Japan’s major brokerages are preparing to bring crypto investment trusts to retail investors, with SBI Securities and Rakuten Securities already developing products in-house, while others like Nomura plan to enter the space once regulations are finalized.
SBI Securities plans to sell funds developed by group company SBI Global Asset Management, with products spanning both ETFs and investment trusts focused on liquid assets like Bitcoin and Ethereum, according to a Sunday report by Nikkei. The group intends to handle everything from product development to distribution in-house.
Rakuten Securities is taking a similar approach, working with Rakuten Investment Management to build products tradeable directly through smartphone apps, the report revealed.
The move would mark a significant shift in how ordinary Japanese investors access crypto. Currently, buying digital assets requires opening a dedicated exchange account or setting up a wallet. Investment trusts would allow crypto exposure through existing securities accounts, removing a key barrier for retail participation.
Among the larger names, Nomura and Daiwa have both announced plans to develop crypto investment trusts within their respective groups, Nikkei reported. SMBC Group, including SMBC Nikko, has set up a cross-group task force to evaluate its options, while Asset Management One, under Mizuho Financial Group, has begun preliminary exploration.
The move comes as Japan’s Financial Services Agency is moving to revise the enforcement order of the Investment Trust Act by 2028, which would formally add cryptocurrencies to the list of specified assets investment trusts can hold.
Last month, Japan formally reclassified crypto assets as financial instruments under an amended Financial Instruments and Exchange Act, bringing them under the same regulatory umbrella as stocks and bonds. The bill, if passed in the current parliamentary session, is expected to take effect in fiscal 2027.
Japan is also reportedly considering rule changes that could allow crypto ETFs as early as 2028, with major financial groups including Nomura Holdings and SBI Holdings among the first expected to develop such products.
SBI Holdings has already outlined plans for a Bitcoin-XRP dual ETF and a gold-crypto ETF, pending regulatory approval.
AAVE trades at $91.21 with bears targeting the $85-86 support zone as multiple moving averages create resistance overhead. Protocol fundamentals remain weak following recent security concerns and c…
Technical Structure Breaks Down
AAVE’s current position at $91.21 represents a precarious technical setup after the recent 3.37% bounce failed to reclaim meaningful resistance levels. The token trades below all significant moving averages, with the SMA 7 at $95.26, SMA 20 at $94.68, and SMA 50 at $95.86 forming a resistance cluster that continues to reject upward attempts. The RSI reading of 43 suggests neither oversold relief nor bullish momentum, while the MACD histogram sits at zero, indicating a lack of directional conviction from institutional flows.
Critical Support Zones Emerge
The immediate support battleground centers around $88.97, which aligns closely with the Bollinger Band lower boundary at $88.46. A decisive break below this confluence zone opens the path toward $86.74, representing the next major support level that could absorb selling pressure. The Bollinger Band position at 0.22 indicates oversold conditions, though crypto markets frequently remain oversold for extended periods during structural downtrends. Blockchain.news analysis shows similar DeFi protocol corrections often extend deeper than traditional technical oversold readings suggest.
Market Positioning and Flow Dynamics
Current market positioning reveals a complex sentiment picture with retail maintaining a 54.8% long bias while sophisticated traders hold an even higher 61.6% long position. However, the taker buy/sell ratio of 0.73 indicates persistent selling pressure on every bounce attempt, creating a pattern of failed rallies. Recent protocol challenges including security incidents and significant deposit outflows totaling approximately $6 billion have created fundamental headwinds that technical analysis alone cannot overcome. The funding rate remains neutral at 0.0022%, suggesting no immediate liquidation pressure from perpetual futures markets.
Trading Outlook and Risk Management
The technical and fundamental confluence suggests a 70% probability of testing the $85-86 support zone before any sustained recovery materializes. Short-term resistance clusters between $92.36 and $93.52 create natural profit-taking zones for any countertrend bounces. The Average True Range of $4.94 indicates continued volatility around key levels, requiring careful position sizing for both directional trades and range-bound strategies. Blockchain.news tracking of DeFi token recoveries shows these assets typically require 2-4 weeks to establish sustainable uptrends following major protocol disruptions, making patience essential for any bullish positioning.
