A leaked list has revealed over 100 amendments filed by the Senate Banking Committee members to a crypto bill set for a markup on Thursday.

The proposed changes are linked to stablecoins, software developers, and ethics.

Amendments Ahead of Markup

The list, obtained by Politico, reveals substantial proposed amendments. Democratic senators have proposed several changes, while Republican senators sought minor adjustments. Most amendments are centered around key issues that have been debated for months, including crypto software developer protections, ethics provisions, and stablecoin yield as the committee seeks to advance the bill to the Senate floor.

The leaked list shows an amendment introduced by Democratic senators Jack Reed and Tina Smith to strengthen interest yield prohibitions by using a substantially similar test instead of an equivalence test.

Another amendment by Democratic senator Chris Van Hollen introduces an ethics provision barring the President, Vice President, senior officials, members of Congress, and their families from promoting, owning, or being affiliated with crypto. The amendment has received support from Democrat and Republican lawmakers.

Democratic senator Catherine Cortez Masto plans to introduce an amendment protecting software developers. The proposal has garnered support from several crypto groups.

Other amendments deal with sanctions, institutions involved with crypto, and one to re-establish the Justice Department’s National Cryptocurrency Enforcement Team, dismantled last year.

Sharp Divisions

The crypto market structure bill defines how market regulators oversee crypto.

The House passed its version of the bill, called the CLARITY Act, in July.

However, crypto and banking industry executives failed to agree on key provisions related to stablecoins and the involvement of government officials in crypto.

Restrictions on stablecoin yield have also been a contentious issue, with no resolution despite months of negotiations.

A draft version of the bill released on Monday banned third-party platforms from offering stablecoin yield that mirrors traditional bank deposit interest.

The previous markup was indefinitely postponed in January after Coinbase withdrew support citing fatal flaws in the draft bill.

Republicans hold a majority in the Senate and the Senate Banking Committee.

However, some members have refused to support the market structure bill if certain provisions were not added.

Republicans also need Democratic support to pass the bill with a three-fifths majority and avoid a filibuster.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Network News

“ALPENGLOW” UPGRADE LIVE FOR TESTING ON SOLANA: Solana developer Anza said that Alpenglow, the network’s biggest proposed consensus overhaul to date, is live on a community test cluster, marking a major step toward a potential mainnet rollout. The update means validator operators can now test software designed to move Solana from its current consensus system, which combines Proof-of-Stake with TowerBFT and Proof-of-History, toward a new architecture intended to dramatically reduce finality times and improve network responsiveness. “Alpenglow is live on the community test cluster,” Anza wrote on X. “The biggest consensus change in Solana’s history, now running on validator infrastructure ahead of mainnet.” Today, Solana relies on Proof-of-History, a cryptographic clock that timestamps transactions, alongside TowerBFT, a voting mechanism validators use to agree on the state of the blockchain. While the design has helped Solana achieve high throughput and low fees, some have pointed to outages and network instability during periods of heavy demand. — Margaux Nijkerk Read more.

LAYERZERO APOLOGY FOR KELP DAO INCIDENT: LayerZero said that it “made a mistake” allowing its own verification infrastructure to secure high-value crypto assets in a vulnerable configuration, marking a notable shift in tone after weeks of blaming developer Kelp DAO for a $292 million hack tied to North Korean attackers. The admission marks a notable shift after weeks of public finger-pointing between LayerZero and Kelp over responsibility for the April hack, which LayerZero had initially framed as an application-level configuration failure by Kelp. “First things first: an overdue apology,” LayerZero wrote in a blog. LayerZero initially blamed Kelp, arguing the protocol had chosen a risky “1-of-1” configuration in which only a single decentralized verifier network, or DVN, needed to approve cross-chain transfers, creating a single point of failure. A DVN is part of the infrastructure that verifies whether a transaction moving assets between blockchains is legitimate. “We made a mistake by allowing our DVN to act as a 1/1 DVN for high-value transactions,” the company said. “We didn’t police what our DVN was securing, which created a risk we simply didn’t see. We own that.” — Sam Reynolds Read more.

