TL;DR

Bitcoin hits $111K ATH; BlackRock’s ETF inflows surge; $223M Sui DeFi hack; U.S. stablecoin bill advances.

Highlights

• Bitcoin reached a new all-time high above $111,000, with market cap surpassing $2.2 trillion 2.
• BlackRock’s IBIT saw over $1 billion in inflows in two days, now holding 300,000+ BTC 16.
• Bitcoin futures open interest hit $80B+, with options OI at $42.5B; institutional leverage is rising 17.
• MicroStrategy filed to raise $2.1B via 10% preferred stock to buy more Bitcoin 4.
• Texas legislature passed a bill to establish a state-run Bitcoin reserve, pending governor’s action 11.
• The U.S. Senate is set to pass the GENIUS Act, introducing a stablecoin regulatory framework and dollar/Treasury reserve requirements 3.
• Tether minted $2B USDT on TRON , which now leads Ethereum in USDT supply; Tether’s Treasury holdings exceed $120B 5.
• Coinbase and Ripple are bidding up to $11B to acquire Circle (USDC), with potential stablecoin market impact 7.
• Cetus Protocol on Sui was exploited for $223M; $160M frozen for recovery; SUI and related tokens dropped sharply 1.
• Kraken will offer tokenized U.S. stocks and ETFs on Solana for non-U.S. clients, expanding 24/7 access 6.
• Hyperliquid’s $HYPE token surged above $31, surpassing AVAX in market cap amid record perpetuals activity 10.
• Hong Kong passed a stablecoin licensing law with HKMA oversight and a six-month grace period for issuers 12.
• Trump-backed USD1 stablecoin, backed by U.S. Treasuries, listed on Binance and KuCoin 15.
• Volatility Shares launches first XRP futures ETF (XRPI) on Nasdaq; spot ETF speculation grows 13.
• Canary filed for the first U.S. Solana ETF with staking via Marinade Finance; SEC review ongoing 14.
• CFTC signals crypto perpetual futures could soon be permitted in the U.S.; applications under review 19.
• Whale trader James Wynn holds a $1.12B 40x BTC long on Hyperliquid; large liquidations noted 18.

Commentary

Bitcoin ’s breakout to new highs above $111,000 is underpinned by robust institutional flows, with BlackRock’s IBIT leading ETF inflows and now holding over 300,000 BTC 216. Derivatives markets are reflecting heightened risk appetite, as open interest in Bitcoin futures and options hits new records 17. Whale activity, including James Wynn’s $1.12B 40x leveraged long on Hyperliquid, highlights the scale of speculative positioning and the potential for volatility-driven liquidations 18.

Regulatory developments are front and center. The GENIUS Act’s likely passage in the U.S. Senate would establish a formal framework for stablecoins, mandating dollar or Treasury backing and potentially driving significant flows into U.S. government debt 3. Hong Kong’s new stablecoin licensing regime 12 and the launch of USD1, a Treasury-backed stablecoin 15, further signal a global move toward regulated, fiat-backed digital assets. Tether ’s $2B USDT mint on TRON and its growing Treasury exposure reinforce the stablecoin sector’s ties to traditional finance 5.

DeFi and altcoin markets remain dynamic but exposed to risk. The $223M Cetus Protocol exploit on Sui triggered sharp token declines and underscores persistent smart contract vulnerabilities 1. Meanwhile, Hyperliquid’s $HYPE token rally 10 and Kraken’s tokenized equities launch on Solana point to growing demand for on-chain trading and asset diversification 6. Pending ETF applications for Solana and XRP 1314, as well as the CFTC’s openness to crypto perpetual futures in the U.S. 19, suggest further institutionalization of crypto derivatives and altcoin exposure.

Traders should monitor ETF flows, legislative progress on stablecoins and derivatives, and on-chain activity for signals of rotation between Bitcoin , stablecoins, and DeFi venues. Elevated leverage and open interest increase the risk of sharp moves, especially around regulatory or security events 1718. The ongoing Coinbase –Ripple bidding war for Circle (USDC) could reshape stablecoin market structure and cross-chain liquidity 7.