TL;DR

Trump opens 401(k)s to crypto; Bitcoin tops $117K; ETH nears $4K on institutional inflows.

Highlights

• Trump to sign executive order allowing 401(k) plans to allocate to crypto and other alternatives; order also targets “political debanking” by U.S. banks 1.
• Bitcoin trades above $117,000; Ethereum nears $4,000 amid institutional buying, ETF inflows, and regulatory developments 1110.
• MicroStrategy acquires 21,021 BTC ($2.46B), raising total holdings to 376,571 BTC; Fed report fuels speculation on U.S. Bitcoin reserve 3.
• SEC and Ripple jointly dismiss appeals, formally ending the five-year XRP lawsuit 2.
• SharpLink Gaming and Fundamental Global raise $5.2B for Ethereum purchases; SharpLink’s ETH holdings exceed 520,000, all staked 19.
• Institutional and whale ETH demand surges: BlackRock resumes ETH and BTC accumulation; single whale amasses 147,000 ETH 1210.
• Standard Chartered says Ethereum treasury firms now offer stronger exposure than U.S. spot ETFs 20.
• Stablecoin activity surges: Ethena’s USDe hits $9.3B in circulation, Circle mints $350M USDC on Solana 89.
• China set to approve first RMB-backed stablecoins in Hong Kong to support cross-border flows 5.
• Ripple acquires stablecoin platform Rail for $200M to expand RLUSD and payments network 7.
• Chainlink launches on-chain reserve to accumulate LINK; Pendle debuts Boros for on-chain BTC/ETH funding rate trading 616.
• PumpFun overtakes BonkFun as top Solana memecoin launchpad; $PENGU becomes leading Solana memecoin 14.
• PancakeSwap launches on-chain futures for Apple , Amazon , and Tesla ; tokenized equity volumes exceed $2B 15.
• Tether acquires minority stake in MiCA-licensed Bit2Me, expanding EU presence 17.

Commentary

U.S. policy signals are front and center: Trump’s executive order to allow 401(k) plans access to crypto and alternative assets represents a significant regulatory shift, potentially unlocking new demand channels for digital assets 1. The accompanying crackdown on “political debanking” may also reduce banking friction for crypto businesses 1. These developments coincided with a broad market rally, with Bitcoin clearing $117,000 and Ethereum closing in on $4,000 1110.

Institutional flows continue to drive market structure. MicroStrategy ’s $2.46B BTC purchase and the emergence of treasury-focused vehicles (SharpLink , Fundamental Global ) for Ethereum highlight ongoing corporate accumulation 319. Standard Chartered’s view that Ethereum treasury firms now provide better exposure than spot ETFs is notable 20, especially as BlackRock and other whales accelerate ETH and BTC buying 1210. The termination of the Ripple -SEC lawsuit removes a longstanding regulatory overhang for XRP and the broader altcoin sector 2.

Stablecoins and DeFi remain growth engines. Ethena’s USDe expansion and Circle ’s $350M USDC mint on Solana are driving record network activity on Ethereum and Solana 89. China’s pending approval of RMB-backed stablecoins in Hong Kong could further shift cross-border liquidity dynamics 5. Ripple ’s Rail acquisition and Chainlink ’s on-chain reserve launch underscore ongoing infrastructure buildout 76, while Pendle’s Boros and PancakeSwap’s tokenized stock futures reflect the continued blending of traditional and crypto markets 1615.

Solana ’s memecoin sector is rapidly evolving, with PumpFun overtaking BonkFun and $PENGU becoming the top Solana memecoin 14. Tether’s investment in Bit2Me signals a push for regulatory compliance and deeper EU market penetration 17.

Traders should monitor institutional inflows, regulatory headlines, stablecoin volumes, and the pace of innovation in DeFi and tokenized assets for near-term signals.