TL;DR

BlackRock, GameStop, and Trump Media ramp up Bitcoin buys; $223M Cetus hack; U.S. Senate eyes 1M BTC reserve.

Highlights

• Cetus Protocol exploited for $223M on Sui/Aptos; $162M frozen, $60M bridged to Ethereum. Cork Protocol lost $12M. Sui commits $10M to security 1.
• GameStop , BlackRock , Trump Media, Metaplanet, and SharpLink Gaming announce major Bitcoin /Ethereum treasury moves; BlackRock now holds over 621,000 BTC 231013.
• U.S. Senate to vote on Lummis-Trump Bitcoin Act, proposing 1 million BTC (5% of supply) for U.S. reserves 6.
• U.S. Department of Labor rescinds crypto restrictions for 401(k)s, opening $8.9T in retirement plans to digital assets 7.
• Circle files for $6.7B NYSE IPO; BlackRock plans to buy 10% of shares 5.
• Circle freezes $57.65M USDC linked to Libra after U.S. and Argentine court orders 8.
• MicroStrategy (“Strategy”) holds 580,250 BTC; stock premium over NAV halves amid growing corporate Bitcoin competition 14.
• Cantor Fitzgerald launches $2B Bitcoin-backed lending program, with first loans to FalconX and Maple Finance 11.
• Block (Square) to roll out Lightning Network Bitcoin payments to all Square POS terminals by 2026 9.
• SEC begins 240-day review of first U.S. spot XRP ETF (WisdomTree); delays on Cardano, Avalanche, and multi-asset crypto ETFs 12.
• MetaMask adds Solana /SPL token support to browser extension; mobile integration coming soon 17.
• Hyperliquid’s HYPE token hits $13B market cap, surpasses SUI; NFT and Solana dApp activity surge, transparency concerns persist 18.
• Huma Finance launches $HUMA token with major exchange airdrops; supports multi-chain institutional and retail DeFi lending 19.
• IMF, El Salvador agree on $120M tranche with Bitcoin holding cap and Chivo wallet sale deadline 15.
• Stablecoin growth projected to drive up to $2T in U.S. Treasury demand; legislative clarity anticipated by summer 2025 20.

Commentary

Institutional and corporate treasury activity remains a key market driver, with BlackRock , GameStop , Trump Media, Metaplanet, and SharpLink Gaming all announcing substantial Bitcoin or Ethereum allocations 231013. BlackRock ’s accumulation now exceeds 621,000 BTC 3, while U.S. legislative momentum builds with the upcoming Senate vote on a 1 million BTC strategic reserve 6. The Department of Labor’s policy reversal on crypto in 401(k)s could unlock significant new demand from retirement capital, further reinforcing the mainstreaming of digital assets 7.

Regulatory developments are in focus: Circle’s $6.7B IPO and BlackRock ’s planned 10% stake highlight stablecoin infrastructure’s integration with traditional finance 5. Meanwhile, Circle’s freezing of $57.65M USDC linked to Libra, under U.S. and Argentine court orders, underscores increasing enforcement and compliance pressure on stablecoins 8. The SEC’s review of the first U.S. spot XRP ETF, alongside delays on other crypto ETF products, signals a gradual expansion of regulated crypto investment vehicles, but timelines remain uncertain 12.

DeFi and infrastructure risks are underscored by the $223M Cetus and $12M Cork exploits, prompting Sui to allocate $10M to security 1. These incidents may weigh on sentiment for newer Layer 1 protocols and highlight the need for ongoing diligence. At the same time, MetaMask’s Solana integration and Block’s planned Lightning Network rollout are expanding multichain wallet and payment capabilities 917. Hyperliquid’s HYPE token rally and surging NFT/dApp activity on Solana and Hyperliquid platforms point to continued risk appetite in altcoins and digital collectibles, but transparency and platform risk remain concerns 18.

Stablecoins continue to see rapid adoption, with projections of up to $2T in new U.S. Treasury demand if regulatory clarity arrives 20. The IMF’s agreement with El Salvador, capping state Bitcoin holdings and requiring divestment from the Chivo wallet, reflects ongoing scrutiny of sovereign crypto strategies 15. Traders should watch for further corporate treasury moves, U.S. policy actions, ETF decisions, and security developments across DeFi and Layer 1s.