The crypto markets appear calm heading into the weekend after a volatile week that tested how institutional investors new to the crypto trade would react to the mammoth swings that are old hat for more seasoned digital currency investors.
The sell-off in bitcoin and ether began earlier this week and wiped out $367 billion in value just as markets in Japan were nosediving. But it turns out, these newbie crypto traders were down to buy the dip.
Spot ether exchange-traded funds collectively saw net inflows of around $120 million this week, with most traders buying in on Monday and Tuesday when the world’s second-largest cryptocurrency was down 42% from its March price high of more than $4,000.
Though net flows for the spot bitcoin ETFs are negative since Monday, data from crypto analytics firm CoinGlass shows demand began to reaccelerate midweek, with the batch of spot funds adding more than $245 million on Wednesday and Thursday.
The bank, which is one of the world’s largest wealth management firms, is the first among the big players on Wall Street to take this step. Up to this point, wealth management businesses have only facilitated trades if customers specifically requested exposure to these new spot crypto funds.
Of Morgan Stanley’s $1.5 trillion in assets under management, the bank disclosed in a May 13F filing that it held around $270 million in spot bitcoin ETFs. The next filing deadline on Wednesday will offer the latest read on how much exposure banks and hedge funds now have to these spot crypto products.
The expectation is that other wirehouses and asset managers, who have been on the sidelines performing in-house due diligence on spot crypto ETFs, might feel the pressure to soon follow Morgan Stanley’s lead.
The spot ether ETFs, which launched less than three weeks ago, have seen relatively tepid flows compared to the blockbuster launch of spot bitcoin ETFs in January. The bitcoin funds collectively hold $54.30 billion in assets under management, versus $7.25 billion across the spot ether funds.
Moving in lockstep with U.S. stocks
The crypto market traded in lockstep with U.S. equities most of the week.
The market cap of all tokens has gained back hundreds of billions of dollars since Monday and is now above $2.1 trillion.
Bitcoin hit an intraday high of nearly $63,000 on Friday, and ether was trading above $2,700 earlier.
Though bitcoin and ether are considerably higher than the intraday lows of Monday, both assets are still down over the past seven days, with ether on pace for its worst week in nearly two years.
It is a similar story with some of the crypto-aligned stocks. Coinbase, MicroStrategy and bitcoin miner Riot Platforms shares posted third straight weekly losses.
Crypto price moves this week have laid bare just how much digital assets continue to track U.S. stocks and how they tend to respond to the same macro triggers.
Earlier this week, the unwinding of the yen carry trade contributed to the turmoil that wracked global markets, and then on Thursday, fresh data on jobless claims came in lower than expected, helping to allay recession fears. The S&P 500 notched its best day in almost two years on Thursday, and the crypto market came roaring back.
It also helps that regulatory winds appear to be shifting.
Yet, another U.S. judge has sided with the crypto industry in a legal battle against the U.S. Securities and Exchange Commission.
District Judge Analisa Torres ordered Ripple to pay $125 million in civil penalties, which was substantially less than the $2 billion the SEC was after. Ripple’s XRP token surged 22% on Thursday on the news.
“Honda hydrogen is open for business,” says David Perzynski, assistant manager of hydrogen solutions development at American Honda. “(We have) the fuel cell technology, the expertise, and the supply chain to power a variety of zero-emissions products, including commercial trucking and stationary power generation.”
The company arrived with a more developed version of its Peterbilt 579EV-based HFC semi concept, which is based on one of that brand’s existing BEVs and uses the Honda fuel cell as a range-extending generator for its 120 kWh battery … or, rather, it would – if it was ever plugged into a charger.
On battery power alone, the big Pete is good for up to 150 miles of fully loaded range. With the fuel cell along for the piggyback ride, however, the truck’s range climbs to more than 500 miles at an 82,000 lb. combined vehicle weight.
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More than just a range-extender
Honda envisions a world where its hydrogen fuel cell is used in much more than transportation and logistics applications. At the ACT Expo, Honda had a scale mock-up of what a hospital-sized hydrogen backup generator could look like – and hinted that such an installation might soon become a reality.
