TL;DR

BlackRock’s Bitcoin ETF tops 700,000 BTC; Solana ETF review accelerates; Bonk.fun leads Solana memecoin launchpads.

Highlights

• BlackRock’s iShares Bitcoin ETF (IBIT) surpassed 700,000 BTC ($75B), now holding 55% of U.S. spot ETF Bitcoin; Fidelity’s ETF also saw inflows 1.
• MicroStrategy launched a $4.2B share sale to fund further Bitcoin buys, potentially taking its holdings above 600,000 BTC; Q2 unrealized gain hit $14B 220.
• Sequans (France) and Metaplanet (Japan) both announced major Bitcoin treasury strategies, with Metaplanet planning to borrow against 15,555 BTC for M&A 1516.
• CoreWeave is acquiring Core Scientific for $9B in stock, consolidating AI data-center and Bitcoin mining infrastructure 3.
• SEC fast-tracked review of spot Solana ETFs, with a July refiling deadline; Rex-Osprey’s Solana + Staking ETF (SSK) launched, passing staking rewards to holders 56.
• Bonk.fun overtook Pump.fun as Solana ’s leading memecoin launchpad, capturing 55% share; Pump.fun’s $600M PUMP token sale approaches amid user migration 89.
• TRUMP memecoin expanded from Solana to TRON via LayerZero, joining major memecoins on TRON after recent price volatility 13.
• U.S. Treasury ended its Tornado Cash sanctions appeal after OFAC’s reversal, closing a major DeFi regulatory case 4.
• Large on-chain moves: 80,000 BTC ($8B) whale address upgrade 12, Coinbase hack wallet bought back $12.6M ETH , U.S. government sent seized ETH to Coinbase Prime 1011.
• Phantom Wallet integrated Hyperliquid Perps, enabling leveraged perpetuals trading for EU users; Hyperliquid now leads on-chain derivatives volume 18.
• OpenSea acquired Rally Wallet to build a mobile NFT trading app, targeting increased mobile and layer-2 NFT activity 19.
• EU regulators opened a probe into Robinhood ’s tokenized stock products, reflecting increased scrutiny of asset tokenization in Europe 7.
• Threshold’s tBTC launched on Sui, aiming to channel $500M in Bitcoin liquidity into Sui DeFi 17.

Commentary

Institutional and corporate adoption of Bitcoin continues to accelerate: BlackRock’s IBIT ETF now controls over 700,000 BTC, with strong inflows outpacing rivals, while MicroStrategy ’s new $4.2B share sale could push its holdings beyond 600,000 BTC 1220. Sequans and Metaplanet’s treasury moves further signal that listed companies globally are increasingly allocating to Bitcoin , with Metaplanet leveraging its BTC for M&A 1516. This trend is contributing to reduced realized volatility and a more stable BTC supply profile 1.

Regulatory and product developments are reshaping the altcoin and DeFi landscape. The SEC’s expedited review of spot Solana ETFs comes as the Rex-Osprey SSK ETF launches, offering direct staking yield to investors 56. These moves could accelerate institutional flows into Solana and other Layer 1s. Meanwhile, the Solana memecoin sector is rapidly evolving: Bonk.fun’s rise at Pump.fun’s expense and the imminent $600M PUMP sale are shifting liquidity and user activity, with implications for Solana network fees and token flows 89.

Infrastructure and security remain in focus. CoreWeave’s $9B buyout of Core Scientific underscores the growing overlap between AI compute and crypto mining infrastructure 3. On-chain, large Bitcoin and Ethereum transfers—including whale address upgrades, government wallet movements, and hack-related activity—are keeping traders attentive to potential liquidity shifts, though most flows appear non-directional 101112.

Elsewhere, DeFi and NFT markets are seeing new integrations and regulatory scrutiny. Phantom’s rollout of Hyperliquid Perps brings leveraged derivatives to mainstream wallets, while OpenSea’s Rally Wallet acquisition targets the mobile NFT segment 1819. In Europe, Robinhood ’s tokenized equity products face regulatory review, highlighting ongoing uncertainty around asset tokenization 7. The closure of the Tornado Cash case removes a key DeFi regulatory overhang but leaves broader policy questions unresolved 4.