TL;DR

Coinbase hit by $400M breach; Bitcoin ETF inflows surge; ETH fees drop post-upgrade, altcoins rally.

Highlights

• Coinbase disclosed a $400M data breach involving customer data theft and refused a $20M Bitcoin ransom; SEC is probing past user metrics. Shares surged 28% ahead of S&P 500 inclusion 117.
• BlackRock and Fidelity ramped up Bitcoin ETF purchases, driving cumulative spot ETF inflows to $41.5B; Bitcoin ETF demand continues to outpace new BTC supply 2.
• Ethereum gas fees dropped to $0.03 post-Pectra upgrade, with a $655M ETH buy by Abraxas and JPMorgan using Chainlink ’s CCIP for treasury operations 3.
• Ethereum gained 38% against Bitcoin as BTC dominance fell to 61.6%, with ETF accumulation and reduced ETH sell pressure fueling altcoin rotation 4.
• Galaxy Digital listed on Nasdaq as GLXY ($7.5B), discussing tokenization with the SEC; Hyperliquid’s $HYPE token surged 260% with $1B annual income and Galaxy backing 510.
• World Liberty Financial’s USD1 stablecoin integrated Chainlink CCIP for cross-chain transfers (Ethereum, BNB Chain), reaching $2.2B market cap; faces Senate scrutiny over Trump and foreign ties 67.
• Whale activity included $66.75M in leveraged shorts (20x Solana , 25x Ethereum ), large ETH sales at a loss, and $276M Bitcoin long exposure, signaling aggressive repositioning 8.
• Sui Network ’s stablecoin market cap hit $1B, DEX volume surpassed $90B; USDC on Sui grew 7x since November, csUSDL TVL crossed $100M 11.
• Uniswap captured 65% DEX market share; BNB Chain , PancakeSwap, and Binance Wallet posted major volume gains, with Uniswap v4 deployments driving growth 18.
• JPMorgan forecasted Bitcoin to outperform gold in H2 2025, citing corporate and U.S. state adoption; 14 U.S. states increased MicroStrategy holdings to $632M for indirect BTC exposure 1319.
• Singapore’s Basel Medical Group and China’s Addentax Group announced plans to acquire $1B and $800M in Bitcoin (and TRUMP ), respectively, via share issuance 1415.
• Solana -based Nyan Heroes game shut down after raising $13M, with NYAN token down 99%, highlighting ongoing challenges in Web3 gaming 12.
• Steak ‘n Shake began accepting Bitcoin payments via the Lightning Network at all U.S. locations 20.

Commentary

Institutional participation continues to drive crypto markets, with BlackRock and Fidelity pushing Bitcoin ETF inflows to new highs and U.S. state pension funds expanding indirect BTC exposure via MicroStrategy . The ETF-driven demand for Bitcoin now far exceeds new miner supply, supporting a bullish structural narrative 213. Ethereum , meanwhile, is benefiting from both technical improvements—Pectra’s gas fee reduction and increased blob capacity—and renewed institutional activity, including a $655M ETH purchase and JPMorgan ’s adoption of Chainlink ’s CCIP. This has narrowed the ETH/BTC gap and fueled a broader altcoin rotation, as reflected in declining BTC dominance and surging DEX volumes 34.

On the regulatory and infrastructure front, Coinbase ’s S&P 500 inclusion and Galaxy Digital ’s Nasdaq listing mark further integration of crypto with public markets, though both companies face ongoing regulatory scrutiny. The SEC is actively engaging with tokenization proposals, and World Liberty Financial’s USD1 stablecoin faces heightened political attention over potential conflicts of interest and foreign influence. These developments underscore the persistent intersection of regulatory risk and market innovation 156716.

DeFi and cross-chain infrastructure are expanding rapidly. Uniswap ’s 65% DEX market share, BNB Chain ’s volume growth, and Sui ’s stablecoin and DEX milestones highlight intensifying competition among Layer 1s and the importance of multi-chain liquidity 1118. Hyperliquid’s $HYPE token, with its revenue-sharing model and strong financials, is attracting attention as a new DeFi business model, while whale activity—marked by aggressive leveraged shorts and large Bitcoin longs—signals elevated volatility and possible liquidations 810.

Elsewhere, the shutdown of Nyan Heroes after significant fundraising highlights the persistent challenges in Web3 gaming, while Steak ‘n Shake’s Bitcoin payment integration via Lightning Network signals steady progress in real-world crypto adoption 1220.