The US CLARITY Act, which aims to provide the US crypto industry with more regulatory clarity, could have a positive ripple effect beyond the crypto sector itself, according to venture capital firm a16z crypto.
“If the US provides builders with regulatory clarity, it will be a boon for domestic innovation,” a16z crypto said in an X post on Friday.
A16z pointed to the passage of the GENIUS Act in July 2025, which created a regulatory framework for stablecoins, as a possible indication of what may happen following the CLARITY Act.
“Its passage led to unprecedented growth and adoption, which is not only good for the U.S. economy, but is also good for long-term dominance of the US dollar,” a16z crypto said. The US dollar index, which tracks the dollar’s strength against a basket of major currencies, is 99.27 at the time of publication, up 1.28% over the past 30 days, according to TradingView. A16z said:
“When our legal frameworks are designed to both foster innovation and protect consumers, America leads and the world benefits.”
Since the US CLARITY Act was introduced in July 2025, the crypto industry has been widely speculating about its potential impact on global markets.
Sharplink Gaming CEO Joseph Chalom recently said that while many view the legislation as “a US phenomenon,” it is also being seen as a major signal for other jurisdictions around the world.
US asset management firm Grayscale said in a report published on Friday that the odds of the legislation passing are high in the firm’s view, but “the bill will require bipartisan support to clear the full Senate and become law.”
“There are still a few hurdles to clear before CLARITY can become law,” Grayscale said.
The comments came after a Thursday session of the US Senate Banking Committee, in which all 13 Republican members and two Democrats voted to advance the bill, with nine Democrats also voting no on the bill.
Grayscale pointed out that Republicans currently hold 53 seats, meaning at least seven Democrats would need to support the bill. “We believe that’s possible: the GENIUS Act cleared the Senate with 66 votes including 18 Democrats,” Grayscale said.
AAVE’s breakdown below $95 resistance targets $82 support within 10 days, with technical indicators suggesting 65% probability of reaching $76-80 range. Whale accumulation patterns indicate potenti…
Market Context: Why AAVE is Moving Now
AAVE’s 7.34% daily decline reflects a decisive break below the 20-day moving average at $95, confirming a broader DeFi rotation pattern. With the current price at $89.51 sitting well below the 200-day moving average at $139.66, we’re witnessing a textbook institutional shakeout.
The negative funding rate of -0.0103% reveals shorts are paying longs to maintain positions, which historically signals capitulation phases rather than sustained bearish momentum. This dynamic creates the volatility environment where significant price reversals typically emerge.
Technical Breakdown Analysis
RSI at 40.34 shows oversold conditions developing without reaching panic territory yet. The MACD histogram sitting at zero indicates momentum has stalled rather than accelerated downward, suggesting current selling pressure stems from weak hands rather than institutional conviction.
AAVE’s position at 0.06 on the Bollinger Bands scale places it near the lower band at $88.76, with immediate support at $86.09 looking increasingly vulnerable. The daily ATR of $4.90 indicates potential for $5+ moves in either direction, making the $82.67 strong support level a realistic target within 48-72 hours. Blockchain.news analysis shows similar breakdown patterns typically resolve with 15-20% bounces once key support levels hold firm.
Positioning and Market Structure
Smart money positioning tells a compelling story. Top traders maintain a 1.68 long/short ratio with 62.7% positioned long, while retail traders show only 55.9% long exposure. This divergence suggests institutional accumulation during retail panic selling.
Open interest increased 2.29% to $48.7 million despite the price collapse, indicating fresh positions entering rather than existing longs capitulating. The aggressive selling shown by the 0.8084 taker buy/sell ratio provides exactly the liquidity whales need to build substantial positions without significant market impact.
Strategic Outlook
The bull scenario activates if $82-84 support holds with a daily close above $92. This setup targets a rapid move to test $100.17 resistance, potentially reaching $110-115 within 3-4 weeks as overleveraged shorts face squeeze pressure. The 44.1% retail short positioning provides ideal fuel for this reversal scenario.
