TL;DR

Bitcoin hits $109.5K ATH on U.S. stablecoin bill; BlackRock IBIT tops Binance; Tether mints $2B USDT.

Highlights

• • Bitcoin hit a new all-time high above $109,500, supported by U.S. Senate passage of the GENIUS Act for stablecoin regulation and strong ETF inflows 110.
• • BlackRock’s IBIT surpassed Binance as the second-largest Bitcoin holder, now controlling over 633,000 BTC (4.08% of supply); IBIT led $1.69B in ETF inflows over five days 29.
• • Tether minted $2B USDT on TRON, overtaking Ethereum in USDT supply and signaling increased stablecoin activity 3.
• • JPMorgan, BlackRock, Bank of America, and Fidelity expanded crypto exposure; JPMorgan now allows clients to buy Bitcoin (no custody), and BlackRock/Fidelity increased BTC/ETH holdings 67.
• • Texas House passed a bill to create a state-run Bitcoin reserve, pending governor approval 11.
• • Hong Kong passed a fiat-backed stablecoin licensing law, advancing its digital asset regulatory framework 12.
• • Worldcoin raised $135M from a16z and Bain Capital Crypto via WLD token sale, boosting WLD 14% 8.
• • Ethereum co-founder Jeffrey Wilcke transferred $262M in ETH to Kraken before redistributing to new wallets; no large-scale selling observed 5.
• • Ripple is preparing a bid for Circle (USDC issuer) using XRP funds, raising antitrust and DeFi concerns 15.
• • Kraken launched regulated crypto derivatives trading in Europe with a Cypriot license, covering 100+ assets and up to 10x leverage 16.
• • Robinhood submitted a proposal to the SEC for a regulatory framework to enable a $30T tokenized asset market 17.
• • SEC sued Unicoin and executives for alleged $100M crypto fraud involving 5,000 investors 14.
• • Paradigm-backed Succinct Labs launched $PROVE token and zkVM “SP1 Hypercube,” targeting sub-12s Ethereum proofs for improved scalability 20.
• • Metaplanet , a Japanese Bitcoin treasury stock, surged 24% in a day and 200% in May amid aggressive BTC accumulation 19.
• • Coinbase disclosed a $400M potential cost after an insider breach exposed 69,000 users; DOJ investigating 4.

Commentary

Bitcoin ’s new all-time high above $109,500 comes amid a confluence of regulatory and institutional tailwinds 110. The U.S. Senate’s advancement of the GENIUS Act for stablecoin oversight has improved sentiment, with ETF inflows—particularly into BlackRock’s IBIT —providing strong market support 92. BlackRock’s IBIT now holds over 4% of all BTC 2, and major U.S. banks and asset managers are broadening access, with JPMorgan joining the list of institutions offering Bitcoin to clients (albeit without custody) 7. Texas’s pending state-run Bitcoin reserve 11 and Hong Kong’s new stablecoin licensing law 12 further signal that regulatory frameworks are being established globally, which may help sustain institutional engagement.

Stablecoins remain a key driver of market liquidity. Tether ’s $2B USDT mint on TRON, now surpassing Ethereum in supply, points to shifting network preferences and rising transactional demand 3. Ripple’s reported bid for Circle (USDC ) introduces uncertainty for DeFi protocols and could prompt market volatility if antitrust or integration issues arise 15. Traders should monitor USDT and USDC flows closely, as shifts in stablecoin dominance can impact DeFi and trading pairs across major chains.

Ethereum ’s scaling roadmap advanced with Succinct Labs’ $PROVE token and zkVM launch, promising faster finality and throughput 20. Institutional accumulation of ETH by BlackRock and Fidelity signals continued interest in Layer 1s beyond Bitcoin 6. Jeffrey Wilcke’s large ETH transfers appear to be internal wallet management, but such moves by early insiders can be market-moving and warrant attention 5.

Elsewhere, the launch of regulated derivatives by Kraken in Europe 16 and Robinhood ’s push for a tokenized asset regulatory framework 17 indicate ongoing infrastructure growth and TradFi-crypto integration. Worldcoin’s $135M raise and Metaplanet ’s parabolic stock gains highlight continued risk appetite in both identity and corporate treasury narratives 819. On the risk side, Coinbase ’s $400M exposure from a delayed-disclosure insider breach and the SEC’s action against Unicoin reinforce that security and regulatory scrutiny remain active headwinds 414.

Traders should focus on ETF inflow momentum, stablecoin supply changes, and the progress of key regulatory bills in the U.S. and Asia. Watch for volatility around large on-chain transactions, stablecoin issuer news, and any further developments in institutional adoption or security incidents.