TL;DR

Trump Media, MicroStrategy, and ETH ETFs drive institutional flows; Solana, NFTs, and IPOs surge.

Highlights

• Trump Media disclosed a $2 billion Bitcoin treasury and plans for a Truth Social utility token; DJT shares rose 6–9%1.
• MicroStrategy acquired 6,220 BTC for $740 million, raising holdings to 607,770 BTC; also announced an IPO for 5 million STRC preferred shares to fund further Bitcoin purchases212.
• Ethereum ETFs saw a record $2.2 billion in weekly inflows, outpacing Bitcoin ETFs ; ETH price climbed above $3,800 and market cap exceeded $450 billion3418.
• U.S. passed the GENIUS Act (stablecoin regulation), Clarity Act (market structure), and Anti-CBDC Act; GENIUS Act signed into law16.
• Solana ($SOL) rallied to $192, reclaiming a $100 billion market cap, driven by ETF demand and a $60 monthly price gain5.
• NFT market cap surged 28% to $6.6 billion, led by a whale sweep of 45 CryptoPunks; blue-chip NFT volumes spiked1314.
• The Ether Machine to go public on Nasdaq via SPAC, holding $1.6 billion in ETH and planning DeFi expansion7.
• Polymarket acquired CFTC-licensed QCEX for $112 million, enabling a compliant U.S. relaunch of its prediction markets819.
• CoinDCX launched an $11 million bounty after a $44 million hack linked to Lazarus Group; operations stable6.
• Ethena raised $360 million for StablecoinX, which will buy 8% of ENA tokens and seek a Nasdaq listing under "USDE"9.
• Galaxy Digital’s $3 billion crypto portfolio, 33% Crypto.com stake, and AI data center plans drove a Piper Sandler upgrade11.
• Bullish (BLSH) and BitGo filed for U.S. IPOs amid rising institutional interest and a $4 trillion crypto market cap10.

Commentary

Institutional and corporate activity continues to drive crypto market structure, with Bitcoin and Ethereum both seeing significant inflows and new vehicles for exposure23. Trump Media ’s $2 billion Bitcoin position and MicroStrategy ’s ongoing accumulation, now over 607,000 BTC, reinforce Bitcoin’s status as a treasury reserve asset12. MicroStrategy’s planned STRC preferred share IPO signals continued intent to leverage capital markets for further BTC acquisitions12.

Ethereum ’s momentum is pronounced, with spot ETFs attracting record inflows and ETH outperforming majors, breaking above $3,800 and lifting its market cap past $450 billion3418. The passage and signing of the GENIUS Act and related U.S. legislation provide regulatory clarity, particularly for stablecoins and DeFi, and are cited as catalysts for institutional rotation into Ethereum and select altcoins164. Solana ’s ETF-driven rally and market cap recovery to $100 billion further highlight the broadening altcoin bid5.

NFTs staged their sharpest rally in years, with a large CryptoPunks purchase triggering a 28% jump in market cap and renewed volume across blue-chip collections1314. The Ether Machine’s planned Nasdaq listing, Ethena’s StablecoinX raise, and Polymarket’s QCEX acquisition all point to growing intersections between crypto and traditional capital markets78. Bullish and BitGo’s IPO filings reflect the sector’s push for public market access10.

Security remains a concern following CoinDCX’s $44 million breach, but platform stability and a substantial bounty program suggest operational resilience6. Galaxy Digital ’s diversified exposure and infrastructure investments continue to attract analyst upgrades, positioning it as a key institutional player11.

Traders should monitor ETF flows, regulatory developments, and corporate treasury moves for continued signals of institutional sentiment, while keeping an eye on security events and IPO activity for potential volatility triggers.