RONIN TO TRANSITION TO LAYER-2: Ronin, the gaming-centric blockchain once synonymous with the industry’s infamous $625 million exploit in 2022, is officially shedding its sidechain skin on May 12 to become an Ethereum layer 2 to improve security while maintaining throughput. Ronin, which announced the migration in April, will execute a hard fork at block 55,577,490, a process that will result in about 10 hours of downtime for users, the network said Monday on X. According to onchain data, the migration is expected to begin on Tuesday around 15:16 UTC. “Four years ago, we launched Ronin because Axie Infinity needed a faster and more efficient network,” Ronin said when announcing the migration. “It worked. Axie Infinity onboarded millions of gamers to crypto, and Pixels proved that it was possible to do it again.” The time has come to plug “back into the mothership.” While operating as an independent sidechain in mid-May 2022, Ronin suffered what is still today the largest DeFI bridge exploit in history. Layer 2 protocols benefit from tighter links to the underlying blockchain than sidechains, offering benefits that include greater security. — Olivier Acuna Read more.

ETHEREUM DEVELOPERS RELEASE “CLEAR SIGNING”: The Ethereum Foundation and a group of major crypto wallet developers are rolling out a new security standard designed to stop users from accidentally signing away their funds, a problem that has fueled some of the industry’s biggest hacks and scams. The initiative, called “Clear Signing,” aims to replace the confusing walls of code users currently see when approving Ethereum transactions with simple, human-readable explanations of what they’re actually agreeing to. The effort comes after years of phishing attacks and wallet drains that often boil down to the same issue: users unknowingly approving malicious transactions they don’t understand. The Ethereum Foundation pointed to incidents like the Bybit hack as examples of how attackers exploit “blind signing,” where users approve transactions filled with unreadable technical data. Right now, signing a crypto transaction can feel like clicking “accept” on a terms-of-service page written in another language. Wallets often display long strings of code that only highly technical users can decipher, leaving everyday traders vulnerable to fake apps, malicious links and compromised websites. — Margaux Nijkerk Read More.

In Other News

• Charles Schwab, the brokerage giant that manages around $12 trillion in client assets, began the rollout of its spot cryptocurrency trading service for retail customers in the U.S. An initial group of clients can now trade bitcoin and ether (ETH) on the Schwab Crypto platform, the company posted on X.In July last year, CEO Rick Wurster said the company planned to introduce crypto trading in the near future, with a timeframe of first-half 2026 confirmed last month. The Westlake, Texas-headquartered firm already offers crypto investments through exchange-traded funds (ETFs) and futures trading. — Jamie Crawley Read more.
• JPMorgan (JPM) is preparing to launch a tokenized money market fund, the latest sign that major financial institutions and Wall Street asset managers are speeding up efforts to move traditional assets onto blockchain rails. A filing with the U.S. Securities and Exchange Commission SEC) outlined plans for a blockchain-based money-market fund investing exclusively in short-term U.S. Treasuries, cash and overnight repo agreements backed by government securities. The fund, dubbed JPMorgan OnChain Liquidity-Token Money Market Fund (JLTXX), will maintain blockchain-based token balances tied to investors’ ownership records, allowing approved users to submit purchase, redemption and transfer requests through Ethereum, the filing said. The underlying blockchain infrastructure will be operated by Kinexys Digital Assets, JPMorgan’s blockchain unit formerly known as Onyx. — Kristzian Sandor Read more.

Regulatory and Policy

• The legislation that could fully insert the U.S. crypto industry into the regulated financial system has emerged in its latest form, with the Senate Banking Committee unveiling the market structure bill’s text just after midnight on Tuesday in advance of this week’s hearing that’s set to push the effort forward. The latest version wasn’t expected to offer many surprises for the crypto industry that’s already had a chance to dig through it privately, but it includes still-contentious language on stablecoin yield and it maintains legal protections for decentralized finance (DeFi) developers, keeping that corner of the crypto sector happy (so far). Industry insiders waited for the release late into the night, and they’ll still have to study the language to ensure their expectations were met. “This bill reflects serious, good-faith work across the committee and delivers the certainty, safeguards, and accountability Americans deserve,” committee Chairman Tim Scott said in a statement. “It puts consumers first, combats illicit finance, cracks down on criminals and foreign adversaries and keeps the future of finance here in the United States.” — Jesse Hamilton Read more.
• The Senate confirmed Kevin Warsh to the Federal Reserve Board of Governors on Tuesday, moving President Donald Trump’s pick one step closer to becoming the next chair of the U.S. central bank. Lawmakers approved Warsh in a 51-45 vote. Sen. John Fetterman (D-Pa.) was the only Democrat to support the nomination. Warsh still must win a separate Senate vote to become Fed chair, which is expected Wednesday. Governors serve 14-year terms while the chair serves a four-year term. If confirmed as chair, Warsh, 56, will replace Jerome Powell, whose eight-year term leading the Fed ends Friday. Powell, however, has said he plans to remain on the board until a federal probe into renovations at the Fed’s headquarters concludes. — Helene Braun Read more.