This is all very normal for Honda
Honda FCX hydrogen fuel cell concept; via Honda.
If it seems weird that Honda is pushing hydrogen so hard these days, it shouldn’t. Honda’s been developing hydrogen fuel cells for nearly forty years, and put its first hydrogen fuel cell car (the FCX concept, above) all the way back in 1999.
Since then, it’s put a number of hydrogen fuel cell-powered vehicles into series production, including the innovative Honda CR-V HFC hybrid that lets you fill the car’s 17.7 kWh battery with electrons at home for up to 29 miles of all-electric driving, then fill up the hydrogen tank for another 241 miles of driving … and they’re not stopping there.
We had a chance to chat with David Perzynski on Quick Charge last year, where he talked us through some of Honda’s hydrogen plans in more detail. You can check it out, below.
Volkswagen of America is recalling nearly 5,700 2025 VW ID. Buzz vans because the NHTSA says the third-row bench seat is too spacious. (For real.)
According to the National Highway Traffic Safety Administration (NHTSA), the third-row bench is physically wide enough for three people, but it’s only designed to hold two, so it’s only equipped with two seat belts. That mismatch violates Federal Motor Vehicle Safety Standard number 208, which covers occupant crash protection. A bench that invites three passengers but only protects two isn’t just awkward – it’s a safety risk. It simply makes it too easy to squeeze that third person in the back “just that once” without a seatbelt, and that’s inviting trouble.
Volkswagen will fix the ID. Buzz issue by having dealers install “fixed unpadded trim parts” that adjust the seat’s usable width, and they’ll do it for free, because recall repairs are always free. It’ll probably be hard plastic on the seat to ensure a third person can’t squeeze in. Owner notification letters are expected to go out starting June 20, 2025.
Volkswagen has reported that, to date, there have been “no field claims known” of safety issues caused by the extra-wide third row bench seat.
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Electric vehicle charging and battery storage specialists Zenobē have inked a deal with Canadian leasing company 7Gen to fund more than 500 commercial EVs and their associated charging infrastructure.
Last week, Zenobē agreed to provide up to $48 million (Canadian) in debt financing to 7Gen to help expand its vehicle-as-a-service electric truck leasing program across Canada.
7Gen supports fleet operators with a comprehensive set of vehicle leasing and financing solutions that cover EV charger deployment, energy management systems, and ongoing operational support for Canadian fleet customers operating electric trucks, vans, and school buses.
Zenobē secured $1.6 billion in equity from its joint majority shareholders KKR and M&G Infracapital to fuel its global expansion into EVs and grid-scale batteries back in 2023. Since then, it’s grown to support more than 2,000 EVs and 120 charging depots across markets in the UK, Europe, Australia, and New Zealand.
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“We’re bringing our innovative funding approach to Canada and specifically to 7Gen,” says Steven Meersman, Co-Founder and Director of Zenobē. “We see momentum behind decarbonization in Canada’s supportive government policies and the clean, affordable power that will ensure a lower total cost of ownership for zero-emissions vehicles. We look forward to sharing our global experience electrifying over 120 depots to benefit 7Gen, its fleet customers and the wider electric fleet market in Canada.”
That innovative funding strategy is something Steven and I had a chance to discuss this week at the ACT Expo in Anaheim, California. “We’re being very careful in the way we approach the North American market,” he said (paraphrasing). “The market is fairly littered with the graves of other UK EV companies that have tried to find a foothold here and failed, so we’re being very careful about our partners.”
Despite living just a few minutes from his Chicago HQ, I’d never met Steven before this week. He’s a super-interesting guy and you will definitely learn a thing or two about how to build a multimillion dollar energy management company like Zenobē from our upcoming podcast (stay tuned for that). But the news here is 7Gen.
“Zenobē’s debt financing supports 7Gen’s next growth step and allows us to help our customers step up the pace of their EV adoption and benefit immediately from operational cost savings,” says Frans Tjallingii, CEO, 7Gen. “Zenobē’s team is well aligned with ours and we are thrilled to partner to scale our impact in Canada together.”
The company will begin rolling out its Zenobē-funded electric trucks in the coming weeks, with new partners and projects set to be announced shortly.
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