TL;DR

Bitcoin hit $124K ATH then dropped on US inflation; BlackRock ETF tops $90B; ETH exit queue swells.

Highlights

• Bitcoin hit a new all-time high above $124,000 before retreating on hotter-than-expected US PPI data, triggering $1B in crypto liquidations 18.
• US Treasury halted sales of its $15–20B Bitcoin reserve, removing a source of official BTC supply 2.
• BlackRock’s spot Bitcoin ETF (IBIT ) surpassed $90B AUM; all spot BTC ETFs now hold ~6.5% of supply 3.
• Ethereum ’s validator exit queue reached a record, with $3.3B in ETH awaiting unstaking 7.
• Circle minted $5.5B USDC on Solana in a month; Coinbase cut USDC fees and made USDC default on Squads Protocol 612.
• Coinbase acquired Deribit for $2.9B, adding the leading crypto options platform to its offerings 5.
• Binance Coin (BNB) reached a record near $868 amid broad crypto market gains 14.
• SEC Chair Atkins to outline “Project Crypto,” signaling a shift toward clearer digital asset regulation 10.
• Citigroup is considering stablecoin and crypto ETF custody and settlement services 11.
• MetaMask is preparing to launch mUSD stablecoin with Stripe and Blackstone support 13.
• BtcTurk suspended transfers after a $49M hot-wallet hack 4.
• Google reversed a proposed Play Store ban on non-custodial crypto wallets after industry pushback 9.

Commentary

Bitcoin ’s rally to new highs was quickly reversed after US inflation data surprised to the upside, leading to over $1B in liquidations and underscoring the market’s ongoing sensitivity to macroeconomic releases 18. The US Treasury’s decision to halt Bitcoin reserve sales removes a source of potential selling pressure 2, while BlackRock’s ETF inflows and the accumulation of spot BTC ETFs—now holding over 6% of supply—continue to tighten market liquidity post-halving 3.

On Ethereum , the validator exit queue swelling to record levels signals potential for increased spot market volatility as over $3B in ETH awaits unstaking 7. This dynamic, coupled with strong ETF and treasury accumulation, is drawing institutional attention, as reflected in Standard Chartered’s sharply upgraded ETH price targets 19.

Stablecoin infrastructure is expanding rapidly. Circle ’s large-scale USDC minting on Solana and Coinbase ’s fee cuts are driving adoption 612, while MetaMask’s upcoming mUSD launch and Citigroup ’s exploration of custody services reflect deepening traditional finance engagement 1113. Coinbase ’s $2.9B Deribit acquisition further broadens its derivatives reach, likely increasing product depth and liquidity for institutional traders 5.

Security and regulatory clarity remain in focus. The BtcTurk hack highlights persistent risks at centralized venues 4. Meanwhile, the SEC’s upcoming “Project Crypto” update 10 and Google ’s reversal on wallet app requirements 9 illustrate the evolving regulatory landscape for both exchanges and wallet providers.