The bear case requires a decisive break below $82.67, opening the path to test the $76-80 psychological zone. Current momentum and Blockchain.news tracking of similar DeFi patterns suggests this scenario carries roughly 65% probability over the next 10 days. However, any bounce from those levels should be viewed as a major accumulation opportunity rather than temporary relief.
AAVE is positioning for a 25-30% directional move in the coming weeks, with the outcome hinging on whether institutional buyers can defend the $82-84 zone or retail panic drives the token into the $70s first.
Spot Bitcoin exchange-traded funds (ETFs) recorded $1 billion in weekly net outflows, ending a six-week inflow streak that had drawn a combined $3.4 billion.
The week started on a cautiously optimistic note, with Monday posting modest inflows of $27.29 million, according to data from SoSoValue. The tide turned sharply on Tuesday, when investors pulled $233.25 million from the funds. Selling pressure intensified on Wednesday, the worst single day of the week, with outflows reaching $635.23 million.
A brief reprieve came on Thursday, as inflows of $131.31 million offered a momentary reversal. However, Friday erased that recovery as well, when a further $290.42 million exited the products, sealing the week in the red at exactly $1 billion in net outflows.
Spot Bitcoin ETFs see weekly outflows. Source: SoSoValue
The weekly loss marks a reversal from the previous six weeks, during which spot Bitcoin ETFs attracted consistent net inflows, with the week of April 17 standing out as the strongest, pulling in $996.38 million. This week’s selling leaves total net assets sitting at $104.29 billion, with cumulative net inflows across all products at $58.34 billion.
In a recent note, analysts at Bitunix said capital is “aggressively” rotating toward both the “AI growth narrative” and the institutionalization of crypto assets. NVIDIA, Google and Apple pushed toward fresh all-time highs last week, while AI chipmaker Cerebras surged more than 70% intraday on its IPO debut.
On the crypto front, the CLARITY Act, widely seen as one of the most consequential crypto market structure bills in the US, cleared the Senate Banking Committee. Coinbase shares rallied sharply subsequently as markets priced in the development, and Bitcoin climbed back toward the $82,000 mark.
However, Bitcoin’s price structure points to a market on edge, Bitunix said. They noted that heavy short liquidity sits clustered between $82,400 and $82,600, with $80,000 serving as the key support level to watch. “Current price action suggests the market has clearly entered a high-leverage volatility structure, as capital waits for further direction from the three dominant macro themes: AI expansion, U.S.-China relations, and crypto regulation,” they wrote.
Meanwhile, spot Ether ETFs recorded outflows across all five trading days last week. Tuesday was the worst session, with $130.62 million exiting the products, followed by $65.65 million on Friday, $36.30 million on Wednesday, $16.89 million on Monday, and a relatively muted $5.65 million on Thursday.
Combined, the five-day streak wiped $254.46 million from the funds, pulling total net assets down to $12.93 billion by week’s end.
The US CLARITY Act advances in the Senate, sparking bullish sentiment for Bitcoin (BTC), now trading above $79,000. Analysts weigh in on the implications.
Bitcoin (BTC) surged past $79,000 this week as optimism around the Digital Asset Market CLARITY Act triggered a wave of bullish sentiment across the crypto industry. The bill, which aims to establish a clear regulatory framework for digital assets in the United States, advanced out of the Senate Banking Committee on May 14 with a 15–9 bipartisan vote.
According to data from CoinMarketCap, Bitcoin is trading at $79,135 as of May 16, reflecting a 3.15% increase since the start of the month. However, 24-hour performance showed a slight pullback of 2.40%, signaling potential consolidation after its recent rally. The current market cap stands at an impressive $1.56 trillion.
Why the CLARITY Act Matters
The CLARITY Act, first introduced in July 2025, is designed to resolve long-standing jurisdictional disputes between the SEC and CFTC over cryptocurrency regulation. Key provisions include formally classifying Bitcoin as a commodity, protecting self-custody rights, and providing a registration framework for exchanges and brokers. Analysts believe these measures could unlock significant institutional interest by reducing legal uncertainty for banks and asset managers.
