TL;DR

BlackRock’s Bitcoin ETF hits $70B AUM; Ethereum ETFs see record inflows; Circle IPO raises $1.05B.

Highlights

• BlackRock’s spot Bitcoin ETF (IBIT ) reached $70B AUM in 341 days, 5x faster than GLD; daily inflows remain strong 1.
• U.S. spot Ethereum ETFs logged $837M in 15-day inflows, with BlackRock’s ETH ETF (IBIT ) leading; Bitcoin ETFs saw net outflows 2.
• Circle raised $1.05B in NYSE IPO; USDC circulation at $60B as stablecoin market cap surpassed $250B, with USDT at 62% market share 616.
• Tether minted $1B USDT on Tron and transferred over $1B to Binance and HTX; stablecoin supply on Tron up $1.04B last week 36.
• Bitcoin rebounded to $108,000 after volatility linked to Trump-Musk dispute; altcoins Dogecoin , Solana , Ripple , and $TRUMP underperformed 7.
• MicroStrategy added 1,045 BTC ($110M), now holding ~582,000 BTC; El Salvador’s BTC reserves at 6,200 417.
• Nasdaq filed to add XRP , SOL , ADA , XLM to its crypto index ETF; SEC dismissed Binance case and is considering DeFi exemptions 8.
• Bitcoin Core v30 will raise OP_RETURN data limit to 4MB in October, sparking debate over non-financial use and network spam 9.
• Plasma Foundation raised $500M in minutes for a stablecoin payments network; top 10 wallets took 40% of allocations 5.
• Chainlink enabled cross-border e-HKD/AUD stablecoin exchange in a pilot with Visa , ANZ, and Fidelity 12.
• U.S. House CLARITY Act, backed by major crypto groups, seeks to exempt non-custodial and DeFi infrastructure from money transmitter and CFTC oversight 13.
• JPMorgan now accepts Bitcoin and Ethereum ETFs as collateral for wealth lending; Bitcoin short liquidations risk remains elevated 15.

Commentary

Institutional participation continues to set the tone: BlackRock’s IBIT ETF is now the fastest-growing ETF in history, and U.S. spot Ethereum ETFs are seeing sustained inflows even as Bitcoin ETF flows turn negative 12. This shift suggests growing institutional demand for Ethereum exposure, with BlackRock’s ETH ETF leading new allocations 2. Meanwhile, Circle’s $1.05B IPO and USDC ’s $60B circulation underscore the intensifying competition in the stablecoin sector, as Tether maintains dominance and mints another $1B USDT on Tron , fueling exchange liquidity 3616.

Market structure is evolving rapidly. Nasdaq’s bid to add major altcoins to its crypto index ETF and the SEC’s dismissal of the Binance case point to a more accommodative U.S. regulatory stance, further supported by the House CLARITY Act’s proposed exemptions for DeFi and non-custodial infrastructure 813. Technical change is also in focus: Bitcoin Core v30’s upcoming OP_RETURN limit increase is dividing the community over the balance between censorship resistance and network spam 9.

On the trading front, Bitcoin ’s recovery to $108,000 following political headlines and volatility highlights continued institutional accumulation, with MicroStrategy and El Salvador both adding to reserves 4717. Altcoins remain more sensitive to sentiment, with Dogecoin , Solana , Ripple , and $TRUMP all underperforming after the Trump-Musk dispute 7. JPMorgan’s move to accept crypto ETFs as collateral signals further TradFi integration, while short liquidation risk remains if Bitcoin breaks higher 15.

DeFi and crosschain infrastructure are seeing strong capital inflows. The Plasma Foundation’s $500M raise and Chainlink ’s successful cross-border CBDC-stablecoin pilot with major financial institutions point to ongoing innovation and institutional engagement in payments and interoperability 512. However, traders should remain alert to technical and regulatory shifts, as well as potential volatility from ETF flows, stablecoin minting, and large on-chain transfers.