TL;DR

GENIUS Act stablecoin vote; Bitcoin hits $106.5K on ETF inflows; Coinbase joins S&P 500 amid breach.

Highlights

• U.S. Senate will vote on the GENIUS Act for stablecoin regulation, with bipartisan support and a ban on Big Tech-issued stablecoins 2.
• Bitcoin closed at a record weekly high above $106,500, driven by $2.8B in U.S. spot ETF inflows and inflation concerns 5.
• Bitcoin price volatility triggered $600M in liquidations as BTC swung between $107,000 and $102,000 6.
• U.S. spot Bitcoin ETFs added 26,700 BTC in May, with BlackRock’s IBIT now holding 631,962 BTC ($65B) 717.
• MicroStrategy bought 7,390 BTC ($765M), raising total holdings to 576,230 BTC; faces a class action lawsuit over alleged misleading statements and a $5.9B unrealized loss 419.
• Coinbase joined the S&P 500 , stock surged 24% despite a data breach involving bribed contractors in India; DOJ is investigating, and Coinbase has offered a $20M bounty 81.
• Circle is in informal sale talks with Coinbase and Ripple , amid a $5B IPO process; bids reportedly exceed $10B 9.
• Tether surpassed Germany in U.S. Treasury holdings; stablecoin market hit a record $244B, with USDT supply on TRON exceeding Ethereum 10.
• SEC delayed decisions on multiple spot Solana ETF applications, opening a public comment period 12.
• Solana announced the Alpenglow protocol, targeting 100x latency reduction and removing Proof of History; testing by year-end 14.
• Chainlink launched CCIP on Solana, enabling cross-chain DeFi and RWA growth 15.
• CME launched XRP futures after SEC legal setback; XRP maintains strong market cap and trading volumes 11.
• Ethereum gas fees dropped to $0.03 as ETH fell below $2,400; MetaMask added Solana support; Vitalik Buterin proposed EIP-4444 and partially stateless nodes for improved scalability 2013.
• Russian Central Bank plans to lift crypto restrictions; SEC Chair Paul Atkins directs staff to draft unified crypto rules allowing custody and trading under one license 18.

Commentary

Regulatory activity is front and center: the GENIUS Act vote could set the tone for stablecoin oversight in the U.S., with direct implications for USDC, USDT , and the broader dollar-pegged stablecoin market 210. Tether ’s growing U.S. Treasury exposure and the record $244B stablecoin market reinforce the sector’s systemic relevance, while Circle’s potential sale and IPO highlight competitive and strategic shifts among issuers 109.

Institutional demand remains robust. U.S. spot Bitcoin ETFs continue to absorb more BTC than is mined, with BlackRock and MicroStrategy expanding holdings aggressively 717. This supply-demand imbalance, alongside macro drivers like inflation and a weaker dollar, has pushed Bitcoin to new highs—though volatility remains elevated, as seen in the $600M in liquidations during recent price swings 56. MicroStrategy ’s ongoing accumulation, despite legal headwinds, and Coinbase ’s S&P 500 inclusion (despite security challenges) both signal continued mainstreaming of crypto assets and infrastructure 41981.

On the technical side, Layer 1 chains are pushing for performance and interoperability. Solana ETF ’s Alpenglow protocol and Chainlink’s CCIP launch are aimed at scaling throughput and enabling cross-chain DeFi, while Ethereum ’s focus on node accessibility and sharply lower gas fees could broaden participation and support for DeFi and NFT activity 14151320. The SEC’s cautious stance on Solana ETF s and the Russian Central Bank’s move to lift restrictions show regulatory divergence, but also a trend toward greater market access 1218.

Traders should closely track the GENIUS Act outcome, ETF inflow trends, and any spillover from regulatory or security events 27. Technical upgrades on Solana and Ethereum , as well as new institutional products like XRP futures, may drive sector rotation and liquidity shifts 11141513. Stablecoin flows and regulatory clarity will remain key indicators for market sentiment and risk 102.