Crypto sentiment platform Santiment noted a “major spike of euphoria” on social media following the committee vote, with 1.55 bullish comments on Bitcoin for every bearish one. While the platform acknowledged the long-term bullish implications of the legislation, it issued a word of caution. “Markets typically move opposite to the crowd’s expectations at all times,” Santiment warned in a recent post on X (formerly Twitter).
Mixed Signals from Analysts
Despite Santiment’s warning, many analysts remain optimistic about Bitcoin’s trajectory. Michael van de Poppe, founder of MN Trading Capital, called the legislation “the biggest, and historical, bill for the entire industry” and suggested it could serve as a catalyst for the next major bull market.
However, White House crypto advisor Patrick Witt tempered expectations, reminding market participants that the bill’s passage is not yet guaranteed. “There’s more work to be done before this legislation is ready for prime time,” Witt said, emphasizing the need for broader bipartisan support before the bill reaches the Senate floor.
What’s Next for Bitcoin?
The CLARITY Act’s potential passage could redefine the regulatory landscape for U.S. crypto markets, particularly for Bitcoin. By codifying Bitcoin’s status as a non-security and providing a clear compliance framework, the bill could pave the way for increased institutional adoption, including custody services and lending by traditional financial institutions.
That said, traders should remain vigilant. Santiment highlighted that major cryptocurrencies could see “buy-the-rumor, sell-the-news” behavior, with current price levels already “baked in” ahead of any final vote. Additionally, the Crypto Fear & Greed Index posted a score of 31 on May 16, signaling “Fear,” as broader market participants adopt a cautious stance.
With the U.S. midterm elections set for November 3, 2026, the timeline for the CLARITY Act’s final passage remains uncertain. For now, Bitcoin traders must weigh near-term sentiment against the potential for long-term structural change in the industry.
The US Senate Banking Committee passed the crypto framework CLARITY Act yesterday.
Now, the bill, for which the crypto industry has heavily lobbied since it was introduced in 2025, will head to the Senate floor for a broader debate.
As Cointelegraph reported, over 100 amendments were proposed while lawmakers hashed out the exact language of the bill. These covered a wide range of issues, including ethics, AI sandboxes and stablecoin yields.
But many of these fell apart. While two Democrats joined with their Republican colleagues, the vote was mainly along party lines.
The chances for the bill to pass look good, with nearly all Republicans and some Democrats supporting, but increasing partisan gridlock ahead of the elections could still delay passage.
CLARITY gets out of committee on party lines
After yesterday’s session, Senator and committee chairman Tim Scott announced “a successful bipartisan markup” in advance of the bill proceeding to the Senate floor.
Scott speaks at the markup session. Source: US Senate
“After nearly a year of good-faith bipartisan negotiations, Senate Banking Committee Republicans and Democrats came together today,” he said.
While the tone of Scott’s announcement leaned on supposed bipartisanship, the actual vote was mostly split along party lines. All 13 Republican members of the committee voted to advance the bill. All but two Democrats voted against, save for Senators Ruben Gallego and Angela Alsobrooks.
Contrary to Scott’s message of bipartisanship, Senator Jack Reed stated that Republicans arbitrarily dismissed Democrats’ concerns about the bill, which ranged from how crypto could enable crime to the president’s use of crypto projects for personal enrichment.
Indeed, the minority released a brief after the vote, outlining its concerns. They stated that the current version, as passed by the majority, fails to adopt global anti-money laundering standards, exempts DeFi protocols from financial standards and doesn’t close loopholes for crypto mixer services.
While there are clearly some pro-crypto Democrats in Congress, whether the bill can progress depends on them crossing the aisle to vote against their own party.
Currently, the Republicans hold a 53-seat majority in the 100-seat Senate. To pass CLARITY, they’ll need 60 votes, so at least seven Democrats willing to vote with them.
Republicans (red) hold a 53-seat majority in the Senate.
At the Wyoming Blockchain Summit last year, Scott said that there were 12 Democrats open to the market structure bill, giving Republicans and the crypto lobby what they need to cross the line.
