Last week, BlackRock’s tokenized money-market fund, BUIDL, surpassed $1 billion in assets under management (AUM) for the first time, just one week shy of its one-year anniversary.
Launched on Ethereum in March 2024, BUIDL now also operates on three Ethereum layer-2s (Arbitrum, Optimism, and Polygon) and two alternative layer-1s (Avalanche and Aptos), broadening its multi-chain presence.
This milestone highlights growing institutional engagement in crypto tokenization, underscoring the potential of digital assets and blockchain as a secure, robust, and versatile foundation for modern finance.
Market Highlights
BlackRock’s BUIDL major milestone
BlackRock’s tokenized money-market fund, BUIDL, surpassed $1 billion in assets under management last week, making it the first institutional on-chain fund to cross this milestone.
This highlights once again the merging of crypto and traditional finance, marking a significant step in crypto adoption by institutions and signaling the growing acceptance of traditional securities in tokenized form.
Goldman Sachs comments on crypto
In its annual shareholders letter, Goldman Sachs acknowledged crypto’s increasing role in financial markets and the growing importance of blockchain and digital assets.
Goldman Sachs’ recognition of crypto reassures the growing institutional acceptance of digital assets and reinforces the idea that crypto is no longer a niche asset class but already an integral part of the evolving financial landscape.
Russia using crypto in oil trade
Russia is using cryptocurrencies such as bitcoin, ether and USDT in its oil trade with China and India.
Although crypto accounts for only a small portion of total trade, this highlights its permissionless and decentralized nature, and underscores crypto’s potential as a more robust infrastructure for international trade.
Market Metrics
The NCITM had a neutral week, dipping 0.3%, potentially marking a shift after weeks of negative momentum. Institutional interest in digital assets continued to grow, highlighted by Goldman Sachs’ acknowledgment of crypto in its annual shareholder letter. However, uncertainty remains around Trump’s tariff rhetoric, driving further demand for defensive assets like gold, which has risen above $3,000 for the first time in history, and continues to outperform in 2025, delivering a remarkable 14.0% upswing year to date.
STOXX® Global Select Dividend 100-index innehåller 100 aktier från utvecklade länder över hela världen med hög direktavkastning. Urvalet baseras på historisk direktavkastning och viktningen görs genom beräknad direktavkastning. STOXX Global Select Dividend 100-index innehåller i allmänhet 40 aktier från Nordamerika, 30 aktier från Europa och 30 aktier från Asien-Stillahavsområdet.
ETF-investerare kan dra nytta av kursvinster och utdelningar av STOXX Global Select Dividend 100-beståndsdelar. För närvarande spåras detta index av två ETFer. Den årliga förvaltningskostnaden ligger på mellan 0,46 – 0,50 % p.a.
Kostnad för STOXX Global Select Dividend 100 ETF:er
Den totala kostnadskvoten (TER) för STOXX Global Select Dividend 100 ETFer är mellan 0,46 % p.a. och 0,50 % p.a. I jämförelse kostar de flesta aktivt förvaltade fonder mycket mer avgifter per år.
Den största STOXX Global Select Dividend 100 ETF efter fondstorlek i EUR
1
iShares STOXX Global Select Dividend 100 UCITSETF (DE)
2,392 m
2
Xtrackers STOXX Global Select Dividend 100 SwapUCITSETF 1D
612 m
Den billigaste STOXX Global Select Dividend 100 ETF efter totalkostnadskvot
1
iShares STOXX Global Select Dividend 100 UCITSETF (DE)
0.46%
2
Xtrackers STOXX Global Select Dividend 100 SwapUCITSETF 1D
0.50%
De bästa ETFerna för att få exponering mot STOXX Global Select Dividend 100
Förutom avkastning finns det ytterligare viktiga faktorer att tänka på när du väljer börshandlade fonder för att få exponering mot STOXX Global Select Dividend 100. För att ge ett bra beslutsunderlag hittar du en lista över olika börshandlade fonder för att få exponering mot STOXX Global Select Dividend 100 med information om kortnamn, kostnad, utdelningspolicy, fondens hemvist och replikeringsmetod.
För ytterligare information om respektive börshandlad fond, klicka på kortnamnet i tabellen nedan.
