Highlights

• BlackRock purchased over 27,500 ETH (~$50M) on Coinbase and filed to tokenize shares of its $150B Treasury Trust fund, signaling growing institutional adoption of Ethereum and blockchain-based asset management.1
• Bitcoin surged past $95,000, with nearly 90% of supply in profit and "hot supply" reaching $40B, but network activity remains subdued amid broader economic uncertainty.2
• The SEC delayed decisions on Franklin Templeton’s XRP and Bitwise’s Dogecoin spot ETFs, as well as other altcoin ETFs, while ProShares’ XRP futures ETFs’ launch remains pending.3
• The UK released draft crypto regulation aiming for global leadership and announced plans for close US regulatory collaboration, with final legislation expected soon.4
• US regulators (Fed , FDIC , SEC ) eased restrictions on crypto custody for banks, while the DOJ finalized new data security rules and paused FCPA enforcement, signaling a more permissive but complex US regulatory environment.5
• The stablecoin market hit a record $240B cap, with $2B USDT and $250M USDC newly minted; Trump-backed USD1 stablecoin surpassed $2B in market cap, ranking #57 overall.6
• ALPACA token experienced extreme volatility and $45.7M in liquidations after Binance ’s delisting announcement, with $3B in trading volume and $110M in open positions before the event.7
• Grayscale pressed the SEC to allow Ethereum staking in ETFs, citing $61M in missed rewards, while VanEck ’s CEO expressed optimism for both ETH staking and a future Solana ETF.8
• Europe’s Bunq neobank launched Kraken -powered crypto trading for 17M customers across six countries, offering access to 300+ cryptocurrencies.9
• Libre and the TON Foundation announced a $500M Telegram Bond Fund, tokenizing Telegram’s debt for institutional investors and expanding real-world asset (RWA) tokenization on the TON blockchain.10
• The Trump Organization ’s $1B Dubai tower will accept crypto payments for $20.4M penthouses, furthering luxury real estate adoption of digital assets.11
• President Trump’s first 100 days included a Bitcoin reserve, SEC overhaul, Chokepoint 2.0 rollback, high-profile pardons, a White House Crypto Summit, and the launch of the $TRUMP memecoin, but BTC price underperformed expectations.12
• US consumer confidence fell to 86.0, job openings dropped to a four-year low, and inflation expectations rose, signaling a cooling US economy.14
• The S&P 500 staged a historic monthly reversal, nearly erasing a 13% intra-month drop, highlighting ongoing volatility in traditional markets.15

Commentary

Institutional momentum in crypto continues to accelerate, led by BlackRock ’s latest ETH accumulation and its push to tokenize traditional assets.1 This, alongside Libre and TON ’s $500M Telegram Bond Fund, underscores the rapid expansion of real-world asset tokenization—an area now drawing both Wall Street and crypto-native players.10 The stablecoin market’s surge to a $240B cap, with USD1 ’s meteoric rise, further cements stablecoins as a structural pillar for liquidity and cross-chain activity, particularly on BNB Chain and Solana .613

Regulatory dynamics remain a double-edged sword. The SEC ’s delays on spot XRP and Dogecoin ETFs, as well as other altcoin ETF reviews, continue to dampen near-term sentiment for altcoin exposure in US markets, even as futures-based products and CME /Nasdaq listings hint at growing institutional interest.3 Meanwhile, the UK’s draft crypto regulation4 and US banking regulators’ easing of custody restrictions5 signal a global shift toward mainstreaming digital asset services, albeit with divergent approaches and ongoing uncertainty. The DOJ ’s evolving enforcement posture and the Trump administration’s crypto-friendly actions—such as the SEC overhaul and Chokepoint 2.0 rollback—are reshaping the US regulatory landscape, though political risk remains high.12

On-chain, Bitcoin ’s surge above $95,000 and the high percentage of supply in profit reflect strong speculative inflows, but muted network activity and deteriorating US economic data (falling consumer confidence, job openings, and rising inflation expectations) raise caution flags.214 The S&P 500 ’s historic reversal highlights the fragility and volatility of risk markets, which could spill over into crypto, especially if macro headwinds persist.15

DeFi and altcoin traders should monitor the implications of growing stablecoin liquidity, especially on Solana and BNB Chain , as well as the impact of new tokenized RWA products on capital flows.610 The ALPACA delisting episode on Binance serves as a warning about volatility and liquidity risks around exchange actions, particularly for smaller or “zombie” tokens.7

Traders should watch for further regulatory developments (especially ETF decisions and UK/US policy moves), continued institutional flows into ETH and tokenized assets, and macroeconomic signals that could affect risk appetite. With the market at a crossroads between institutional adoption and macro uncertainty, volatility is likely to remain elevated across both majors and altcoins.