TL;DR

Bitcoin nears ATH on ETF demand; BlackRock launches $3B tokenized fund; UK sets strict crypto reporting.

Highlights

• • Bitcoin broke above $105,000, nearing its all-time high, with $27M in shorts liquidated; over $150M liquidated market-wide in 24h 12.
• Spot Bitcoin ETFs, led by BlackRock, bought 26,700 BTC in May—over 3x miner supply; ETF holdings now $65B 3.
• BlackRock launched a $3B tokenized Treasury fund (sBUIDL) on Avalanche , offering 92.5% LTV collateralization via Euler 4.
• Tether’s USDT supply on Tron reached 75.7B, surpassing Ethereum; total USDT supply now $151.2B 5.
• Solana dApps earned $1.2B in Q1; Solana-based meme tokens (LAUNCHCOIN, Fartcoin) and PEPE posted triple-digit gains 1315.
• Whale activity intensified: $390M Bitcoin 40x long, large Ethereum /PEPE shorts, and $29M+ PEPE withdrawals from Binance 27.
• PEPE surged 1200% with 400+ new holders after whale accumulation; now second-largest on-chain PEPE holder 8.
• BNB Chain led DEX volume with $16.74B weekly; Avalanche daily active wallets doubled to 2M, driven by MapleStory Universe 14.
• UK to require all crypto firms (including foreign platforms) to report user/transaction data by 2026; non-compliance penalties up to £300/user 9.
• Moody’s downgraded US credit to Aa1; Bitcoin remained above $100,000, reinforcing its macro hedge narrative 12.
• France increased security for crypto entrepreneurs after five abductions targeting industry figures and families 10.
• Michael Saylor’s Strategy signaled a potential major new Bitcoin purchase, maintaining a 568,000 BTC position 17.

Commentary

Bitcoin ’s sustained move above $105,000, coupled with persistent ETF inflows, highlights robust institutional participation and continued supply absorption 13. BlackRock’s spot ETF alone added 1,250 BTC in a single deal, while aggregate ETF demand in May has outpaced new supply by a wide margin 3. The market’s resilience following Moody’s US credit downgrade, and the lack of a risk-off response, reinforce Bitcoin ’s positioning as an alternative macro asset among institutional allocators 12.

Large-scale whale activity is driving additional volatility. Notable leveraged positions—such as a $390M 40x Bitcoin long and significant shorts on Ethereum , PEPE , and Solana —have contributed to over $150M in liquidations and sharp price swings in both majors and memecoins 27. PEPE ’s 1200% rally and whale accumulation, alongside Solana-based meme token rotations, have made the memecoin segment the week’s top performer, but traders should note the rapid inflows and outflows characteristic of this sector 815.

On the infrastructure front, BlackRock’s $3B tokenized Treasury fund launch on Avalanche via Euler marks a step forward for real-world asset tokenization and DeFi composability 4. BNB Chain and Avalanche are seeing record user growth, with gaming (MapleStory Universe) and DEX activity providing tailwinds 14. Tether’s USDT dominance on Tron underscores the ongoing demand for stablecoin settlement, especially in cross-border and emerging market contexts 5.

Regulatory developments remain a key focus. The UK’s new reporting requirements for all crypto firms—including foreign platforms—will impact compliance costs and operational risk for exchanges and service providers targeting UK users 9. In France, the rise in physical security threats to crypto entrepreneurs is a reminder of the sector’s unique risk profile, particularly for high-visibility participants 10.

Traders should monitor ETF flows, whale positioning, and regulatory headlines for volatility cues. Altcoin and memecoin rotations are likely to persist, but leverage and concentration risks remain elevated.