Kevin Warsh was sworn in on Friday as chair of the US Federal Reserve, as President Donald Trump said Warsh would remain independent on interest-rate policy. Traders are still pricing in no rate cuts through 2026, while CME FedWatch probabilities point to possible hikes at upcoming FOMC meetings, including June 17. The current Federal Funds Target rate is between 350 and 375 BPS.

The U.S. Securities and Exchange Commission has delayed a plan that could have opened the door to trading tokenized versions of U.S. stocks. A Bloomberg report dated 22 May said internal concerns and industry pushback slowed the proposal, as the SEC continues weighing how crypto-based equity products fit within existing securities laws. Recent SEC guidance and remarks from Commissioner Hester Peirce indicate the sharper focus may be on synthetic stock-exposure products rather than tokenized equities tied directly to underlying shares.

On Thursday, spot bitcoin ETFs posted net outflows of $100.82 million, while ether ETFs recorded a $32.58 million decline for a ninth straight session. In contrast, XRP ETFs brought in $8.88 million led by Canary's XRPC, and Solana ETFs added $3.86 million via Fidelity's FSOL. Trading value totaled $1.58 billion for bitcoin ETFs and $416.16 million for ether ETFs, with net assets ending at $101.06 billion and $12.21 billion, respectively.

The current crypto upswing appears to be a narrative-led rotation rather than a broad bull market, with Bitcoin failing to hold above $80,000 and sliding to $77,000. Since May 19, $62.8 billion in inflows has favored a small set of altcoins while the wider market stayed range-bound. At press time, the Altcoin Season Index was 38, far below the level typically associated with an altcoin season.

IBM shares rose more than 14% since Thursday after the US Commerce Department outlined a $2 billion CHIPS and Science Act push to back US quantum computing manufacturers. The rally added about $26 billion to IBM’s market value, taking it to $237.8 billion, while the stock gained a further 2% on Friday. Under the plan, IBM is set to receive a $1 billion federal grant that it will match with $1 billion of its own capital to build a quantum chip foundry in Albany, New York.

U.S. Treasury yields climbed sharply this week, with the 10-year reaching levels not seen in over a year and the 30-year hitting its highest since 2007. The move has revived debate about whether Treasuries should be treated as “risk-free,” while some strategists say investors may want to focus on intermediate maturities and selective corporate bond segments.

Binance logged a 40.0644 million USDT net inflow over the past hour, indicating more USDT entered the exchange than left during that window. Such stablecoin inflows are often watched as a proxy for potential buying power, though the transfers could also relate to internal operations or liquidity activity. Traders typically look for follow-through across multiple hours and confirmation via spot volume before treating the signal as directional.

Strategy (NASDAQ: MSTR) drew fresh attention after insider transactions disclosed in May 19 SEC filings, including CFO Andrew Kang's sale of 5,597 shares priced between $163.98 and $166. Director Jarrod M. Patten also sold 5,250 shares at $165.87 to $167, following option exercises totaling $97,933 at $18.654 per share. MSTR was trading at $163 at the time of writing, after moving between $162.4 and $168.71 in the prior session.