May was a month of two halves. Bitcoin ran up early, then gave most of it back when the Iran conflict heated up again. If you only looked at the chart, you might think nothing happened. The chart is lying. Behind the scenes, Wall Street made some of the biggest crypto moves we have ever seen.
Bitcoin opened May around $78,000, touched $82,000 in the first week, and then slid to roughly $73,000 by month’s end as the war spooked investors. Ethereum followed a similar path, starting near $2,300 and finishing around $2,000. The Fear and Greed Index sat deep in “Extreme Fear” for most of May. That same fear reading showed up before every major rally in the past two years.
Gold Holds. Silver Swings
Gold stayed above $4,500 an ounce, up more than 40% compared to a year ago. Governments around the world are still stockpiling it. The World Gold Council expects central banks to buy 700 to 900 tonnes of gold in 2026. When there is a war on, gold does what gold has always done.
Silver had another wild month, bouncing between $73 and $85 before settling near $75. That is still up more than 125% from a year ago. Silver is not just jewellery and coins anymore. It goes into solar panels, electric cars, AI data centres, and 5G networks. The world needs more of it every year, and most silver is mined as a by-product of digging up other metals, so supply cannot keep up easily.
Gold is the steady older sibling. Silver is the younger one who occasionally sprints ahead. Both are having an exceptional year.
Long-term readers may recall when the BostonTrading market update suggested that buying more gold, silver and Bitcoin may have been a good idea. This was six months before the 2020 Pandemic Crash. At the time, Bitcoin was around $8,000, gold was $1,500 and silver was $18. If you weren’t reading then, start now and tell your friends. Who knows where we will be in another 5-7 years?
The CLARITY Act Crosses a Major Hurdle
On May 14, the Senate Banking Committee voted 15–9 to advance the CLARITY Act. In plain terms, this is the bill that would finally tell America what crypto is. Which coins are commodities like gold? Which ones are securities like stocks? Who regulates what? For over a decade, nobody had clear answers. That made it nearly impossible for big institutions to invest in crypto because their lawyers would not allow it. Two Democrats crossed party lines to vote yes. The bill now heads to the full Senate, where it needs 60 votes. A floor vote is expected by June or July.
JPMorgan Puts U.S. Treasuries on the Blockchain
On May 13, JPMorgan launched a new fund called JLTXX on the Ethereum blockchain. The fund holds only U.S. Treasury bonds, and JPMorgan put $100 million of its own money into it on day one. This is the biggest bank in America choosing to run real money through the same blockchain network that powers Ethereum. Five years ago, the JP Morgan CEO called crypto a fraud. Now they are building on its rails.
Wall Street Opens the Floodgates
In early May, Morgan Stanley launched crypto trading on its E-Trade platform. Clients can now buy Bitcoin, Ethereum, and Solana right alongside their stocks and bonds, at fees lower than Coinbase or Robinhood.
A week later, Charles Schwab did the same thing, rolling out its Schwab Crypto platform for Bitcoin and Ethereum. Between them, these two brokerages serve nearly 47 million accounts and manage roughly $21 trillion in client assets. All of that money is now one click away from Bitcoin. That is not a toe in the water. That is a cannonball.
ETFs: A Tale of Two Halves
Bitcoin ETFs started May on a hot streak. Over nine straight days, roughly $2.7 billion flowed in. May 1 alone saw $629 million land in one day. Then the Iran situation got worse, fear took over, and more than $2.6 billion was pulled back out in the second half of the month. Since they launched in January 2024, spot Bitcoin ETFs have still attracted over $58 billion in total. The long-term trend is solid. The short-term nerves are real.
The Biggest Bitcoin Holder Blinks
Strategy, the company formerly known as MicroStrategy, made its smallest Bitcoin buy of 2026 in May: just 535 coins for $43 million. More interesting is what happened on their earnings call. For the first time ever, Strategy said it would be willing to sell some Bitcoin to pay dividends or cover debts. This is the company that owns over 818,000 BTC. They practically invented the corporate Bitcoin playbook. If they start selling, even small amounts, the market will notice.
Our Fund Performance
May was a tale of two halves for our funds as well. The early-month rally pushed prices higher, then the Iran escalation pulled everything back. Across all six funds, the direction is clear: crypto took a hit, the war is weighing on sentiment, and the numbers reflect that. The institutional buying covered above is exactly why we stay positioned.
Boston (BOS)
BOS gave back some of its April gains as the broader market pulled back in the second half of May. From inception in 2018, the fund is still sitting well above its starting point. The long-term chart tells the real story: BOS peaked above 1,000 percent in late 2021, pulled back hard through the bear market, and has spent the last two years trading in a range that roughly tracks the S&P 500. The two lines are nearly overlapping right now, which says more about where the S&P has come than where BOS has gone.
Bostoncoin price as at May 31, 2026: USD 49.97
DART
DART slipped below $100 in May after holding above it through April. From its March 2021 launch, the fund is up roughly 34 percent. The chart shows DART spent most of its first four years well ahead of the S&P 500, peaking above 200 percent in early 2022. The gap has narrowed since late 2025, and the S&P has moved ahead. When crypto turns, DART has historically closed that gap fast.
DARTcoin price as at May 31, 2026: USD 97.50
Polly
Polly launched in November 2024 as the conservative fund in the BostonTrading lineup, and she continues to do exactly what she was designed for. The chart below shows the full picture: a sharp early dip through the crypto downturn in late 2024, a strong recovery through mid-2025 that briefly pushed past the S&P 500, and a pullback since then as the broader market has weighed on crypto across the board. Polly is built to conserve capital first and grow second, and in a period where most crypto portfolios have given back 15 to 30 percent, that approach is doing its job.
Rafah
Rafah is down roughly 17 percent from its January 2025 start. The chart shows the fund reached highs above 35 percent in mid-2025 before pulling back through the end of the year and into 2026. The S&P 500 is up around 25 percent over the same window, so the gap is real. Rafah held up better than many crypto-heavy portfolios through the recent selloff, and it is positioned to recover when the broader market turns.
RAFAH price as at May 31, 2026: USD 83.25
Ashirvad
Ashirvad is down roughly 35 percent from its January 2025 start, and the S&P 500 is up about 27 percent over the same period. The chart makes that gap easy to see. Crypto is down hard across the board right now, and these numbers reflect that. We are not going to dress it up. The fund is positioned to move when crypto reasserts itself.
Ashirvad price as at May 31, 2026: USD 82.64
Oysher
Oysher is down roughly 35 percent from its January 2025 start, mirroring Ashirvad almost exactly. The S&P 500 is up about 27 percent over that same period. The chart tells the same story: a sharp drawdown in early 2025 followed by a grinding sideways move through 2026. Patient holders are well positioned for the recovery.
Oysher price as at May 31, 2026: USD 82.28
What We Are Watching
The 401(k) crypto rule from March just closed its public comment period. More than 20,000 comments were submitted. Indiana has already passed a law requiring certain state retirement plans to offer a crypto option by mid-2027, and Texas, Arizona, and Wyoming are working on similar laws. The CLARITY Act could hit the Senate floor as early as June. JPMorgan is building on Ethereum. Morgan Stanley and Schwab are selling Bitcoin to everyday investors. The world feels shaky, but the people building the next financial system are not slowing down.
Stay patient, stay positioned.
– JB
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