Quick Read

• COIN shed 34% year to date as retail volumes dried up, while BLK gained 1% on record $132 billion Q1 ETF inflows.

• Mastercard’s BVNK acquisition pushes deeper into stablecoins as QQQ climbed 17% year to date, a risk-on rally Bitcoin has yet to join.

• Retail’s crypto share fell from 90% to 70% as institutions captured 30% of the market, explaining Bitcoin’s decline without triggering mass panic selling.

• Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and BlackRock didn’t make the cut. Grab the names FREE today.

On Bloomberg Tech, live from San Francisco today, a venture capital investor laid out a striking thesis about what’s actually happening inside the cryptocurrency…