Market Pulse: May 2026

Executive Summary:

April 2026 opened against a backdrop of heightened geopolitical sensitivity, as a fragile ceasefire between the United States and Iran was reached on April 8th, briefly easing the regional pressures weighing on global markets. The relationship along the Strait of Hormuz nonetheless remained delicate, and following the breakdown of the Islamabad Talks, the United States imposed a naval blockade on Iranian ports starting April 13th, creating a dual blockade dynamic that kept energy markets on edge throughout the period.

Despite this complex external environment, the digital asset space displayed notable resilience, with Bitcoin establishing a firm floor above $75,000 and recovering toward the $77,000 to $80,000 corridor by month end. The crypto landscape received strong support from renewed institutional demand, as US spot Bitcoin ETFs attracted approximately $2.44 billion in net inflows, nearly double March's total and the strongest monthly result since October 2025. This structural bid absorbed supply well above daily mining output, providing a meaningful counterweight to headline driven volatility and reinforcing the maturing profile of the asset class.