TL;DR

GENIUS Act passes Senate; BlackRock ETF holds 3% of BTC; Bitcoin drops below $105K on Mideast tensions.

Highlights

• U.S. Senate passes the GENIUS Act, advancing federal stablecoin regulation; Circle stock jumps 34%1.
• BlackRock ’s Bitcoin ETF now holds 3% of BTC supply after $2.4B in eight-day inflows; Ethereum ETF inflows rising2.
• Canada launches North America’s first spot XRP ETFs; XRP rallies 7% post-approval3.
• Stablecoin market cap reaches record $250B, up 55% year-on-year, with growing institutional adoption4.
• Coinbase to offer CFTC-cleared perpetual futures in the U.S. and plans USDC collateral for regulated futures5.
• Crypto.com and Deribit accept BlackRock ’s $2.9B tokenized money-market fund (BUIDL) as collateral6.
• Visa expands stablecoin program to EMEA via partnership with Yellow Card for cross-border payments7.
• Middle East tensions drive Bitcoin below $105,000 and trigger broad crypto sell-off; Ethereum and altcoins decline8.
• Ohio House passes bill exempting up to $200 in crypto payments from capital-gains tax; bill moves to Senate10.
• Semler Scientific targets 105,000 BTC for treasury by 2027; K33 and others announce new Bitcoin raises1116.
• Tokenized real-world assets (RWAs) surpass $12.5B TVL in 2025, led by BlackRock , Ethena , and Ondo 15.
• Bitmain, Canaan , and MicroBT shift mining rig production to the U.S. to avoid tariffs13.
• Bitcoin volatility versus gold and S&P 500 hits record lows; memecoins see sharp drawdowns19.

Commentary

Regulatory clarity took a major step forward as the U.S. Senate passed the GENIUS Act, setting up the first federal framework for stablecoins1. This move immediately boosted Circle shares and is widely seen as a catalyst for further institutional adoption, especially with stablecoin market cap now at $250B and nearly half of global financial institutions already deploying or piloting stablecoin-based payment solutions14. Visa ’s expansion of its stablecoin program into EMEA and Ohio’s progress on tax exemptions for small crypto payments further reinforce the trend of digital assets integrating into mainstream finance and payments710.

Institutional flows remain robust. BlackRock ’s Bitcoin ETF now controls 3% of supply, driving sustained inflows into U.S. spot Bitcoin ETFs, while Ethereum ETF inflows are also increasing, albeit at a slower pace2. Canada’s approval of spot XRP ETFs highlights growing demand for regulated altcoin products and could pressure U.S. regulators to follow suit3. On the corporate side, Semler Scientific , K33, and others are expanding their Bitcoin treasury strategies1116, while tokenized RWAs have surpassed $12.5B in value, with BlackRock ’s BUIDL and other platforms leading the sector15.

Market structure is evolving rapidly. Coinbase ’s upcoming U.S. perpetual futures and plans to use USDC as collateral, along with Crypto.com and Deribit now accepting tokenized money-market funds as collateral, signal increasing convergence between traditional finance and DeFi infrastructure56. Meanwhile, major Chinese mining hardware firms are relocating production to the U.S. to sidestep tariffs, further consolidating mining infrastructure in North America13.

Macro headwinds persist. Heightened Middle East tensions triggered a risk-off move, sending Bitcoin below $105,000 and dragging down Ethereum and altcoins8. Despite this, Bitcoin ’s volatility relative to gold and equities is at record lows, suggesting a maturing asset profile but also less speculative upside. Memecoins remain particularly vulnerable in this environment19.