But that may not ring as true now as it did then. The Congressional Progressive Caucus announced opposition to any bill which could “allow the President and his family to enrich themselves, engage in corruption, and sell access to the White House through cryptocurrency.” Notably, CLARITY’s current draft does not contain any such provisions.
Progressive groups have called on lawmakers to address these concerns. A group of organizations including Americans for Financial Reform, Demand Progress Action, Indivisible and Public Citizen wrote a letter on May 8.
“A bill without strong ethics provisions elevates the dangers of cheating consumers and investors, distorting and destabilizing financial markets, hindering competition, eroding longstanding investor protection laws, and making a mockery of regulatory enforcement,” they said.
Ryan Cooper, a senior editor at progressive politics publication The American Prospect, even suggested that Democrats who voted with the crypto industry ought to be primaried. “Allowing yourself to be bought by the crypto lobby is unforgivable,” he wrote.
Ethics could represent a politically volatile and important sticking point as the bill is debated on the Senate floor.
Industry still optimistic
Despite the largely partisan vote and the lingering ethics concerns, the crypto industry was largely optimsitc about the May 14 markup session.
Javier Martinez, CEO and former chief legal officer at crypto trading platform sFOX, said the vote represented a “major step toward resolving crypto’s regulatory identity crisis in the United States.”
Congress is “moving toward replacing regulatory ambiguity with a more defined legal framework. And markets respond to clarity,” he told Cointelegraph.
Ji Hun Kim of the Crypto Council for Innovation said the vote will make the US more competitive in the digital asset space. CLARITY will “ensure that our country leads when it comes to digital assets policy and innovation,” he said.
Blockchain investors and Blockstreet chief operating officer Kyle Chasse said, “This is the biggest regulatory moment in crypto since spot ETFs.”
Notably, the bill was held up for months as the banking and crypto lobbies argued over whether stablecoins could bear yields. Banks claimed this could lead to a critical flight of deposits, endangering financial stability, while crypto accused banks of stifling competition.
The version that passed markup last night sided with the banks, but would still allow crypto platforms to offer other activity-based rewards.
Even then, pseudonymous crypto trader 10 Delta said, “The yield ‘ban’ is cosmetic & simply something for banks to tout as a victory.”
“It bans stablecoins from paying you interest for just holding them: the way a savings account does. But it explicitly allows stablecoins to pay you rewards for using them: buying things, lending, providing liquidity, participating in any program.”
Ultimately, the focus is still on the market. Alexander Lorenzo, founder and chief investment officer of CoinPicks Capital, said, “The last crypto bill to clear this exact process was the GENIUS Act in July 2025. Bitcoin hit an all-time high of $123,000 within weeks.”
“CLARITY is bigger. It covers the entire crypto market, not just stablecoins.”
Bitcoin (BTC) fell below $80,000 at Friday’s Wall Street open as analysis tied risk-asset weakness to US bond markets.
Key points:
Bitcoin eyes its lowest levels of May as concerns over US bond yields spark a risk-asset rout.
US 10-year treasury yields rise above levels that sparked a US tariff pause on China last year.
Traders wait for new local lows for BTC/USD as support stability is eroded.
Bitcoin suffers as risk-asset “euphoria” turns sour
Data from TradingView tracked 3% daily BTC price losses, with downside intensifying as the US session began. BTC/USD approached its lowest levels in May so far.
Reacting, trading resource The Kobeissi Letter saw risk-asset “euphoria” giving way to concerns about “unsustainable” US bond yields.
“The bond market crisis is intensifying. The US 10Y Note Yield is now officially above 4.55% for the first time since May 2025,” it wrote in a post on X.
“After weeks of euphoria, the market is beginning to react today. As we have been stating for the last few weeks, the current situation in the bond market is unsustainable.”
US 10-year treasury note yield one-day chart. Source: Cointelegraph/TradingView
Kobeissi noted that yields were now above levels seen in April 2025, when US President Donald Trump halted the implementation of trade tariffs on China. That move, it said, came due to “a collapsing bond market.”
