TL;DR

ETH short squeeze above $4,400, $4T crypto cap on ETF inflows, Trump eyes 401(k) crypto access.

Highlights

• Ether surged above $4,400, triggering over $200 million in short liquidations and $404 million in overall crypto market liquidations 2.
• Crypto market cap reclaimed $4 trillion, driven by strong spot ETF inflows: $461M into Ether and $404M into Bitcoin in a single day 3.
• BlackRock executed $632 million in on-chain BTC and ETH purchases; whale wallets accumulated over 1 million ETH in the past month 4.
• U.S. spot crypto ETFs reversed record outflows, with BlackRock leading renewed institutional buying 15.
• President Trump signed an executive order to review rules restricting 401(k) access to crypto and alternatives, potentially opening a $12T market 6.
• Harvard and Brown disclosed large positions in BlackRock’s IBIT Bitcoin ETF , signaling growing institutional adoption 9.
• Coinbase launched DEX trading for Base tokens in its app, expanding access to millions of tokens for 100M+ users; Solana support coming 7.
• Solana launched PreStocksFi for tokenized private equity and partnered with Exodus for tokenized stock issuance 11.
• NFT activity rebounded: a rare Ape CryptoPunk sold for $2.6M, floor prices rose, and high-value deals increased across collections 13.
• China ordered brokers to halt stablecoin promotion amid rising investor interest post-Hong Kong stablecoin bill 5.
• El Salvador announced plans for the world’s first Bitcoin bank; Panama City’s mayor proposed Bitcoin canal payments 8.
• Trump-affiliated World Liberty Financial launched a USD1 stablecoin loyalty program and seeks $1.5B for a public crypto treasury with HTX 18.

Commentary

Ethereum ’s sharp rally above $4,400 drove the largest short squeeze of the year, wiping out over $200 million in bearish positions and fueling $404 million in liquidations across the market 2. This move was amplified by negative gamma positioning among market-makers and renewed whale accumulation, with notable traders and large wallets re-entering the market at higher levels 120. The rally coincided with a strong rebound in ETF flows: spot Ether and Bitcoin funds saw their largest daily net inflows in weeks, reversing last week’s record outflows and underlining renewed institutional risk appetite 315.

BlackRock ’s $632 million in on-chain BTC and ETH purchases, alongside over 1 million ETH accumulated by whales in the past month, highlight the scale of institutional positioning 4. The disclosure of significant Bitcoin ETF stakes by Harvard and Brown further signals mainstream institutional adoption 9, while President Trump’s executive order to review 401(k) restrictions could open a $12 trillion retirement market to crypto exposure, pending regulatory follow-through 6.

On the infrastructure front, Coinbase ’s DEX integration for Base tokens and Solana ’s tokenization initiatives are broadening access to on-chain assets and real-world equities, with retail and institutional users gaining faster exposure to new markets 711. NFT activity is also rebounding, with high-value CryptoPunk and other blue-chip NFT sales indicating renewed interest even as ETH prices climb 13.

Regulatory developments remain mixed. China’s directive to halt stablecoin promotion reflects ongoing caution in Asia 5, while Latin America continues to advance adoption with El Salvador’s planned Bitcoin bank and Panama’s Bitcoin payment proposal 8. Meanwhile, Trump-affiliated World Liberty Financial is pushing forward with a USD1 stablecoin loyalty program and a planned $1.5B crypto treasury, reflecting the convergence of political and crypto interests 18.

Traders should watch for continued ETF inflows, whale accumulation, and regulatory headlines for near-term direction. Volatility remains elevated, but institutional flows and new product rollouts are supporting a constructive market tone.