BetaPlus Enhanced Global Developed Sustainable Equity UCITSETF – USD ACCETF (BPDE ETF) med ISIN IE00060Z4AE1, investerar i aktier och aktierelaterade värdepapper i företag som valts ut av investeringsförvaltaren med särskilt fokus på företagens hållbarhetsegenskaper, vilket uppnås genom integration av miljömässiga, sociala och bolagsstyrningsfaktorer genom att tillämpa ESG-undantag och ESG-integration, samt företagens förmåga att erbjuda överlägsna tillväxtutsikter och investeringsegenskaper.
Investeringsförvaltaren förvaltar aktivt portföljen på ett sätt som gör att fondens aktiva risk- och avkastningsnivå förväntas vara måttlig i förhållande till den breda marknaden, vilket kallas ”BetaPlus Enhanced”-metoden.
Den börshandlade fondens totala kostnadskvot (TER) uppgår till 0,25 % per år. Utdelningarna i ETFen ackumuleras och återinvesteras.
BetaPlus Enhanced Global Developed Sustainable Equity UCITSETF – USD ACCETFär en mycket liten ETF med 17 miljoner euro i förvaltningstillgångar. Denna ETF lanserades den 16 juni 2025 och har sitt säte i Irland.
Det betyder att det går att handla andelar i denna ETF genom de flesta svenska banker och Internetmäklare, till exempel Nordnet, SAVR, DEGIRO och Avanza.
Welcome to the first monthly edition of the State of Crypto, cutting through the noise and helping guide your investment decisions at the start of every month.
April saw bitcoin’s strongest monthly performance in over a year, rallying 12% to $79,500.
While $78,000 remains a stubborn resistance level, the underlying market structure suggests a fundamental shift: the market’s largest holders are treating this correction as a structural buying opportunity.
BITCOIN IN THE MACRO BACKDROP
• Risk–on rebound: A recovery in tech and AI spilled into crypto, giving BTC the momentum to climb from $69,000.
• Policy and energy: With the Strait of Hormuz closed and energy–driven inflation sticking, markets now price in zero rate cuts for 2026.
• Patient capital: Institutional conviction is high. US spot ETFs absorbed $2.4 billion in April, while corporate treasuries – led by Strategy’s $2.5 billion purchase – are building a massive price floor.
MARKET DYNAMICS TO WATCH
• Flight to quality: Capital is slowly moving up the risk curve. Bitcoin dominance is at its highest since mid–2025 as investors favor blue chips over the DeFi sector, which has been hit by recent protocol exploits.
• Liquidity resilience: Stablecoin supply reached a record $321 billion. Unlike in prior cycles, when capital exited the market during dips, today’s dry powder is staying onchain.
• Miner health: Despite high energy costs, large–scale miners are accumulating BTC, signaling they expect higher prices ahead.
WHAT NOW?
The $74,400 zone has flipped from resistance to support. We are still waiting for a catalyst to clear the macro uncertainty, but the current consolidation looks more like a launchpad than a ceiling. A decisive weekly close above $78,000 would confirm a regime shift and open the path toward $85,000.
Get the full deep–dive: technical charts, an analysis of the ”mythos” AI effect, and our bull/bear scenario mapping for Q2.
21shares Chief Investment Strategist Adrian Fritz spoke with CoinDesk about the nearly $2 billion in spot bitcoin ETF inflows year-to-date, calling it a sign of structural – not speculative – demand, and flagging $100,000 as a realistic year-end target if geopolitical conditions ease and inflows hold.
Speaking to The Block, 21shares Senior Crypto Research Strategist Matt Mena weighed in on the Fed’s most split decision in over 30 years, arguing that hawkish dissenters threw cold water on the market’s rate-cut expectations heading into the Warsh era.
21shares Head of Macro Stephen Coltman told Axios that Warsh will struggle to build a rate-cut majority at the FOMC so long as core PCE stays above 3%, noting that Wednesday’s dissents sent an early and unambiguous signal of the internal resistance ahead.
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Research Newsletter
Each month the 21Shares Research team will publish our data-driven insights into the crypto asset world through this newsletter. Please direct any comments, questions, and words of feedback to research@21shares.com
Disclaimer
The information provided does not constitute a prospectus or other offering material and does not contain or constitute an offer to sell or a solicitation of any offer to buy securities in any jurisdiction. Some of the information published herein may contain forward-looking statements. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties and that actual results may differ materially from those in the forward-looking statements as a result of various factors. The information contained herein may not be considered as economic, legal, tax or other advice and users are cautioned to base investment decisions or other decisions solely on the content hereof.