ETF Inflows, Boeing & Tesla Wins, & Tim Cook Out

View from the Arch #129

April 24, 2026

We’re excited to see you next week at Bitcoin Vegas!

  • Himanshu will be speaking on Monday at 10:20am on a panel about Scaling Operations via Bitcoin-Backed Lending at the Bitcoin for Corporations Symposium.

  • Dhruv will be speaking on Tuesday at 11am on the Enterprise Stage on a panel about Portfolio Construction & Financial Products with Bitcoin at the Core.

  • We’ll be hosting a VIP Arch Mixer Tuesday evening. You can RSVP here.

Both Dhruv and Himanshu will be in Vegas all week and open to meeting with allocators, treasurers, and institutional partners!

This Week in Crypto

BTC spent Friday stuck in a $77,500-$78,500 range, following a failed breakout attempt near $80,000 on Wednesday.

  • The broader trend is constructive - up, but let’s not jinx it. 

  • Bitcoin’s 30-day correlation with the U.S. Dollar Index has deepened to -0.90, its most negative level since 2022, meaning roughly 81% of Bitcoin’s recent short-term price moves are statistically linked to shifts in the dollar. 

The ETF machine is running hot -

  • U.S. spot Bitcoin ETFs logged eight straight days of inflows, totalling $2.1B through April 23.

  • BlackRock’s IBIT did roughly 75% of the lifting on Wednesday alone. 

  • Analysts warn the ETF bid may be serving as exit liquidity for short-term holders, marking Bitcoin’s behavior around $80,000 a critical test of whether the rally can sustain or will be sold into again. 

SEC Chair Paul Atkins delivered keynote remarks sharply criticizing the prior administration’s regulatory posture toward digital assets and announced something called “Project Crypto”.

  • Meanwhile, a bipartisan PACE Act was introduced to create a national payments license giving fintechs and crypto firms direct access to Federal Reserve payment rails. 

This Week in TradFi

Markets continue to be beholden to Iran War news -

  • Stocks dropped Tuesday as investors grew nervous that a peace deal with Iran would not materialize before the ceasefire expired. 

  • Then Trump extended the ceasefire Wednesday, and the S&P 500 popped 1.05% to close at a record 7,137.90, while the Nasdaq gained 1.64% and briefly hit a new all-time intraday high. 

This week’s bright spots came from corporate America -

  • Boeing reported an adjusted loss of only 20 cents per share against expectations of an 83-cent loss, while revenue of $22.22B topped estimates. 

  • Tesla beat on both top and bottom lines, posting $22.38B in revenue, and gross margin jumped to 21.1%, up nearly 5 points YoY and the strongest in several quarters.

Gold is up (of course) -

  • Gold futures settled around $4,4879 as falling Treasury yields and a softening dollar kept the structural case for bullion intact. 

  • Gold is up when there’s a war and also when there isn’t one!

This Week in Tech

Apple announced Monday that Tim Cook will step down as CEO on September 1, handing the role to John Ternus, SVP of Hardware Engineering. 

  • Cook will stay on as executive chairman. Under him, Apple grew from a $350B company to a $4T one. 

  • Apple’s stock barely moved on the news, possibly a testament to how well-telegraphed this was or confirmation that the market priced out any Cook-specific excitement years ago.

SpaceX announced it has struck a deal with AI coding startup Cursor, giving itself the right to acquire the company for $60B later this year or pay $10B for “our work together”.

  • Until a few hours before SpaceX announced, Cursor was on track to close a $2B funding round later this week, valuing it at $50B. 

This week in Anthropic -

  • Amazon committed to investing $5B immediately in Anthropic, with up to $20B in additional funding tied to milestones, bringing its total commitment to over $33B. 

  • In return, Anthropic pledged to spend more than $100B over 10 years on AWS infrastructure. 

  • Google also announced it will invest upwards of $40B into Anthropic at its current $350B valuation. 

  • OpenAI spent the week briefing US federal agencies and Five Eyes allies on its new GPT-5.4-Cyber model, pitching it as a tiered access platform for government cyber defense, effectively competing with Anthropic’s Mythos for the national security contract. 

Meanwhile, this week on 4/20 the internet discovered Gudtrip, a device that combines “premium cannabis, blockchain rewards, and AI-powered asset tools in one product”, earning its users Bitcoin, Gudtrip Points, and a VAPE token when they smoke. Literally what are we talking about.

As usual, below are some fundraising announcements, M&A, and tech personnel changes that caught our eye:

  • British neobank Revolut is eying a valuation between $150B and $200B in an IPO, the Financial Times reported.

  • Blue Energy has raised $380M to build grid-scale nuclear reactors in shipyards.

Arch is building a next-gen wealth management platform for individuals holding Alternative Assets. Our flagship product is the crypto-backed loan, which allows you to securely and affordably borrow against your crypto.

Disclaimer: None of the above is financial advice, seriously.