Institutional demand for Bitcoin is growing, as Coinbase, the world’s third-largest cryptocurrency exchange, recorded its highest daily outflows of Bitcoin in 2025 on May 9. On May 9, Coinbase saw 9,739 Bitcoin (BTC),

The crypto rally has more room to run, but a short-term pullback is likely before new all-time highs, analysts said.

Even as the top digital asset dips below $104K, crypto-linked equities—including Coinbase, Robinhood, and major miners—are flashing green.

Coinbase joins the S&P 500, bringing nearly $1B in Bitcoin onto the world’s most tracked index—and marking a turning point for corporate Bitcoin treasury strategy.

Coinbase had its best day since just after last year’s presidential election, as investors bought shares ahead of the company’s inclusion in the S&P 500.

Coinbase’s addition is a landmark moment for crypto, marking increased acceptance by traditional finance. The relief is one of the daily re-shuffle by S&P Dow Jones Indices, which chose Coinbase to replace Discover Financial Services — whose junking comes after Capital One’s$ 35.3 billion accession, closing on May 18, 2025.

Coinbase joins the S&P 500, marking a milestone for Bitcoin, further highlighting Bitcoin’s strong performance, outperforming gold and the S&P 500 over the years.

Coinbase is joining the S&P 500, replacing Discover Financial Services in the benchmark index, according to a release on Monday. The change will take effect before trading on May 19. Discover is in the process of being acquired by Capital One Financial.

The cryptocurrency market has experienced a sharp downturn in the past 24 hours, with total liquidations surpassing $730 million, according to Coinglass data, as Bitcoin dipped below the $102,000 mark. Of these, 73% were longs, highlighting the bullish overexposure among traders.