Crypto Daily｜JPMorgan Unveils Tokenized Money Market Fund for Stablecoins; Michael Saylor Sees CLARITY Act as a Turning Point for Bitcoin Adoption

Crypto Daily is our column tracking crypto market trends, offering timely insights and valuable updates to keep you informed.

Crypto News

JPMorgan Unveils Tokenized Money Market Fund for Stablecoins

JPMorgan has filed to launch the OnChain Liquidity-Token Money Market Fund (JLTXX), a blockchain-powered offering designed for stablecoin issuers to park their reserves and earn interest. The fund will operate on Ethereum and invest in U.S. Treasury bills and overnight repurchase agreements backed by U.S. Treasuries or cash, according to a filing with the U.S. Securities and Exchange Commission (SEC) on May 12.

The move adds to JPMorgan's growing blockchain ambitions and caters to the expanding tokenized finance sector. JLTXX has a $1 million minimum investment requirement and charges an annual fee of 0.16% after waivers. While the filing states it becomes effective on May 13, the bank has not disclosed a specific launch date. The fund will be managed by Kinexys Digital Assets, JPMorgan's blockchain-focused division.

Michael Saylor Sees CLARITY Act as a Turning Point for Bitcoin Adoption

Michael Saylor says the next major step in U.S. crypto legislation could give Bitcoin and digital-asset finance a clearer path into the capital markets.

The Strategy executive chairman framed the CLARITY Act markup as more than another regulatory checkpoint, arguing that the bill could help unlock a wider market for digital capital, digital credit and digital equity. His comments come as lawmakers prepare to review the Digital Asset Market Clarity Act, a bill designed to define how crypto markets are overseen between the Securities and Exchange Commission and the Commodity Futures Trading Commission.

Bitcoin eyes $90,000 as inflation priced in and CLARITY Act looms

21Shares analyst Matt Mena says Bitcoin’s failure to sell off on hot inflation data signals the market has already priced in macroeconomic headwinds, with BTC holding above the key $80,000 support level.

Mena sees a path from the current $82,000 resistance retest toward $85,000 as macro friction clears, with the Senate CLARITY Act vote identified as the next major catalyst that could push price toward $90,000.

Bitcoin & Ethereum Spot ETF Flow

The overall net outflow of the US Bitcoin spot ETF on Tuesday was $200.3 million. The total net asset value of Bitcoin spot ETFs is $108.3 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 6.64%.

The Bitcoin spot ETF with the highest net outflow on May 12 was Fidelity Wise Origin Bitcoin Fund with a net outflow of $86.13 million, according to SoSoValue.