 79% chance Bitcoin could hit $85,000 this month, while CoinsProbe said a channel breakout placed the $85,000 target in play. 

The downside level remains clear. Several traders are watching $78,000 as the first major support if Bitcoin fails to hold the $80,000 area. 

A confirmed move above $82,450 could support another attempt toward $85,000, but a fresh breakdown in U.S.-Iran talks may keep BTC exposed to fast reversals.

Bitcoin traded in a choppy session as geopolitical headlines dominated sentiment, with a dramatic swing after President Donald Trump rejected Iran’s counteroffer to a peace deal. The cryptocurrency briefly dipped below the 81,000 level before reclaiming ground and punching above 82,000 in a matter of hours.

Price data from CoinGecko show BTC slipping from around 81,430 to about 80,520 within 45 minutes, then rallying to a high near 82,347 less than three hours later. Derivatives data from Coinglass indicated roughly $64 million worth of short positions were liquidated in the four-hour window surrounding the move, underscoring the speed and sensitivity of markets to headlines. The broader backdrop remains a tense US-Iran dynamic, with oil prices advancing and U.S. stock futures nudging higher as the day progressed. Trump characterized Iran’s proposal as “totally unacceptable” in a Truth Social post addressing the offer.

The political flare-up sits atop a longer-running narrative around Middle East risk, the Strait of Hormuz, and the way macro forces translate into crypto and conventional assets. Oil prices rose about 4.6% to roughly $98.7 per barrel after Trump’s comments, while the S&P 500 futures index edged higher by about 0.13% in early trading. The headlines also intersect with regional instability and its potential to influence global risk sentiment, complicating an already nuanced environment for investors and traders in digital assets.

Key takeaways

• Bitcoin briefly dipped to around 80.5k and rebounded to about 82.3k within hours following Trump’s rejection of Iran’s counteroffer, showcasing BTC’s sensitivity to geopolitical headlines.
• About $64 million worth of short positions were wiped out in a four-hour window as the price moved higher, according to Coinglass data.
• Oil rose roughly 4.6% to near $98.7 per barrel, while U.S. equity futures showed modest gains, illustrating a broader risk-off/risk-on dynamic around the same headlines.
• Two potential catalysts in the U.S. Senate this week could inject regulatory clarity into the crypto sector: the confirmation vote for Kevin Warsh as Federal Reserve chair and the CLARITY Act markup.
• Bitcoin has climbed about 29.7% since the US-Iran conflict began on Feb. 28, outperforming the S&P 500 and gold over the same period, according to available market tallies.

Market pulse after headlines

The price action around BTC underscores how sensitive digital assets remain to real-time geopolitical developments. After a sharp downward move on the initial volley of headlines, Bitcoin’s bounce back above 82,000 signals persistent demand at the higher end of the trading range, even as risk sentiment flickers between caution and appetite for allocation in non-traditional assets. While some traders have continued to ride the volatility, others have used the volatility as an opportunity to adjust hedges or recalibrate risk exposure.

From a liquidity perspective, the short-covering burst highlighted in Coinglass’ data is notable: liquidations can amplify near-term moves as market participants recalibrate positions in response to headlines and evolving risk signals. In the same moment, the oil market’s reaction—the 4.6% jump to around $98.7 per barrel—reflects how macro shocks and geopolitical risk translate into both commodity and crypto markets, underscoring the interconnectedness of energy, equities, and digital assets.

Regulatory momentum could shape the Bitcoin roadmap

Beyond the immediate headlines, market observers say this week could mark an inflection point for regulatory clarity around digital assets in the United States. Markus Thielen, CEO of 10x Research, highlighted two upcoming Senate actions as potential catalysts that could “lean bullish” for Bitcoin by reducing institutional friction and smoothing the path for policy transitions.

“Two catalysts stand out this week: a Senate vote on Monday for Kevin Warsh’s confirmation as Federal Reserve chair and the Senate Banking Committee’s markup on the CLARITY Act on Thursday. Warsh is widely regarded as more hawkish on inflation than the current chair, Jerome Powell, but his confirmation could remove an overhang of uncertainty. The CLARITY Act represents what many in the industry view as the most significant crypto-legislation in years, potentially paving a clearer regulatory path for digital assets.”

Thielen’s view points to a broader narrative: regulatory clarity can lower the friction for institutional participation and foster a more predictable operating environment for crypto markets. In this framing, the two events could complement monetary policy dynamics, reducing policy uncertainty that often weighs on risk assets during leadership transitions and major legislative reviews.

Bitcoin’s resilience through the US-Iran conflict

Since the onset of the crisis — marked by events in late February that intensified after a U.S. airstrike targeted Iranian leadership figures — Bitcoin has advanced roughly 29.7%. That recovery places BTC ahead of the S&P 500 and gold over this span, suggesting that investors view digital assets as a potential hedge or diversification instrument even as traditional markets wrestle with geopolitical risk. The price trajectory adds a layer to a longer-running debate about Bitcoin’s role in macro risk-off or risk-on environments, and whether the asset can sustain a narrative of resilience during heightened tensions.

Looking back, Bitcoin’s volatility in response to geopolitical headlines is not a new phenomenon, but the current episode reinforces how macro shocks can intersect with sector-specific narratives around custody, liquidity, and regulatory clarity. If the regulatory tailwinds materialize in the coming weeks, the market could see a more stable path for institutional flows, potentially supporting a broader adoption arc for digital assets beyond a purely risk-on or speculative cycle.

As markets digest both diplomacy-focused headlines and policy signals, investors will be watching how the central bank’s leadership transition unfolds and what lawmakers deliver on crypto legislation. The coming days may reveal whether the combination of macro resilience and regulatory certainty can sustain Bitcoin’s momentum or whether volatility will reassert itself as geopolitical headlines evolve.

Readers should stay tuned for the next wave of regulatory updates and any fresh color on Fed leadership’s approach to inflation and market stability, as these factors will likely shape crypto volatility and institutional participation in the weeks ahead.