TL;DR

Bitcoin tops $113K on ETF inflows; GMX, Resupply exploited for $50M+; DeFi tax rules eased.

Highlights

• • Bitcoin broke above $113,000, driven by $218M in ETF inflows and over $539M in short liquidations 18.
• • Ether neared $2,900 on large whale withdrawals and treasury accumulation; Ethereum ETFs saw $211M inflows 915.
• • GMX V1 on Arbitrum and Avalanche exploited for $40M–$42M, trading halted, token fell 20%; Resupply stablecoin lost $9.5M in a separate oracle exploit 218.
• • U.S. Treasury repealed Form 1099-DA crypto broker reporting rules, easing DeFi tax compliance 3.
• • Senate Banking Committee advanced crypto market structure legislation, with focus on DeFi and clearer rules 11.
• • BlackRock’s IBIT Bitcoin ETF now third-largest by revenue at BlackRock; U.S. spot Bitcoin ETF inflows surpassed $50B 17.
• • Pump.fun set $1.3B PUMP ICO for July 12 (EU, US, UK excluded), acquired wallet tracker Kolscan; related meme coin spiked 412.
• • Circle and OKX launched zero-fee USD–USDC conversions for 60M users; Ant Group to integrate USDC for global payments 57.
• • Ripple appointed BNY Mellon as RLUSD stablecoin reserve custodian, boosting institutional stablecoin credibility 10.
• • Emirates partnered with Crypto.com to enable Bitcoin payments for flights in 2026 16.
• • Snoop Dogg’s Telegram NFT collection sold nearly 1M NFTs for $12M in 30 minutes 13.
• • SEC’s Hester Peirce reiterated tokenized stocks remain subject to securities laws; Coinbase partnered with Perplexity AI for live market data 1920.

Commentary

The crypto market’s momentum remains strong, led by Bitcoin ’s breakout above $113,000 and sustained ETF inflows 115. The move triggered significant short liquidations, with nearly $540M wiped out across derivatives venues 8, and was accompanied by robust activity in Ethereum —where whale accumulation and corporate treasury buys pushed ETH close to $2,900 9. Both BTC and ETH ETFs saw substantial inflows, reinforcing the narrative of institutional capital entering the space 15, while BlackRock’s IBIT ETF ’s rapid asset growth highlights mainstream portfolio integration 17.

DeFi risk remains in focus after GMX ’s $40M+ exploit on Arbitrum and Avalanche, which forced a halt to V1 trading and a sharp drop in the GMX token 218. The Resupply stablecoin protocol suffered a separate $9.5M oracle exploit, underscoring continued vulnerabilities in DeFi infrastructure even as regulatory pressure on reporting eases following the U.S. Treasury’s repeal of Form 1099-DA rules 318. The Senate Banking Committee’s latest hearing signals bipartisan willingness to clarify crypto market structure, with particular attention to DeFi protections and regulatory consistency 11.

Stablecoin competition is intensifying. Circle ’s partnerships with OKX (zero-fee USD–USDC conversions) and Ant Group (USDC integration for global payments) 57, alongside Ripple’s selection of BNY Mellon for RLUSD custody 10, point to a push for greater institutional trust and global payments adoption. Emirates’ planned Bitcoin payments and Snoop Dogg’s rapid NFT sellout further illustrate ongoing expansion of crypto’s real-world use cases and consumer engagement 1316.

Traders should monitor ETF inflows, whale wallet moves, and the impact of security incidents on DeFi protocols. Regulatory developments in the U.S. and EU remain critical for market structure and compliance. The combination of institutional adoption, protocol risk, and evolving regulation will likely drive near-term volatility and sector rotation.