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Welcome to the Institutional Crypto Roundup — where billion-dollar companies keep accidentally proving crypto is no longer a niche internet experiment.

Grab your stress ball and favorite macro doomer podcast… because this week had EVERYTHING.

1/ Crypto funds just got smacked with $1 BILLION in outflows

Turns out global markets still don’t enjoy the words: → “geopolitical tensions” → “Middle East escalation” → “possible conflict expansion”

Shocking, I know.

As fears around the US-Iran situation heated up, investors pulled over $1B from crypto investment products last week.

Most of the bleeding came from Bitcoin and Ethereum funds.

And honestly?

This is a reminder that even though Bitcoin loves pretending it’s a completely independent financial system…

…institutions still trade it like a risk asset when the world starts looking spicy.

2/ Tether is quietly building a Bitcoin empire

While markets were panicking, Tether went shopping.

The stablecoin giant just bought SoftBank’s stake in Twenty One Capital — the Bitcoin-focused company led by Jack Mallers.

And Twenty One already holds over 42,000 BTC.

Translation:

Tether isn’t just printing stablecoins anymore.

They’re slowly becoming one of the most influential Bitcoin financial players on Earth.

3/ Bitcoin miners are morphing into AI infrastructure companies

This might be one of the biggest under-the-radar shifts happening in crypto right now.

According to Bernstein analysts:

Bitcoin miners suddenly own two things AI companies DESPERATELY need: → massive power access → giant data center infrastructure

So now miners are pivoting from: → “internet money factories”

…to:

→ “AI server landlords.”

And honestly?

It makes perfect sense.

Because AI and Bitcoin mining both consume absurd amounts of energy.

The difference is: → one mines coins → the other trains robot overlords

4/ Polymarket just teamed up with Nasdaq

Yep.

Prediction market platform Polymarket partnered with Nasdaq to launch prediction markets tied to private companies.

Meaning people may eventually be able to speculate on things like: → startup valuations → IPO timing → private market milestones

Basically:

Wall Street is slowly realizing that prediction markets might actually be useful instead of just a place where people gamble on whether aliens will invade Ohio.

Now here’s the interesting part about ALL of this:

Even during a week where: → crypto funds lost $1B → macro fears exploded → volatility came back hard

…institutions still kept building.

And that’s the thing most people miss during scary weeks:

Price action changes fast.

Infrastructure adoption usually doesn’t.

Remember when your friend sold Bitcoin at $20K because:

“Bro… it already went up too much.”

…and then had to watch it keep ripping without him?

Yeah.

That’s basically the emotional rollercoaster billionaire investors go through too — just with a few extra zeros attached.

Here’s what just happened:

1/ Billionaire investor Bill Ackman basically dumped Google

Bill Ackman’s hedge fund, Pershing Square Capital Management, sold almost its entire ~$1.9B position in Alphabet.

Not because he suddenly thinks Google is trash.

Actually… quite the opposite.

Ackman still says he loves Alphabet’s business long term.

But after the stock absolutely ripped higher during the AI boom?

He basically looked at it and said:

“Cool. I’ll take the money now.”

2/ Then he immediately rotated into Microsoft

And THIS is the really interesting part.

Ackman used those profits to pile into Microsoft after the stock got smacked earlier this year.

Why did Microsoft dump?

Because investors got nervous about: → slowing Azure cloud growth → massive AI spending → exploding data center costs

In other words:

Wall Street briefly panicked that Microsoft was spending TOO much money trying to win the AI race.

Ackman saw the dip and basically went:

“Thanks for the discount.”

3/ This is really a bet on AI infrastructure

Microsoft isn’t just another software company anymore.

It’s becoming: → an AI operating system → an enterprise AI provider → an AI cloud monopoly contender

Between: → OpenAI → Copilot → Azure → AI enterprise integrations

…Ackman is betting Microsoft becomes one of the biggest monetization engines of the entire AI boom.

And honestly?

It’s hard to argue against that thesis.

4/ But here’s the key thing people miss

This wasn’t: → “Google bad, Microsoft good.”

It was:

→ “Google expensive, Microsoft temporarily discounted.”

That’s an important difference.

Because the world’s biggest investors don’t just chase good companies.

They chase: → good companies → at moments where fear temporarily misprices them.

And Ackman clearly thinks the market overreacted to Microsoft’s short-term AI spending concerns.

Now here’s the funny part:

The entire reason Microsoft sold off…

…was because it’s spending TOO aggressively building AI infrastructure.

Which tells you just how insane this AI race has become.

Wall Street is now worried companies might spend too much money trying to dominate the next technological revolution.

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DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.