TL;DR

SEC clears first U.S. multi-asset spot crypto ETF; Bitcoin ETF outflows; Robinhood, Solana launch tokenized stocks.

Highlights

• SEC approved Grayscale’s Digital Large Cap Fund conversion into the first U.S. multi-asset spot crypto ETF (X:BTCUSD , X:ETHUSD , X:XRPUSD , X:SOLUSD , X:ADAUSD )1.
• U.S. spot Bitcoin ETFs saw $342 million in outflows, ending a 15-day inflow streak; spot Ethereum ETFs posted $40 million in inflows217.
• Bitcoin rallied above $109,000, testing $110,000 resistance; technicals indicate strong support above $107,7836.
• Public companies bought 245,510 BTC in H1 2025, more than double ETF purchases; miners and long-term holders continue record accumulation1617.
• BitMine Immersion Technologies surged after announcing a $250 million Ethereum treasury plan14.
• Circle and Ripple filed for U.S. national bank charters to bring USDC and RLUSD stablecoins under federal oversight; Fed signals progress on stablecoin regulation345.
• Robinhood launched an Arbitrum-based Layer 2 for 24/7 tokenized stock trading in the EU; OpenAI disavowed involvement in Robinhood’s tokenized shares718.
• Solana ’s xStocks launched, enabling on-chain trading of U.S. equities with support from CEXs and DeFi venues12.
• Tether-backed Stable launched “Stablechain,” an EVM-compatible Layer 1 using USDT as gas, targeting low-cost payments and tokenized assets13.
• Coinbase acquired token management platform Liquifi, its fourth deal of 2025, as tokenization and M&A activity intensify8.
• North Korean hackers infiltrated nearly 1,000 U.S. IT jobs in crypto/Web3, stealing $16.6 million; U.S. Treasury sanctioned Russia-linked Aeza Group and a crypto wallet for ransomware activity910.
• JPMorgan ’s Kinexys partnered with S&P Global to pilot carbon credit tokenization20.

Commentary

The SEC’s approval of Grayscale’s multi-asset spot ETF marks a notable expansion in regulated crypto investment products, providing diversified exposure to the five largest digital assets (X:BTCUSD , X:ETHUSD , X:XRPUSD , X:SOLUSD , X:ADAUSD )1. This development is likely to drive further applications for basket-based ETFs and broaden institutional participation beyond single-asset funds. Meanwhile, ETF flows show the first signs of rotation in months: U.S. spot Bitcoin ETFs saw significant outflows, while spot Ethereum ETFs attracted new capital, suggesting a shift in investor positioning rather than a broad withdrawal from crypto markets217.

Bitcoin ’s technical setup remains constructive, with the price holding above key support and accumulation by miners, corporates, and long-term holders at record levels616. Public companies have outpaced ETFs in Bitcoin purchases for three consecutive quarters, reflecting a clear trend of corporate treasury adoption and a preference for direct exposure1617. The surge in BitMine’s stock following its Ethereum treasury announcement underscores market appetite for listed companies adopting crypto as a reserve asset14.

On the infrastructure side, the push toward tokenization of traditional assets continues. Robinhood ’s Arbitrum-based Layer 2 and Solana ’s xStocks both launched 24/7 on-chain trading of U.S. equities, though legal challenges remain, as highlighted by OpenAI’s public disavowal of Robinhood’s tokenized shares71218. Tether’s Stablechain and JPMorgan ’s carbon credit pilot further indicate growing momentum for blockchain-based real-world asset platforms1320.

Regulatory clarity around stablecoins is advancing. The Fed signaled progress on a stablecoin framework, while Circle and Ripple moved to secure national bank charters for their stablecoin operations, potentially accelerating institutional adoption345. Security risks remain elevated, with North Korean and Russia-linked cyberattacks targeting the crypto sector, reinforcing the need for robust operational controls910.

Traders should monitor ETF and corporate flows for further rotation or risk-off signals, regulatory developments around stablecoins and tokenized assets, and adoption metrics for new tokenization platforms. Security remains a key operational risk.