TL;DR

Bitcoin hits $111K ATH on ETF inflows; GENIUS Act bans yield stablecoins; Solana, Ethereum rollups surge.

Highlights

• Bitcoin hit a new all-time high of $111,944, supported by $4.2B in ETF inflows, favorable U.S. policy signals, and increased institutional holdings; market cap reached $2.2T 1.
• U.S. Senate advanced the GENIUS Act, banning yield-bearing stablecoins and impacting $6B+ in products; concerns raised over U.S. competitiveness and market concentration 2.
• U.S. spot Bitcoin and Ethereum ETFs posted record daily inflows above $1B, with BlackRock’s IBIT leading; cumulative Bitcoin ETF inflows now exceed $44.5B 3.
• Bitcoin futures open interest reached a record $80B, options OI $42.5B; $586M in liquidations occurred amid volatility and macro headlines 5.
• Stablecoin market cap topped $245B, led by USDT ($152B) and USDC ($58B); large minting and transfers signal robust demand and liquidity 6.
• Treasury Secretary Bessent reiterated U.S. commitment to digital asset regulation, highlighting stablecoins’ potential $2T demand for Treasurys 4.
• Solana ecosystem saw Chainlink ’s CCIP launch, Alpenglow upgrade, new Attestation Service, and continued DEX/user growth 1516.
• Ethereum rollups surpassed $44B TVL across 100+ mainnets, with developer activity and privacy integrations rising 19.
• Tesla ’s Bitcoin holdings now exceed $1.25B; Semler Scientific added to BTC holdings despite ongoing legal probe 87.
• Kraken to list DOG, driving a 40% surge and renewed activity in the $50B memecoin sector 13.
• Trump hosted a $394M $TRUMP coin dinner; token fell 16% post-event amid political controversy 14.
• Polygon co-founder Mihailo Bjelic resigned, marking the third founder exit in two years 12.
• Sui froze $160M in stolen funds using on-chain controls, highlighting security trade-offs vs. decentralization 10.
• HyperFND’s Twitter was compromised for phishing; Hyperliquid blockchain and HYPE token unaffected 20.

Commentary

Bitcoin ’s breakout to new highs above $111,000 was fueled by strong institutional flows, favorable U.S. regulatory signals, and robust ETF demand 13. U.S.-listed spot Bitcoin and Ethereum ETFs saw their largest daily inflows since January, with BlackRock’s IBIT leading and cumulative Bitcoin ETF inflows now surpassing $44.5B 3. Institutional leverage remains elevated, as evidenced by record futures and options open interest, but volatility has also increased—over $586M in liquidations followed macro headlines such as Trump’s proposed EU tariffs, which triggered a brief pullback below $108,000 517.

Regulatory developments remain a key driver. The GENIUS Act advanced in the Senate, introducing a ban on yield-bearing stablecoins and impacting over $6B in existing products 2. This move is seen as favoring major banks and non-yield stablecoin issuers like Circle, while raising concerns about U.S. competitiveness and the risk of innovation moving offshore 2. Treasury Secretary Bessent reinforced the administration’s commitment to digital asset regulation and highlighted the potential for stablecoins to drive $2T in Treasury demand 4.

On the infrastructure front, Solana continues to attract attention with Chainlink ’s CCIP integration, the Alpenglow upgrade, and the launch of the permissionless Attestation Service 1516. DEX volume and user growth on Solana and BNB Chain remain strong 18, while Ethereum rollups surpassed $44B TVL, reflecting ongoing developer momentum and new privacy integrations 19. Polygon’s third co-founder exit raises questions about project direction in the L2/L3 space 12.

Elsewhere, Tesla and Semler Scientific continue to accumulate Bitcoin , signaling ongoing corporate treasury interest despite legal headwinds for Semler 87. The memecoin market remains active, with Kraken’s DOG listing driving sector gains and Trump’s $TRUMP coin event underscoring the intersection of crypto, politics, and regulatory scrutiny 1314. Security and governance also remain in focus: Sui ’s $160M fund freeze highlights the trade-offs between user protection and decentralization 10, while HyperFND’s Twitter compromise serves as a reminder of persistent phishing risks 20.

Traders should monitor ETF and futures flows, stablecoin supply changes, and regulatory headlines for shifts in sentiment and liquidity. Altcoin and DeFi sectors, particularly on Solana and Ethereum , continue to show growth but could see volatility from leadership changes or regulatory shifts.