Calendar

• June 2-3, 2026: Proof of Talk, Paris
• June 4, 2026: Stable Summit, New York
• June 8-10, 2026: ETHConf, New York
• Sept. 29-Oct.1, 2026: Korea Blockchain Week, Seoul
• Oct. 7-8, 2026: Token2049, Singapore
• Nov. 3-6, 2026: Devcon, Mumbai
• Nov. 15-17, 2026: Solana Breakpoint, London

A stronger-than-expected U.S. inflation print has complicated the Federal Reserve’s policy outlook, with markets rapidly repricing the likelihood of rate cuts this year after April’s Producer Price Index (PPI) came in at 1.4%.

A stronger-than-expected U.S. inflation print has complicated the Federal Reserve’s policy outlook, with markets rapidly repricing the likelihood of rate cuts this year after April’s Producer Price Index (PPI) came in at 1.4%, well above economist expectations of 0.5%, according to Jinshi reports.

The hotter reading suggests inflationary pressures remain more persistent than previously assumed, strengthening the argument that monetary policy will stay restrictive for longer. Market participants have reacted by pushing expectations toward a more hawkish trajectory, including a growing probability of interest rate hikes before December.

Inflation surprise shifts macro expectations

The PPI data has become a key inflection point for traders reassessing the Federal Reserve’s next move. Rather than signaling a path toward easing, the latest figures reinforce a “higher-for-longer” interest rate environment, where borrowing costs remain elevated to contain price pressures across the economy.

According to market pricing cited in the report, the probability of a rate hike before year-end has now risen above 30%, marking a notable shift from earlier expectations of gradual policy easing in the second half of the year.

The inflation surprise also underscores a broader challenge for policymakers: producer-level price pressures often filter into consumer prices with a lag, increasing the risk that inflation remains elevated even as growth moderates.

Markets forced into policy repricing cycle

Financial markets have responded by recalibrating expectations across risk assets, credit markets and interest-rate derivatives. Higher expected policy rates tend to tighten liquidity conditions, reduce speculative leverage and increase discount rates used in asset valuation models.

This repricing phase typically leads to heightened volatility, particularly in sectors sensitive to liquidity cycles and macroeconomic sentiment. Investors are now reassessing whether earlier optimism around policy easing was premature given the strength of recent inflation indicators.

In prior crypto.news coverage, similar inflation shocks have triggered broad risk-off moves across speculative markets as traders rapidly unwind leveraged positions and reposition toward defensive assets. For example, previous episodes of unexpected inflation prints have coincided with sharp increases in derivatives liquidations and funding rate volatility.

At the same time, equity markets have shown selective resilience, particularly in sectors tied to productivity gains and structural growth trends, even as broader monetary conditions tighten.

The current macro environment highlights a widening gap between growth expectations and inflation realities, leaving central bank policy as the dominant driver of market direction heading into the second half of the year.

Tokyo-listed Metaplanet delivered a standout first quarter for its fiscal year 2026, showing a robust operating margin on a revenue line largely driven by its Bitcoin Income Generation activities. The company reported Q1 operating income of 2.27 billion yen (about $14.38 million) on net sales near $19.5 million, equating to an operating margin of roughly 73.6%. This strong top-line performance came despite a sharp fall in the price of Bitcoin during the quarter, underscoring how the firm’s core income strategy—selling option premiums and recognizing derivative gains—can propel earnings even in a volatile crypto environment.

In parallel, Metaplanet disclosed a substantial ordinary loss of about $728 million, largely reflecting non-cash valuation losses as BTC prices declined and the company marked its growing Bitcoin holdings lower. The contrast between the strong operating metric and the heavy ordinary loss illustrates the divergence between cash-generating activity from BTC option income and the mark-to-market impact of Bitcoin’s swing in value over the period. Bitcoin traded down roughly 24% in Q1, sliding from about $87,000 at the start of January to around $66,000 by March 31, according to data tracked by CoinGecko.

