TL;DR

Bitcoin hit $112K ATH, then dropped on Trump tariff; $3.2B ETF inflows; $223M Sui DeFi hack.

Highlights

• Bitcoin hit a new all-time high near $112,000, then dropped below $108,000 after Trump proposed a 50% EU tariff, triggering a broad risk-off move218.
• U.S. spot Bitcoin ETFs saw $3.2B in May inflows, led by BlackRock’s IBIT with $877M daily; total ETF AUM now at $127B4.
• Senate advanced the GENIUS Act to regulate stablecoins; 50 amendments pending. Major U.S. banks (JPMorgan , BofA , Citi , Wells Fargo ) are exploring a joint stablecoin56.
• Treasury Secretary Bessent and CFTC officials signaled imminent regulatory clarity, including possible approval of crypto perpetual futures1112.
• MicroStrategy plans a $2.1B preferred stock sale to buy more Bitcoin ; Semler Scientific added 455 BTC despite legal investigation313.
• Cetus Protocol on Sui was hacked for $223M; $160M frozen for recovery. SUI and related tokens fell sharply1.
• Hyperliquid’s HYPE token reached a new ATH above $37, with $9.4B open interest, as the platform engaged with the CFTC10.
• Volatility Shares launched the first U.S. XRP futures ETF (XRPI) on Nasdaq; spot XRP ETF applications remain under SEC review8.
• Kraken to offer 24/7 tokenized Apple , Tesla , Nvidia shares to overseas clients via Solana 7.
• Wormhole integrated Dogecoin onto Solana , enabling DOGE use in Solana DeFi and gaming9.
• Trade Republic and Crypto.com secured MiCAR and MiFID licenses, expanding regulated crypto access in Europe; new stablecoins launched on XRP Ledger 14.
• Stacks raised its sBTC cap to 5,000 BTC, boosting Bitcoin -based DeFi yields to 4.5–5% APY15.
• Jupiter Lend, a high-LTV lending protocol, will launch on Solana in July; JUP token rose 14%17.
• The Graph adopted Chainlink ’s CCIP for cross-chain GRT transfers across Arbitrum , Base, and Solana 16.
• Plasma Foundation secured Founders Fund and Tether backing to accelerate stablecoin infrastructure20.

Commentary

Bitcoin ’s rally to new highs was driven by strong institutional flows into U.S. spot ETFs, with BlackRock’s IBIT leading inflows and total ETF assets topping $127B24. However, macro risk remains a key driver: Trump’s proposed 50% tariff on EU imports triggered a sharp pullback in both crypto and equities, showing ongoing sensitivity to policy headlines18.

Regulatory developments are front and center. The Senate’s progress on the GENIUS Act and signals from Treasury and the CFTC suggest the U.S. is moving toward clearer rules for stablecoins and derivatives51112. Major banks are preparing stablecoin initiatives6, and the CFTC may soon allow crypto perpetual futures, which could deepen U.S. market liquidity and product breadth12.

DeFi and altcoin performance remain highly event-driven. The $223M Cetus Protocol hack on Sui led to significant losses in SUI and ecosystem tokens, highlighting persistent protocol risk1. In contrast, Hyperliquid’s HYPE token outperformed, supported by rising open interest and regulatory engagement10. The launch of the first U.S. XRP futures ETF and ongoing spot ETF reviews keep XRP in focus for institutional traders8.

Solana continues to attract activity, with Kraken’s tokenized equities7, Wormhole’s DOGE bridge9, and the upcoming Jupiter Lend protocol all expanding its DeFi and TradFi integration17. Europe’s regulatory progress (MiCAR, MiFID) is enabling new market entrants and compliant stablecoin launches, particularly on the XRP Ledger 14.

Traders should monitor U.S. and EU policy moves, ETF inflow trends, and security risks in DeFi. Layer 1s with strong developer and institutional momentum—Bitcoin , Solana , Ethereum —remain relative outperformers, but volatility around macro headlines and protocol-specific events is likely to persist2414.