TL;DR

GENIUS Act passed; Bitcoin hit $120K as capital rotated to ETH/altcoins; SEC paused Bitwise ETF.

Highlights

• U.S. Congress passed the GENIUS Act, the first federal stablecoin law; Senate drafts broader digital asset rules 1.
• SEC approved, then paused, Bitwise 10 Crypto ETF conversion—second such reversal in July after Grayscale GDLC 2.
• Bitcoin hit a new all-time high above $120,000; BTC dominance fell to 60% as capital rotated into altcoins 312.
• Binance Coin (BNB) reached a record $805, regaining a top-five market cap position from Solana 4.
• Ethereum stablecoin supply surpassed $140 billion, doubling in 18 months; altcoin market cap and futures open interest surged 1612.
• Ethereum ETFs saw strong inflows while Bitcoin ETFs experienced outflows; ETH traded near $3,800, Solana approached $200 12.
• Goldman Sachs and BNY Mellon launched tokenized money-market funds on blockchain, joined by BlackRock and Fidelity 6.
• PNC Bank partnered with Coinbase to offer crypto trading and custody to clients 8.
• Telegram rolled out its TON Wallet to 87 million U.S. users, enabling in-app crypto transactions and DeFi access 9.
• Trump-linked World Liberty Financial accumulated 80,000 ETH ; large BTC transfers by early investors noted 155.
• Ethena Labs’ StablecoinX raised $360M, plans Nasdaq listing, and will buy back ENA tokens; USDe supply exceeded $6B 11.
• Infini hacker laundered $16M in ETH from a prior $49.5M theft; large token transfers observed across major exchanges 5.
• Bitcoin miner MARA announced an $850M convertible notes offering to fund BTC acquisitions and expansion 17.
• 21Shares filed for a physically backed Ondo (ONDO ) token ETF; ETF issuers pressed SEC for in-kind redemptions 187.
• Pudgy Penguins’ PENGU token surged twelvefold on renewed NFT sector interest; PUMP token dropped 40% below ICO price 1413.

Commentary

The U.S. regulatory environment is shifting, with the GENIUS Act establishing the first federal framework for stablecoins and the Senate advancing broader digital asset regulation 1. This legal clarity is already influencing institutional moves: Goldman Sachs and BNY Mellon have tokenized money-market funds, with BlackRock and Fidelity participating, while PNC Bank’s Coinbase partnership will bring crypto trading and custody directly to mainstream banking clients 68.

Market structure is evolving alongside these developments. Bitcoin set a new all-time high above $120,000, but capital is rotating into Ethereum and other large-cap tokens 312. ETH ETFs are seeing strong inflows, while Bitcoin ETFs face outflows, and altcoin open interest has surged 12. Ethereum’s stablecoin supply has doubled in 18 months, now exceeding $140 billion, supporting increased DeFi and trading activity 16.

Product innovation and institutional demand continue to drive headlines. The SEC’s repeated reversals on multi-asset crypto ETFs (Bitwise, Grayscale) highlight ongoing regulatory uncertainty for diversified crypto products, even as issuers push for in-kind redemption models 27. 21Shares’ ONDO ETF filing and Ethena Labs’ $360M StablecoinX raise—alongside a planned Nasdaq listing and ENA buybacks—underscore the pace of new product launches and capital formation 1811.

On-chain activity and security events remain in focus. Trump-linked World Liberty Financial’s accumulation of 80,000 ETH and large BTC transfers signal continued whale and institutional engagement 155. Meanwhile, the Infini hack and subsequent laundering of ETH, as well as sharp price moves in tokens like PUMP and PENGU, reflect ongoing risk and volatility in DeFi, NFT, and memecoin sectors 51314.

Traders should monitor further Senate action on digital asset legislation, SEC decisions on ETF structures, and continued TradFi-crypto integrations. Altcoin momentum and leverage remain high; large on-chain transfers and security incidents could drive short-term volatility 112.