Key takeaways

• Q1 net sales rose to about $19.5 million, up from roughly $5.5 million a year earlier, driven primarily by the Bitcoin Income Generation business, with option premiums and derivative valuation gains forming the majority of revenue.
• Bitcoin’s price decline during the quarter contributed to a substantial non-cash valuation loss, resulting in an ordinary loss of about $728 million despite the solid operating income.
• Metaplanet expanded its Bitcoin holdings to 40,177 BTC by quarter-end, up from 35,102 BTC at the end of 2025, aided by new equity and Bitcoin-backed borrowing. The company described this as making it the third-largest publicly listed Bitcoin treasury.
• Per-share metrics were negative on a basic basis (~$0.63 loss per share) but showed 2.8% yield on a fully diluted basis due to the BTC position and operational earnings.
• The company kept its full-year guidance intact, targeting net sales of about $101 million and operating profit near $72 million, while withholding ordinary or net income guidance due to Bitcoin price sensitivity and ongoing volatility.

Bitcoin-driven revenue versus valuation swings

Metaplanet’s quarterly narrative centers on the Bitcoin Income Generation line, which blends option premium income with realized and unrealized gains from derivatives tied to BTC. Management framed this segment as the primary driver of the quarterly revenue surge, while non-cash valuation moves tied to the price of Bitcoin weighed heavily on reported profits from a conventional accounting perspective. The quarter saw Bitcoin’s price drop by nearly a quarter, a pressure that manifested as a sizable ordinary loss despite a strong cash-generating core. The company’s earnings release notes that the revenue strength stemmed largely from its BTC option income and derivative valuation gains, with hotel operations contributing only modestly to the mix.

Metaplanet’s approach leverages BTC-backed financing alongside equity raises to grow its Bitcoin treasury, a strategy reflected in the quarter’s balance sheet shift and the expansion of its BTC holdings. Investors tracking these dynamics should note how the business model can produce meaningful cash earnings even as market prices move against the mark-to-market value of its BTC assets.

Asset growth, leverage and balance-sheet dynamics

At quarter-end, Metaplanet’s Bitcoin holdings stood at 40,177 BTC, a sizable increase from 35,102 BTC at December 31, 2025. This accumulation occurred through a combination of new equity and Bitcoin-backed borrowing, reinforcing the company’s position as a prominent Bitcoin treasury among publicly listed entities. The per-share metric reflecting this growth—fully diluted, the BTC per-share figure rose to 0.0247319 BTC from 0.0240486 BTC, translating to a first-quarter BTC yield of about 2.8% and highlighting how Bitcoin ownership contributes to shareholder value on a dilution-adjusted basis.

Concurrently, Metaplanet’s total net assets declined to roughly $2.60 billion from $2.96 billion at the end of 2025. The drop underscores how Bitcoin-related valuation losses outweighed the equity raised during the quarter, creating a heterodox mix of strong operating income and eroded book value due to market movements in BTC.

The company also emphasized higher short-term borrowings as it drew more on its $500 million Bitcoin-collateralized credit facility. As of May 13, 2026, Metaplanet reported about $302 million outstanding under that facility, underscoring the role of debt leverage in financing its expanded Bitcoin position while aiming to sustain liquidity and growth momentum.

Market response and what comes next

Metaplanet’s shares traded in Tokyo around 327 yen (roughly $2.07) on the day of the report, slipping about 3.8% from the prior session’s close. The stock reaction reflects investor recognition of the dual narrative: strong cash generation from Bitcoin option income that can drive revenue even in volatility, counterbalanced by significant ordinary losses tied to BTC price swings and the related accounting marks on the BTC stack.

Looking ahead, Metaplanet kept its full-year targets intact: net sales of approximately $101 million and operating profit of around $72 million. The company deliberately refrained from providing ordinary or net income guidance, citing BTC price sensitivity and ongoing market volatility. For investors, the critical questions revolve around how much of the quarterly earnings resilience can be sustained as Bitcoin’s price path evolves and how the balance sheet structural changes—especially the debt tied to the BTC facility—affect leverage and liquidity through the rest of 2026.

