TL;DR

SEC approves Grayscale multi-asset ETF; Solana staking ETF launches; U.S. Bitcoin ETF inflows surge.

Highlights

• SEC approves Grayscale’s multi-asset spot ETF (X:BTCUSD , X:ETHUSD , X:XRPUSD , X:SOLUSD , X:ADAUSD ), first of its kind in the U.S.1
• U.S. spot Bitcoin ETFs see $5B in 15-day inflows; Ether ETFs post seven consecutive weeks of net creations.8
• Public companies outpace ETFs in Bitcoin accumulation for the third straight quarter.16
• REX-Osprey to launch first U.S. Solana staking ETF, passing on-chain staking rewards to investors.6
• Solana crosses $165 amid $100M+ in cross-chain inflows; CME Solana futures hit record 1.75M contracts.1117
• Circle applies for U.S. trust bank charter to directly custody USDC reserves, aligning with anticipated stablecoin rules.3
• Fed Chair Powell says U.S. is advancing a stablecoin regulatory framework.2
• White House and Senate Republicans push to exempt small Bitcoin payments from capital gains, end double taxation on mining/staking rewards.415
• Supreme Court allows IRS access to Coinbase user data, reinforcing agency’s authority in crypto tax enforcement.5
• Polygon-backed Katana Layer-2 launches with $240M in deposits, focusing on DeFi liquidity and yield aggregation.12
• Robinhood launches tokenized U.S. stocks on Arbitrum in Europe, unveils own Layer-2 blockchain, and introduces ETH /SOL staking for U.S. users.1014
• Ripple launches EVM-compatible sidechain for XRP Ledger, bringing Ethereum-style DeFi to XRP.18

Commentary

Regulatory momentum in the U.S. is a key theme, with the SEC’s approval of Grayscale’s multi-asset ETF expanding mainstream access to a diversified crypto basket (X:BTCUSD , X:ETHUSD , X:XRPUSD , X:SOLUSD , X:ADAUSD )1. This, combined with strong inflows into spot Bitcoin and Ether ETFs8 and growing corporate Bitcoin treasury strategies16, signals persistent institutional and retail demand for regulated exposure. The SEC’s work on a generic ETF listing standard could further streamline new product launches13.

Solana remains in focus with record CME futures volume17, strong cross-chain inflows11, and the upcoming launch of the first U.S. staking ETF6. These developments highlight both institutional and retail interest in yield-generating crypto products. Meanwhile, Ethereum ’s ecosystem sees competition from new launches: Polygon-backed Katana Layer-2 targets DeFi liquidity aggregation12, and Ripple ’s EVM-compatible sidechain aims to attract Ethereum developers to the XRP Ledger18.

Stablecoins are moving toward greater regulatory clarity. Circle ’s trust bank application3 and Fed Chair Powell’s comments2 both point to an environment where stablecoin issuers are expected to meet higher compliance standards. On the legislative side, the push to exempt small Bitcoin payments from capital gains and end double taxation on mining/staking rewards could, if enacted, lower barriers for everyday crypto use and institutional participation415.

Traders should monitor ETF inflows8, the impact of new staking products (especially for Solana )6, and regulatory/tax developments in Washington415. The Supreme Court’s Coinbase ruling underscores heightened tax enforcement risk for U.S. crypto users5. Infrastructure launches—including tokenized equities and new Layer-2s—may drive activity across DeFi and altcoin segments1012.