Dormant Bitcoin whales move $2B after 14 years

Bitcoin ETFs saw renewed momentum with over $1B in inflows over two days, nearing $50B in total, while dormant Bitcoin whales moved $2B worth of BTC for the first time in 14 years. Metaplanet led efforts to expand the corporate BTC treasury model in Asia, and Coinbase’s Base network experienced $4B in outflows amid Ethereum’s $8.5B inflow reversal. Meanwhile, NIP Group entered Bitcoin mining targeting $6.5M monthly production, Solana users faced a GitHub malware scam, and FTX’s estate froze $500M in restricted jurisdictions. Regulatory developments included yuan and ruble-backed stablecoin proposals from Alibaba and Rostec, Senator Lummis’ new crypto tax reform bill, uneven MiCA rollout in the EU, and SIFMA’s opposition to tokenized stock exemptions. Market sentiment shifted as Trump’s tariff announcements triggered altcoin slumps, and OpenAI cast doubt on Robinhood’s tokenized equity products.

US Spot Bitcoin ETFs Approach $50B in Total Net Inflows After $1B Rebound Over Two Days
U.S. spot Bitcoin ETFs saw a $1 billion net inflow over just two days, pushing cumulative inflows near the $50 billion mark. The recovery comes after weeks of muted activity, signaling revived institutional appetite for BTC exposure. Notably, the inflow reversed earlier outflows and brought renewed momentum to the ETF market. Major players like BlackRock and Fidelity continued to dominate the allocation flows. LINK

IMPORTANCE
The sharp rebound in inflows points to strengthening institutional conviction following macroeconomic stabilization and regulatory clarity. Bitcoin ETFs are increasingly becoming a liquidity gateway for asset managers seeking regulated crypto exposure. Crossing the $50B mark adds legitimacy to Bitcoin as an investable asset class within traditional portfolio mandates. It also reinforces ETFs as a leading structure for large-scale capital deployment in digital assets. The activity may spark renewed fund launches and broader product innovation in crypto-linked securities. Rising AUM further positions Bitcoin as a macro-correlated, allocatable asset on par with gold or commodities.

Bitcoin ETF Inflows Surge Past $600M for First Time Since May
Bitcoin ETFs attracted over $600 million in a single day, the highest daily total since May. The surge followed bullish macro sentiment and risk-on flows across asset classes. Investors poured capital into products managed by BlackRock, Fidelity, and other major issuers. The previous single-day record stood at $588.6 million, set in late June. LINK

IMPORTANCE
This record-setting inflow confirms that institutional capital remains highly responsive to macro inflection points. ETFs are serving as the primary vehicle for high-volume crypto allocations, with traditional asset managers leading the charge. The data indicates that demand for spot Bitcoin exposure has not tapered off despite prior outflows. If sustained, this level of activity could reshape short-term price dynamics and create upward pressure on BTC markets. It also increases the relevance of ETF-based flows in volatility modeling and short-term risk forecasting. Strategists will likely treat ETF inflow cycles as key inputs for capital rotation signals.

Bitcoin Whales Move BTC Worth $2B After 14 Years
Dormant Bitcoin wallets containing more than $2 billion worth of BTC were activated after 14 years. The wallets date back to the early mining era when Bitcoin traded under $1. Blockchain analysts confirmed that the coins were likely controlled by original miners or early adopters. The move triggered speculation on whether the assets were being sold or repositioned. LINK

IMPORTANCE
Such rare activity from legacy wallets holds symbolic and market-moving potential. The revival of coins untouched for over a decade raises questions around early-holder psychology and possible liquidation intentions. It also introduces traceability challenges as funds are often fragmented or obfuscated post-activation. Historically, similar whale movements have correlated with increased volatility and trading volume spikes. For institutions, these events merit risk-layer tracking to assess flow-driven slippage. They also offer data for behavioral models assessing long-term holder conviction and supply elasticity.

Bitcoin Consortium Targets Thai Public Firm in Treasury Strategy Push
Metaplanet and partners including Sora Ventures and Kliff Capital launched a voluntary bid to acquire Thai-listed firm DV8. The move expands the Bitcoin-on-balance-sheet strategy from Japan to Southeast Asia. The group aims to position DV8 as a crypto-native treasury asset holding company. If successful, DV8 would become a rare example of BTC integration in a listed emerging market entity. LINK

IMPORTANCE
This signals a strategic attempt to embed Bitcoin exposure directly into the capital structures of emerging market firms. The approach offers an alternative to ETFs, enabling more flexible treasury policies and direct token custody. It also allows public equity holders indirect access to BTC without managing wallets or KYC flows. If replicated, this model could reshape corporate finance in Asia’s frontier markets. The structure may attract sovereign interest and regulatory scrutiny depending on DV8’s future holdings. For crypto capital allocators, it opens a pathway to bet on macro-Bitcoin alignment via equity instruments.

