*as of 5/8; Sources: S&P, BTC, FTSE, DJRE, 30YM

For the first time since January, Bitcoin topped the $100K mark, rising more than 5% on the day to just under $103,000. The cryptocurrency is now up 33% in the last month after dipping to $75,000 in the aftermath of “Liberation Day.” Ethereum, the second biggest cryptocurrency by market cap, saw an even bigger gain yesterday, rising 20% to $2,200. The crypto market has a whole was up by 7% on the day, the best day it has had in months.

➨ TAKEAWAY: The market reacted strongly to the US/UK trade deal, which could signal a turning point in the trade wars. The $100,000 mark for Bitcoin and $2,000 mark for Ethereum are both important psychological barriers, and in the crypto market, surpassing those can be key. Positive price momentum leads to more buying demand, which leads to more price growth, which leads to a bull market.

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Join Amphibian Capital’s May 20th Webinar: Crypto at the Crossroads: Markets, Regulation, and Adaptive Allocation

The crypto market is shifting – and smart capital knows how to adapt. BTC just passed $100K, ETH’s next upgrade is drawing closer, and regulatory clarity is inching forward. In a world where volatility masks opportunity, it pays to stay sharp, agile, and anchored.

Join Amphibian Capital on May 20 for a sharp, strategic look at what’s unfolding—and how adaptive investors are positioning.

Register here →

In this conversation, crypto expert Kyle Reidhead of Milk Road and gold expert Peter Grosskopf of Argo Digital Gold talked about the competing stores of value: Bitcoin and Gold. They explore the current market context, the performance of both assets, their roles as hedges against economic uncertainty, and their short and long-term forecasts for Bitcoin and Gold.

Private equity funds have been increasingly targeting high net-worth individual investors, but the next step would be to tap into the $14 trillion of Americans’ retirement savings. To help that become a reality, industry advocates are lobbying the government to change regulations around illiquid investments as well as loosening the requirements to become an accredited investor.

➨ TAKEAWAY: A future where your 401(k) or employer-sponsored retirement fund offers private market investments is probably not that far off. Asset managers have been offering new private market retail products this year, with more likely to come. If accredited investor rules get changed, it will be a boon for everyday investors trying to get access to private market investments.

🏡 Best buyer’s markets: Of the top 200 markets, 69 now have higher inventory levels than in the pre-pandemic days of 2019, with Killeen, TX, Punta Gorda, FL, and Colorado Springs, CO, seeing the highest gains in supply. Overall, seven of the top ten markets on the list come from Texas and Florida.

🚀 JetBlue sells venture business: The airline sold off JetBlue Ventures, which had invested in aviation and transportation startups - a continuation of the trend away from corporate venture divisions, which have been declining since 2022.

🏢 Brookfield’s record fundraise: The asset manager raised $5.9 billion in Q1 for its opportunistic real estate fund, which targets distressed commercial real estate assets and has raised $16 billion in total.

🤖 Robotics unicorn: Sankaet Pathak, the ex-CEO of failed fintech startup Synapse, is trying to raise $100 million for his humanoid robotics startup Foundation at a $1 billion valuation.

🪙 Coinbase buys options platform: The crypto exchange is buying Deribit, the world’s largest trading platform for Bitcoin options, for $2.9 billion, which will expand its offerings significantly.

🎨 Frieze New York starts strong: The major contemporary art fair kicked off New York’s spring art season with strong sales, including a $3 million Jeff Koons sculpture, and six-figure sales for artwork by Gertrude Abercrombie, Adam Pendleton, and Lynda Benglis.

Monday: 📊 M&A report, 💵 Private equity funds
Tuesday: 📊 Five year outlook, 💵 Secondaries funds
Wednesday: 🪙 Crypto conflicts, 🏡 Real estate listing fight
Thursday: 📊 Fed meeting, 🚀 Global startup funding

Have a great weekend!