TL;DR

Bitcoin tops $100K on ETF inflows; Ethereum surges post-upgrade; Coinbase acquires Deribit for $2.9B.

Highlights

• Bitcoin broke $100,000, driven by sustained ETF inflows (iShares Bitcoin Trust: 18-day streak, $40B+ YTD)18.
• Ethereum surged 20% after the Pectra upgrade enabled account abstraction (EIP-7702) and higher validator limits201.
• Over $1.14B in crypto liquidations as 248,000 traders were wiped out; ETH and BTC led liquidations5.
• Coinbase agreed to acquire Deribit for $2.9B, aiming to dominate crypto derivatives, pending regulatory approval2.
• OCC issued guidance allowing U.S. banks to buy, sell, custody, and outsource crypto services3.
• SEC and Ripple settled the XRP lawsuit for $50M, with appeals dropped if injunction is lifted4.
• U.S. Senate blocked the GENIUS Act, stalling federal stablecoin regulation amid political disputes6.
• BlackRock met with the SEC to discuss ETF staking, tokenization, and crypto ETF rules; SEC signals openness to tokenized securities7.
• Metaplanet bought 555 BTC , raising $25M via zero-coupon bonds, becoming the largest public BTC holder outside North America9.
• Meta and Stripe advanced stablecoin adoption for payments (Meta: 3.35B users, Stripe: 101 countries)15.
• Robinhood to offer 24/7 trading of tokenized U.S. securities in Europe on Arbitrum, Ethereum, or Solana167.
• NFT/memecoin volatility: Doodles’ DOOD token dropped 70% post-airdrop; $TRUMP and $LLJEFFY holders saw steep losses121314.

Commentary

Bitcoin ’s breach of $100,000 reflects strong institutional demand, with ETF inflows outpacing gold and signaling increased investor confidence18. BlackRock ’s iShares Bitcoin Trust and other spot Bitcoin ETFs have seen record net inflows, while Bank of America reported the largest four-week crypto inflow in three months8. Ethereum ’s Pectra upgrade, which introduced account abstraction and improved validator economics, triggered a sharp 20% rally and immediate Layer 2 adoption, with Superchain L2 activating the upgrade within 48 hours201.

The rally led to over $1.1B in liquidations, mostly from short positions, highlighting the risks of leverage in volatile markets5. Altcoins like PEPE and $TRUMP saw heavy whale activity and high volatility, while NFT and memecoin markets remain turbulent—Doodles’ DOOD token and $LLJEFFY both experienced rapid price collapses post-launch5121314.

Regulatory and institutional developments are moving quickly. The OCC’s new guidance formally opens the door for U.S. banks to handle crypto assets3, while the SEC’s settlement with Ripple removes a longstanding overhang for XRP4. However, the Senate’s failure to advance the GENIUS Act leaves stablecoin regulation in limbo6, even as Meta and Stripe push ahead with global stablecoin payment initiatives15. BlackRock ’s engagement with the SEC on ETF staking and tokenization, and Robinhood ’s move to tokenize U.S. securities for European investors, underscore growing momentum for real-world asset tokenization716.

Coinbase ’s pending acquisition of Deribit positions it as the leading crypto derivatives venue, potentially impacting liquidity and spreads across options and futures2. Metaplanet’s bond-financed BTC accumulation highlights ongoing corporate adoption outside North America9. Traders should monitor ETF flows, regulatory headlines, and derivatives market structure, while remaining cautious of volatility in NFT and memecoin markets.