TL;DR

Bitcoin hits $112K ATH; DeFi hacks hit GMX, Resupply; Polygon, Solana, stablecoins see major developments.

Highlights

• Bitcoin hit a new all-time high above $112,000, with over $200M in shorts liquidated and ETF inflows accelerating; Ether reclaimed $2,700, briefly touching $2,800 120.
• U.S. spot Bitcoin ETFs saw renewed inflows after a $342M outflow; Ether ETFs extended an eight-week streak of positive flows 9.
• Japanese firms Metaplanet and Remixpoint expanded Bitcoin treasuries, with Metaplanet targeting 210,000 BTC by 2027 and Remixpoint paying its CEO fully in Bitcoin 8.
• DeFi exploits: Resupply stablecoin protocol lost ~$9.5M to an oracle exploit; GMX was hacked for $40M+ on Arbitrum , prompting a trading pause and bounty offer 2.
• Polygon ’s Heimdall v2 hard fork set for July 10 aims to cut finality to five seconds; POL token rallied on the news 11.
• Solana ecosystem: Pump.fun will launch a $600M PUMP token sale on July 12; REX-Osprey Solana Staking ETF debuted with $74M AUM and high spot ETF approval odds 312.
• Stablecoin sector developments: Circle and OKX launched zero-fee USD–USDC conversions for 60M users 6; Ripple chose BNY Mellon to custody RLUSD reserves 7; Tether disclosed $8B in gold reserves in a Swiss vault 5.
• U.S. Congress to vote on the CLARITY Act, aiming to establish regulatory frameworks for crypto 18; SEC’s Peirce reiterated tokenized securities remain under securities laws 4.
• Robinhood launched tokenized U.S. stocks on Arbitrum for EU users, calling tokenization a major capital markets innovation 14.
• Emirates Airline partnered with Crypto.com to accept Bitcoin and crypto payments for flights and airport purchases from 2026 15.
• Phantom wallet integrated Hyperliquid perpetuals for EU users, as Hyperliquid’s on-chain derivatives volume reached $1.6T; infrastructure upgrade pending 17.
• OpenSea acquired Rally to develop a mobile NFT app; Goblintown launched the GOB meme coin on Solana with NFT-linked vesting 1319.

Commentary

Bitcoin ’s breakout to a new record above $112,000 was driven by institutional ETF inflows, corporate treasury accumulation, and a broader risk-on environment, as evidenced by heavy short liquidations 19. Ether ’s recovery above $2,700, supported by continued inflows into spot ETFs and corporate treasury moves like SharpLink’s $536M ETH position, highlights sustained institutional interest across major assets 91020.

On the regulatory front, the upcoming U.S. Congressional vote on the CLARITY Act and ongoing SEC commentary are in focus. While the act aims to provide a clearer framework for the industry 18, SEC Commissioner Peirce’s remarks reinforce that tokenized securities must comply with existing laws 4. Robinhood’s tokenized stock rollout in the EU and Ripple’s stablecoin moves with BNY Mellon show that regulatory navigation remains a key theme for product launches 714.

Layer 1 and DeFi activity is intense. Polygon ’s Heimdall v2 upgrade is set to reduce transaction finality 11, while Solana’s ecosystem is seeing both institutional (ETF) and retail (memecoin) momentum 312. However, the GMX and Resupply exploits underscore persistent smart contract risk in DeFi, with protocols pausing operations and offering bounties as immediate responses 2.

Stablecoin competition is heating up, with Circle and OKX’s zero-fee USDC conversions and Ripple’s RLUSD custody partnership targeting institutional trust 67. Tether ’s $8B gold reserve disclosure adds another layer to stablecoin reserve debates 5. Meanwhile, mainstream adoption is progressing: Emirates will accept crypto payments 15, and Phantom’s Hyperliquid integration is pushing on-chain derivatives access 17.

Traders should focus on ETF flow data, technical upgrades on major chains, and regulatory news for near-term catalysts. DeFi and altcoin sentiment remains sensitive to security events and exchange support, while Layer 1 upgrades and institutional adoption continue to drive sector rotation.