Further updates on BTC price trends, the pace of Bitcoin treasury expansion, and quarterly results will help clarify whether the current model can deliver steadier cash accruals independent of mark-to-market swings, or if the business remains tethered to crypto asset volatility. Metaplanet’s Q2 outlook and any shifts in its debt facilities will be important signals for readers watching the interplay between crypto revenue streams and the broader market environment.

As the market digests these dynamics, readers should watch how BTC price movements translate into both operating earnings and balance-sheet health, and how the company’s financing strategy evolves to sustain its bitcoin holdings while supporting ongoing operations.

Sources: Metaplanet Q1 FY2026 earnings release; Bitcoin price data from CoinGecko; Metaplanet overview and filings; note on the company’s expanded BTC holdings and capitalization strategy as reported in the quarterly filing.

Latvia’s central bank granted Paybis Europe two regulatory licenses, marking a notable expansion of the crypto platform’s EU-regulated footprint. The approvals, issued on May 12 by the Supervision Committee of Latvijas Banka to SIA Paybis Europe, include a MiCA crypto asset service provider (CASP) license and a PSD2 payment institution license, expanding the firm’s ability to operate across the European Union.

The central bank noted that Paybis is the third Latvian company to receive a MiCA CASP license, underscoring a broader push by the Baltic state to support compliant crypto services within the EU regime. The MiCA license authorizes services such as custody and administration of client crypto assets, crypto-to-fiat and crypto-to-crypto exchanges, order execution, transfer services and crypto asset advisory. The PSD2 payment institution license enables Paybis’ EU entity to execute payments and transfers to payment accounts, integrating crypto activities with traditional rails.

Paybis’ leadership framed the dual licenses as a strategic enabler for broader, future-focused offerings. Innokenty Isers, Paybis’ CEO and co-founder, said the licenses position the company to pursue a wider range of services “including working with stablecoins.”

Key takeaways

• Latvia’s Latvijas Banka awards Paybis Europe both a MiCA CASP license and a PSD2 payment institution license, effective for operating complex crypto asset services and regulated payments within the EU.
• The MiCA CASP authorization covers custody, exchange, order execution, transfer services and advisory, while the PSD2 license enables payments to and from payment accounts, linking crypto services with regulated payment rails.
• Paybis is positioning itself as a B2B infrastructure provider, seeking to offer a white-label stack (on/off ramps, buy/sell/swap, payment acceptance, stablecoin payouts) through a single API for enterprise clients.
• The move aligns with Paybis’ broader footprint, which already includes money services licenses in the US and Canada and a user base spanning 90 cryptocurrencies, seven million users, and 180 countries.
• Regulatory context surrounding MiCA is evolving, with EU discussions anticipated on a potential “MiCA 2,” while industry voices push back on some thresholds and supervision debates.

Latvia’s license milestone and what it enables

Latvijas Banka announced the two licenses were issued to SIA Paybis Europe, the company’s EU entity, highlighting that the MiCA CASP authorization allows Paybis to custody and manage client crypto assets, facilitate crypto-asset exchanges for funds or other assets, execute orders, provide transfer services and offer crypto asset advisory. The PSD2 license enables the company to execute payments and move funds to payment accounts within the EU. The central bank’s announcement also notes Paybis is one of the few Latvian firms to secure a MiCA CASP license, signaling the country’s active role in shaping regulated crypto activity in Europe.

For Paybis, the dual licenses are more than regulatory milestones; they lay the groundwork for a seamless, compliant crypto service suite that can be accessed by business partners without each partner needing to build its own regulated framework. Konstantins Vasilenko, Paybis’ co-founder and chief business development officer, described a concrete product vision: a white-label crypto infrastructure stack that covers on/off-ramps, buy/sell/swap, payment acceptance and stablecoin payouts, all delivered through a single API. In his view, the combination of MiCA CASP authorization and PSD2 licensing is critical because it can “connect crypto asset services with regulated payment rails,” enabling smoother integration with traditional financial ecosystems for Paybis’ clients.

Paybis has a long-standing global footprint. Since its 2014 inception, the platform has supported around 90 cryptocurrencies, serving seven million users across 180 countries. The company also holds money services business licenses in the United States and Canada, positioning it as a cross-border crypto service provider with regulated credibility in multiple jurisdictions.

