TL;DR

Bitcoin tops $110K on ETF inflows; SEC delays Grayscale altcoin ETF; U.S. crypto bills advance.

Highlights

• • Bitcoin broke above $110,000, triggering over $300 million in short liquidations; spot Bitcoin ETFs saw $408 million in inflows, led by Fidelity115.
• • Ether rose to ~$2,600, but spot Ethereum ETFs posted $1.8 million in net outflows, ending a three-day inflow streak115.
• • The SEC stayed approval of Grayscale’s multi-asset crypto ETF, delaying the first U.S. spot ETF with significant altcoin exposure2.
• • U.S. lawmakers set July 14–18 as “Crypto Week” to vote on three digital-asset bills; the White House aims for comprehensive crypto legislation by September, with a stablecoin bill expected in July34.
• • Ripple applied for a U.S. national bank charter to bring RLUSD stablecoin under OCC oversight; Circle is also seeking a federal charter5.
• • Swiss AMINA Bank and BitMEX adopted Ripple’s RLUSD, expanding institutional access and trading utility for the stablecoin6.
• • Circle minted $2 billion USDC on Solana in the past month, signaling increased stablecoin activity and ecosystem growth10.
• • DeFi Development Corp. raised $112.5 million in convertible notes to acquire more SOL , now holding over $98 million in Solana tokens11.
• • Ondo Finance and Pantera Capital launched a $250 million fund to support tokenized real-world asset projects12.
• • Security incidents: Brazil’s Pix payment system hack routed up to $180 million to crypto platforms7; North Korean actors stole $16.6 million from U.S. crypto/Web3 firms via advanced malware8; Mozilla removed 40 malicious crypto wallet extensions from Firefox9.
• • Tether -backed Stable launched “Stablechain,” a USDT-native Layer 1 targeting low-cost payments and DeFi17.
• • Marathon Digital now holds 50,000 BTC ($5.5 billion); Addentax announced a non-binding $1.3 billion Bitcoin purchase, dwarfing its own market cap1418.
• • Belgium’s KBC Bank plans to offer Bitcoin and Ether trading to retail clients via its Bolero platform, pending regulatory approval19.
• • JPMorgan ’s Kinexys, with S&P Global , is piloting carbon credit tokenization using blockchain20.
• • Coinbase acquired Liquifi, a token management platform, marking its fourth M&A deal of 202513.
• • OpenAI disavowed Robinhood ’s “OpenAI stock tokens,” warning they do not represent equity and lack approval16.

Commentary

Bitcoin ’s surge above $110,000, driven by softer U.S. labor data and robust ETF inflows, triggered significant short liquidations and brought the asset within striking distance of its all-time high115. Institutional demand remains strong, as seen in Marathon Digital ’s 50,000 BTC treasury and substantial inflows into U.S. spot Bitcoin ETFs1518. In contrast, Ethereum ETFs saw outflows, highlighting a divergence in investor sentiment and a continued preference for Bitcoin as macro conditions shift15.

Regulatory developments are front and center. The SEC’s pause on Grayscale’s multi-asset ETF signals ongoing caution around altcoin exposure in U.S. spot ETF products2. Meanwhile, U.S. lawmakers are accelerating legislative efforts, with “Crypto Week” scheduled for mid-July and the White House pushing for comprehensive crypto and stablecoin regulation by September34. Stablecoin issuers like Ripple and Circle are moving to secure federal charters, aiming for regulatory certainty and deeper integration with the U.S. financial system5.

Stablecoin and Layer 1 activity is notable: Circle ’s $2 billion USDC minting on Solana 10 and DeFi Development Corp. ’s expanded SOL holdings signal confidence in Solana’s growth and anticipation of ETF products11. RLUSD’s adoption by AMINA Bank and BitMEX broadens its institutional footprint6, while Tether -backed Stable’s launch of Stablechain underscores competition in payments infrastructure17. Ondo Finance and Pantera’s $250 million fund12, as well as JPMorgan ’s carbon credit tokenization pilot with S&P Global 20, reflect continued institutional interest in real-world asset tokenization.

Security remains a significant risk factor. The Brazil Pix hack7, North Korean cyber infiltration of U.S. crypto firms8, and ongoing wallet extension scams9 highlight the sector’s vulnerability to sophisticated attacks. Traders should monitor for further fallout from these incidents, as well as any regulatory responses.

Key watchpoints: sustained ETF inflows, U.S. legislative progress, Solana ecosystem developments, and stablecoin adoption. Security and compliance will remain critical as institutional participation deepens and regulatory frameworks evolve.