TL;DR

BTC whale triggers $4,000 flash crash; ETH hits all-time high, record ETF inflows; major SOL, BNB treasuries.

Highlights

• A dormant Bitcoin whale sold 24,000 BTC ($2.7B), triggering a $4,000 BTC flash crash and $550M in liquidations; proceeds were rotated into 455,000 Ethereum and leveraged longs, fueling record volumes on Hyperliquid and Hyperunit 15.
• Ethereum hit a new all-time high near $4,958, with spot ETF inflows exceeding $1B last week and corporate holdings (BitMine, SharpLink) rising sharply 3.
• MicroStrategy added 3,081 BTC ($357M), raising its total to 632,500 BTC, while Metaplanet bought 103 BTC and secured FTSE Japan index inclusion 29.
• Bitcoin ETFs saw six consecutive days of outflows totaling $1.3B, while Ethereum ETFs logged $625M of inflows over two sessions 5.
• BitMine Immersion raised its ETH holdings to 1.71M tokens ($8.8B), now the largest corporate ETH holder 4.
• Sharps Technology raised $400M for a Solana treasury; Galaxy, Jump, and Multicoin are seeking $1B for a SOL vehicle, both with Solana Foundation support 1112.
• Former Bitmain executives launched B Strategy, targeting a $1B BNB treasury and Nasdaq listing, with YZi Labs as a strategic partner 13.
• OKX launched a $100M X Layer fund for its zkEVM L2, burned a record amount of OKB, and introduced new DEX fee structures 14.
• Kraken and Backed Finance expanded tokenized U.S. equities (xStocks) to TRON , now available on three blockchains 15.
• SBI Group partnered with Chainlink to tokenize assets and verify stablecoins in Japan and APAC, focusing on institutional-grade infrastructure 16.
• Pump.fun regained up to 90% market share in Solana memecoin launchpads, surpassing $800M in cumulative revenue 17.
• Gemini and Ripple launched an XRP rewards credit card and added RLUSD stablecoin support for settlements 20.
• A Manhattan judge unfroze $58M in Libra meme-coin funds, causing a 137% LIBRA price spike; related wallets drew scrutiny for rapid YZY meme coin trading 19.
• UAE government holdings of 6,300 Bitcoin ($700M) via Citadel Mining were publicly identified for the first time 10.

Commentary

A major Bitcoin whale’s $2.7B sale into thin weekend liquidity triggered a sharp BTC flash crash, liquidating over $500M in positions and highlighting the market’s sensitivity to large, concentrated moves 118. Notably, the whale rotated proceeds into Ethereum , opening and closing significant leveraged longs and contributing to record spot and derivatives volumes on decentralized venues 15. This activity coincided with Ethereum reaching a new all-time high near $4,958, underpinned by robust ETF inflows, increased corporate accumulation, and positive regulatory signals around staking and stablecoins 3.

Institutional flows are diverging: Bitcoin ETFs experienced their second-largest weekly outflows since launch, while Ethereum ETFs and corporate treasuries (BitMine, SharpLink, SharpLink Gaming) saw strong inflows and accumulation 5. The ETH/BTC ratio strengthened, reflecting this rotation. Meanwhile, MicroStrategy and Metaplanet continued to expand their Bitcoin holdings, with Metaplanet’s FTSE Japan index inclusion signaling growing acceptance of BTC-heavy balance sheets in traditional finance 29.

Layer 1 ecosystems beyond Bitcoin and Ethereum are also attracting significant capital. Solana saw two major treasury initiatives—Sharps Technology’s $400M raise and a $1B vehicle in progress from Galaxy, Jump, and Multicoin—while BNB is set for a $1B treasury via B Strategy 111213. OKX’s $100M X Layer fund and new DEX fee structure 14, along with SBI’s partnership with Chainlink 16 and Kraken’s expansion of tokenized equities to TRON 15, underscore the increasing focus on infrastructure, interoperability, and real-world-asset tokenization.

In DeFi and altcoins, Pump.fun’s dominance in Solana memecoin launches and the sharp LIBRA price move following a court ruling illustrate the ongoing appetite for high-beta trading opportunities and legal/regulatory event-driven volatility 1719. The identification of UAE’s sovereign Bitcoin holdings 10 and Gemini’s new XRP rewards card 20 further signal the broadening institutional and consumer integration of digital assets.