“Furthermore, the market now sees a 60%+ chance that the Fed’s next move is an interest rate HIKE, with rate cuts entirely priced-out,” the post added.
“We expect to see 7%+ mortgages next, all as auto loan delinquencies have reached 32-year highs. Inflation is back and higher rates are coming.”
Fed target rate probabilities (screenshot). Source: CME Group
The latest data from CME Group’s FedWatch Tool showed a 0.25% interest-rate hike as the most likely outcome by March 2027.
BTC price lows back on the radar
As Cointelegraph reported, traders were already unsure about Bitcoin’s ability to climb beyond $82,000 local highs.
Related: Bitcoin price history suggests 77% odds of new all-time high within a year
A support retest was already on the cards, and targets on the day extended toward the mid-$70,000 zone.
“Honestly, not a good sign that $BTC fully retraced the move from yesterday,” trader Pat told X followers.
BTC/USD comparison. Source: Pat/X
Rangebound continuation was an increasingly popular option, with analyst Eric Coleman suggesting that low-time frame price action was predictable.
“BTC pumped from the marked horizontal support just as expected and again it got rejected below the trendline and the horizontal resistance,” he wrote alongside an explanatory chart.
“Further movement in between the horizontal support and resistance is expected until a solid breakout or breakdown occurs.”
AAVE consolidates at $96.40 as whales accumulate while retail sells aggressively. Breaking $103.29 resistance unlocks a direct path to $115, though failure risks a drop to $89 support.
The Immediate Setup
AAVE trades at $96.40, locked in a tight consolidation that’s building pressure for the next major move. The token holds above its 20-day SMA at $95.50 but remains below the 7-day average at $98.14, creating a neutral technical stance. The RSI sits at 49.64 with the MACD histogram at zero, confirming the market’s indecision as both buyers and sellers wait for a catalyst.
Daily trading has compressed into a $95.75 to $101.24 range, with volume at $17.5 million showing sustained institutional interest despite the sideways action. The negative funding rate of -0.0116% indicates shorts are getting paid, creating an underlying bearish bias in derivatives markets that contrasts sharply with spot price stability.
Key Levels Exposed
AAVE sits at 58% through its Bollinger Bands, positioned perfectly for a breakout in either direction. Immediate resistance emerges at $99.84, but the real battle zone lies at $103.29 where previous rallies have consistently stalled. Blockchain.news analysis reveals this level has absorbed significant selling pressure, making it the gateway for any sustained upward movement.
Support structure appears solid with the first layer at $94.35 aligning with the 20-day SMA. Below that, strong support at $92.31 provides additional protection before the lower Bollinger Band at $89.88 comes into play. The 200-day SMA at $140.37 serves as a reminder of how far AAVE has retreated from previous highs, creating substantial overhead resistance for longer-term recovery.
Sentiment Divide Creates Opportunity
Market positioning reveals a stark contrast between smart money and retail behavior. Top traders maintain a bullish 2.38 long/short ratio with 70.4% positioned long, yet the taker buy/sell ratio shows aggressive retail selling at 0.76. This divergence often signals opportunity as institutional money accumulates while weaker hands exit.
Open interest has climbed 3.19% to over 483,000 contracts, indicating growing institutional engagement despite flat price action. Blockchain.news tracking shows the negative funding rate actually benefits long positions, essentially paying holders while whales continue building positions. This setup typically resolves in favor of the smart money positioning.
Trade Framework
The technical setup favors a breakout approach with defined risk parameters. Bulls should consider entries between $95.50-$96.50, using the 20-day SMA as support with stops below $92.00 to limit downside to roughly 4-5%.
The upside path targets $103.29 resistance first for a 7% gain, but breaking through opens the door to the upper Bollinger Band near $115 for 20% upside potential. Conservative traders should book partial profits at the first resistance while letting winners run with trailing stops.
Bears can position for rejection at $99.84 with stops above $104, targeting the $89.88 lower band. However, whale positioning and technical compression suggest the breakout direction will likely favor bulls once this consolidation phase concludes.
