TL;DR

CFTC opens U.S. to offshore exchanges; stablecoin supply surges; ETH ETFs hit record inflows.

Highlights

• CFTC clarifies Foreign Board of Trade (FBOT) rules, enabling offshore crypto exchanges to serve U.S. clients under CFTC oversight 1.
• Tether to launch USDT on Bitcoin via RGB protocol, aiming for native and private stablecoin transfers 2.
• Tether and Circle minted over $3.5B in stablecoins in one day, driving Solana stablecoin market cap above $12B 3.
• Bitcoin fell to $108,000 amid $550M in liquidations and continued ETF outflows; $111,000 eyed as initial support 4.
• Ethereum ETFs saw record inflows, assets surpassing $30B, while Bitcoin ETFs faced significant redemptions 6.
• Four new wallets accumulated $358M in Ether via FalconX, reflecting large-scale rotation from BTC to ETH 8.
• U.S. Commerce Dept. published GDP data on nine blockchains, including Bitcoin and Ethereum , in a first on-chain government data release 5.
• Trump Media & Technology Group announced a $6.4B Cronos treasury with Crypto.com, pushing CRO up 26% 10.
• Lombard Finance launched $1.5B yield-bearing Bitcoin token (LBTC) on Solana , expanding BTC’s DeFi presence 11.
• Aave Labs launched Horizon, letting institutions borrow stablecoins against tokenized Treasuries and other real-world assets 12.
• Crypto investment funds saw $1.4B in weekly outflows, the largest since March, led by Bitcoin and DeFi product redemptions 9.
• Robinhood listed Toncoin for U.S. users ahead of Coinbase , expanding access to Telegram’s Web3 ecosystem 14.

Commentary

Regulatory clarity took a front seat as the CFTC’s FBOT guidance formally opens the door for offshore exchanges to serve U.S. clients under direct CFTC supervision 1. This move could restore U.S. access to major global venues, potentially improving liquidity and reducing trading frictions for both retail and institutional participants 1. The agency’s adoption of Nasdaq’s surveillance platform further signals a tightening regulatory environment as Congress debates expanded crypto oversight 19.

Stablecoin activity surged, with Tether and Circle minting over $3.5B in a single day—an influx that lifted Solana ’s stablecoin market cap to its highest in 15 weeks and highlighted renewed demand for on-chain dollar liquidity 3. Tether’s plan to issue USDT natively on Bitcoin via RGB protocol suggests ongoing competition among stablecoin issuers to expand reach and utility across major networks 2. Venture funding rounds for Rain and M0 reinforce the institutional focus on stablecoin infrastructure and programmable money 1617.

Market rotation was evident as Bitcoin dropped to $108,000, triggering $550M in liquidations and continued ETF outflows 4, while Ethereum ETFs attracted record inflows 6 and large wallets accumulated ETH through prime brokers 8. The divergence between BTC and ETH flows is underscored by institutional allocations and ETF data, with Ethereum now holding a stronger narrative among asset managers 6. Meanwhile, DeFi and tokenization continue to attract institutional capital, with Aave’s Horizon targeting RWA-backed lending 12 and Lombard’s LBTC bringing yield-bearing Bitcoin to Solana 11.

Altcoins and infrastructure tokens saw notable developments: Trump Media’s $6.4B CRO treasury announcement drove a sharp rally in CRO 10, and Robinhood ’s TON listing pre-empted Coinbase , boosting U.S. retail access to Telegram’s ecosystem 14. The U.S. Commerce Department’s on-chain GDP data release signals further government engagement with blockchain technology, potentially broadening data transparency and DeFi use cases 5.

Traders should monitor the impact of renewed U.S. exchange access 1, the deployment of fresh stablecoin liquidity 3, and the persistence of ETH inflows versus BTC outflows 6. Volatility remains elevated, particularly in BTC 4, but institutional and regulatory shifts are shaping new opportunities across major and emerging crypto assets.