MiCA evolution and the regulatory backdrop

The Latvian licenses arrive as Europe’s crypto regulatory framework contends with ongoing scrutiny and potential evolution. In April, Peter Kerstens, an adviser to the European Commission, suggested that MiCA regulation is likely to evolve as the market matures, with a public consultation planned to assess how well the rules are functioning for participants. Speaking at Paris Blockchain Week 2026, Kerstens said it would be “rather unusual” if there were no a forthcoming MiCA 2, noting that EU financial legislation typically progresses in stages. This outlook comes as policymakers navigate competing priorities around stablecoins, custody, and the supervision of major crypto entities.

Industry voices have been pushing back on specific thresholds and regulatory approaches. For example, Circle has challenged euro stablecoin threshold discussions, while debates continue over whether supervisory authority for significant crypto firms should rest with the European Securities and Markets Authority (ESMA). These conversations underscore a broader question for market participants: how to reconcile rapid innovation with consistent, pragmatic oversight across a diverse member state landscape.

Within this context, Paybis’ newly minted licenses place the firm at a potentially advantageous position as Europe contemplates MiCA’s future shape. The ability to offer regulated custody, exchange services and direct payments to EU accounts could enable Paybis to attract enterprise clients looking for a single, compliant provider to power a broad array of crypto offerings, including stablecoins, in a cross-border setting.

For platforms and investors watching Europe’s crypto roadmap, the developments around MiCA’s evolution—and any formalized “MiCA 2” proposals—could have meaningful implications for how rapidly and broadly crypto assets are adopted in business-to-business environments. The ongoing regulatory dialogue, including EU consultations and industry feedback, will be a key determinant of how quickly B2B crypto rails scale across the region.

As Paybis accelerates its EU expansion with a regulated, API-driven infrastructure, market participants will want to monitor partner onboarding activity, the inclusion of stablecoins in its offerings, and how the company leverages its dual licensing to connect crypto services with established payment rails. The next steps from Brussels on MiCA’s potential revisions and on related supervisory approaches will also shape the pace and nature of Europe’s regulated crypto adoption in the months ahead.

Readers should watch for how Paybis articulates its partner program and whether it signs notable enterprise clients seeking white-label crypto rails. What remains uncertain is the exact path and timeline for any MiCA 2 framework, and how the EU’s evolving stance on stablecoins and cross-border payments will influence Paybis’ deployment strategy across its 180-country footprint.

Bloomberg senior ETF analyst Eric Balchunas reported that the Bitcoin spot ETF iShares Bitcoin Trust (IBIT) has significantly outperformed the gold ETF SPDR Gold Shares (GLD) since March, outpacing it by roughly 33 percentage points in performance.

According to Balchunas, IBIT has attracted approximately $4.2 billion in net inflows during this period, while GLD has experienced $9 billion in net outflows. The resulting $13 billion capital flow divergence highlights a notable rotation in institutional allocation patterns between traditional safe-haven assets and digital asset exposure.

Institutional capital rotation favors digital stores of value

The performance gap between IBIT and GLD reflects a broader reassessment of what investors consider a “safe-haven” asset in a macro environment shaped by persistent inflation uncertainty, shifting interest rate expectations and geopolitical fragmentation.

Traditionally, gold has served as the primary hedge during periods of monetary instability. However, the emergence of regulated Bitcoin ETFs has introduced a competing liquidity sink that offers similar scarcity characteristics alongside higher volatility and return potential.

The sustained inflows into IBIT suggest that institutional investors are increasingly willing to treat digital assets as part of a diversified macro hedge strategy rather than purely speculative exposure.

At the same time, outflows from GLD indicate that some capital is being reallocated away from traditional hard assets toward instruments that provide regulated exposure to digital scarcity.

ETF flows signal shifting macro narrative across risk assets

ETF flow data has become a key indicator of institutional sentiment, particularly as it relates to broader risk appetite and liquidity conditions across global markets.

In prior crypto.news coverage, similar inflow cycles into digital asset ETFs have coincided with periods of improving risk sentiment and stronger performance across crypto-linked equities and derivatives markets.

The divergence between IBIT and GLD also reflects a structural shift in portfolio construction, where investors are increasingly blending traditional macro hedges with emerging digital alternatives rather than relying solely on gold as the primary inflation hedge.

As institutional allocation frameworks continue to evolve, ETF flows between assets like IBIT and GLD are likely to remain a key signal of how capital is repositioning across old and new store-of-value paradigms in global financial markets.