TL;DR

Trump opens 401(k)s to crypto; Ethereum tops $4,200, $400M liquidated; BlackRock, Harvard boost allocations.

Highlights

• Trump signed an executive order to allow 401(k) plans to invest in crypto and private equity, potentially opening up $12.5 trillion in retirement assets to digital assets 1.
• Ethereum surged past $4,200, its highest since early 2021, triggering over $400 million in liquidations and overtaking Mastercard and Netflix in market cap (~$515B) 24.
• BlackRock executed $632 million in on-chain Ether and Bitcoin buys, with Ether ETF inflows outpacing Bitcoin ETFs for a third week; institutional Ether holdings and demand are rising 15.
• Bitcoin traded above $118,000, mining difficulty hit a record high, and MicroStrategy marked five years of its BTC strategy, now holding 628,791 BTC worth $74B 518.
• Harvard University acquired $116 million in Bitcoin via ETF, signaling deepening institutional adoption among endowments and large funds 7.
• Major Ethereum whales, including Erik Voorhees, Jeffrey Wilcke, and Arthur Hayes, rotated positions as Ether rallied; over $240 million in ETH shorts were liquidated 916.
• Vitalik Buterin’s ETH holdings surpassed $1 billion amid renewed “alt season” speculation as ETH/BTC ratio climbs 19.
• CryptoPunks NFT collection floor rose to 55 ETH (~$235,000), with renewed six-figure bids and record sales indicating blue-chip NFT momentum 1117.
• Pudgy Penguins ($PENGU) token listed on Arkham Exchange, saw $5 million in whale inflows, and strong trading activity 12.
• Russian GreedyBear hackers stole $1 million in crypto via malicious Firefox extensions, highlighting persistent security risks 10.
• White House Crypto Council chief Bo Hines resigned, with Patrick Witt set to succeed him ahead of new digital asset policy guidance 13.
• Trump-affiliated World Liberty Financial launched a USD1 stablecoin loyalty program and seeks $1.5B for a public crypto treasury 8.

Commentary

U.S. policy is moving toward mainstreaming crypto, with Trump’s executive order instructing regulators to enable 401(k) access to digital assets 1. While implementation will take time and product design remains a hurdle, this directive could eventually unlock a significant pool of retirement capital for crypto, private equity, and real assets. Institutional players—including BlackRock and Harvard—are already increasing allocations, as shown by recent large on-chain purchases and ETF inflows, particularly into Ether 157.

Ethereum remains the market’s focal point. The break above $4,200 triggered heavy liquidations 2, active whale repositioning 916, and a surge in market cap to over $515 billion 420. Ether ETF inflows continue to outpace Bitcoin , and the ETH/BTC ratio is rising 1516, fueling talk of a possible shift in large-cap crypto leadership. Whale activity, including sales and buybacks from prominent figures, underscores the volatility and ongoing risk rotation in both spot and derivatives markets 916.

Bitcoin maintains momentum above $118,000, supported by record mining difficulty 5 and continued accumulation by corporates like MicroStrategy , now five years into its BTC strategy 18. Harvard’s $116 million allocation via ETF demonstrates further institutional normalization of Bitcoin as a portfolio asset 7. The interplay between Bitcoin and Ether flows will remain a key market driver.

NFTs and meme tokens are regaining traction, with CryptoPunks floor prices climbing 1117 and Pudgy Penguins ($PENGU) seeing strong whale inflows on new exchange listings 12. However, traders should remain cautious about liquidity and volatility in these segments. On the security front, the GreedyBear hack is a reminder for users to audit browser extensions and maintain best practices 10.

Regulatory and policy shifts remain in focus, with leadership changes at the White House Crypto Council 13 and new stablecoin initiatives tied to Trump-affiliated ventures 8. Traders should monitor for further policy guidance, ETF flows, and large on-chain transactions as signals for near-term direction.