TL;DR

US Senate passes stablecoin bill; BlackRock ETF holds 3% of BTC; Coinbase gets EU MiCA license.

Highlights

• U.S. Senate passes GENIUS Act stablecoin bill (68-30), mandating 1:1 reserves and monthly audits; Trump urges swift House approval 1.
• BlackRock’s Bitcoin ETF now holds ~3% of BTC supply after $2.4B in eight-day inflows; Ethereum ETF inflows remain modest 2.
• Circle extends 600% post-IPO rally, buoyed by stablecoin bill and new Buy rating; market cap approaches $54B 5.
• Coinbase secures first EU-wide MiCA license in Luxembourg, shifting its European hub from Ireland 3.
• Bloomberg analysts raise odds of spot Solana, Litecoin, and XRP ETF approvals to 95%; Dogecoin, Cardano, Polkadot, Hedera, Avalanche at 90% 4.
• OKX launches xBTC, a Bitcoin-backed asset, on Solana ; $250K+ in liquidity rewards from Kamino Finance and Orca 8.
• Kraken introduces native Bitcoin staking via Babylon, offering up to 1% APR in BABY tokens, no wrapping required 7.
• Hyperliquid’s HYPE token surpasses Dogecoin in futures open interest; Tron overtakes Dogecoin in market cap 9.
• Bitcoin inflows to Binance hit cycle lows; 89% of BTC network volume now from high-value transfers, signaling increased whale activity 10.
• Arizona and Texas advance bills to create state-level Bitcoin reserves from seized assets; both await governor decisions 1117.
• Norway plans autumn 2025 ban on new power-intensive crypto mining centers to conserve electricity 13.
• Visa expands stablecoin program to EMEA via Yellow Card partnership, targeting cross-border payments in 20+ African countries 12.

Commentary

The U.S. Senate’s passage of the GENIUS Act stablecoin bill marks a significant step toward regulatory clarity for dollar-backed stablecoins, with new reserve and audit requirements likely to boost institutional confidence and market participation 1. Circle ’s continued rally and increased market cap reflect investor optimism around stablecoin sector growth and the prospect of clearer compliance standards 5. Visa ’s expansion of stablecoin pilots into EMEA, especially Africa, signals further integration of blockchain rails into traditional payments 12.

ETF flows remain a key market driver: BlackRock ’s Bitcoin ETF now controls about 3% of all BTC , underscoring persistent institutional demand 2. However, Ethereum ETF inflows lag, and on-chain data show a sharp drop in retail activity, with whales dominating both exchange inflows and network volume 210. This concentration may dampen volatility in the short term but could also signal risk of sharp moves if large holders shift positions 10.

Regulatory momentum is global. Coinbase ’s MiCA license win in Luxembourg establishes a new template for U.S. exchanges seeking EU-wide access 3, while South Korea’s regulatory roadmap and state-level Bitcoin reserve initiatives in Texas and Arizona highlight growing public-sector involvement 111517. In contrast, Norway’s planned mining ban reflects ongoing environmental scrutiny and regional policy divergence 13.

DeFi and altcoin traders should note the launch of xBTC on Solana and Kraken’s non-custodial BTC staking, both of which expand Bitcoin’s utility in non-Ethereum ecosystems 78. The surge in Hyperliquid’s HYPE token and Tron’s overtaking of Dogecoin in market cap illustrate capital rotation toward high-volume, on-chain platforms 9. Meanwhile, high ETF approval odds for Solana, XRP , and others could further broaden access and liquidity for major altcoins 4.