Coinbase's Base Sees Over $4B in Outflows Through Cross-Chain Bridges; Ethereum Nets Inflows of $8.5B

Coinbase's Base Layer 2 blockchain has shifted from leading net capital inflows in 2024 to experiencing over USD4 billion in outflows through cross chain bridges in the current year. Ethereum has staged a market comeback by receiving USD8.5 billion in net inflows, reversing its net outflow trend from last year and surpassing Base and others. The supply of stablecoins on Base has plateaued above USD4 billion since May, accompanied by slowed trading activity that mirrors reduced momentum on the platform. A major portion of the outflow from Base is attributed to Binance shifting assets back to Ethereum's Layer 1, which coincides with broader outflows observed across several other Layer 2 networks. LINK

IMPORTANCE

Institutional stakeholders should note that the reversal in Base's inflows signals changing sentiment or incentives within the Layer 2 ecosystem, highlighting user sensitivity to bridge economics and protocol strategies. Ethereum's regained dominance as the primary recipient of cross chain capital underscores its enduring position as the settlement layer of choice and may strengthen its influence over Layer 2 projects and rollup technology. The decline in ether held on Base, in alignment with large Binance withdrawals, illustrates exchanges' significant impact on liquidity dynamics and settlement flows across multiple layers. The stabilization of stablecoin supply and declining trading volumes on Base signals potential headwinds for network growth, fee generation, and the appeal of associated DeFi projects.

Esports Giant Ninjas in Pyjamas Buys Bitcoin Miners, Expects Monthly Production of $6.5M in BTC

NIP Group, the parent of Ninjas in Pyjamas, is expanding into digital assets with a strategic investment in Bitcoin mining infrastructure. The organization has acquired Bitcoin mining rigs and facilities intended to deliver an estimated output of around 60 Bitcoin per month. This new Digital Computing Division represents a substantial pivot from NIP Group's traditional focus on esports and event production. The process of acquiring these mining facilities involves issuing over 119 million Class A ordinary shares to the companies providing the mining assets. LINK

IMPORTANCE

NIP Group's move marks a significant institutional endorsement for integrating blockchain and cryptocurrency activities with traditional entertainment and esports businesses. By targeting a monthly Bitcoin production valued at over 6.5 million dollars, the company is signaling confidence in the long term utility of digital assets despite ongoing market volatility. Establishing an internal Digital Computing Division could set a precedent for other non native crypto firms exploring parallel revenue models in digital infrastructure. The mechanism of funding the acquisition through share issuance showcases a leveraged approach to capitalizing on the current popularity of both esports and cryptocurrencies, pointing to further financial innovation at this intersection. 

BlackRock ETF scoops up 3.25% of Bitcoin supply as ‘new money’ dries up

BlackRock has accumulated over 3.25 percent of Bitcoin's entire supply through its iShares Bitcoin Trust, pushing assets under management close to 70 billion dollars. Institutional actors are increasingly dominant in Bitcoin markets with BlackRock now controlling more than half of all United States spot Bitcoin ETF holdings. Even as BlackRock’s position strengthens, inflows from new investors and retail buyers have slowed markedly compared to earlier phases. This shift suggests a maturing Bitcoin ETF market currently driven by large capital rather than by organic new demand. LINK

IMPORTANCE

The consolidation of such a substantial portion of Bitcoin in the hands of BlackRock indicates that institutional involvement is fundamentally shifting the landscape of digital asset custody and investment. With over half of United States spot Bitcoin ETF assets now clustered in a single firm’s vehicle, market liquidity and price formation could be increasingly affected by institutional strategies and risk postures. The waning of new inflows especially from retail investors brings into focus the possibility that Bitcoin's recent growth is propelled by recycled institutional capital as opposed to new widespread adoption. For institutional stakeholders, this development heightens concerns around centralisation of influence and the risk of single entity dominance within ostensibly decentralised markets.

Bitcoiners split on $94K or $114K for BTC’s next move as it trades sideways

Market participants are currently split on the next direction for Bitcoin as a new poll shows equal expectations for either a surge to $114000 or a retreat to $94000. The survey conducted by crypto analyst Matthew Hyland received over 1300 votes and reflected a near even split with 50.2 percent anticipating a drop and 49.8 percent expecting a rise. Bitcoin is presently trading around $104522 which positions it almost equidistantly between the two scenarios each representing roughly a 10 percent move. A move up to $114000 would set a new all time high while a decline to $94000 would bring Bitcoin near levels last seen in early May. LINK

IMPORTANCE

The findings highlight deep uncertainty and division among crypto investors regarding short term price action in Bitcoin especially as the market trades without clear upward or downward momentum. This indecision may reflect broader macroeconomic crosscurrents and recent hesitation among institutional players to significantly increase market exposure at current price levels. The proximity of Bitcoin’s current price to both upside and downside targets underscores how thin the consensus has become and how quickly sentiment could shift in response to new catalysts. An upside break to $114000 would likely generate renewed institutional interest possibly triggering trend following flows while a move down to $94000 may shake out more marginal long holders and reset positioning.

XRP onchain data shows why $3 is out of reach for now

XRP is currently facing significant hurdles in its attempt to reach the three dollar price mark as evidenced by several onchain metrics. The number of daily active addresses and new addresses on the XRP Ledger has experienced a noticeable decline which suggests that user engagement and demand for XRP have waned. Open interest in XRP derivatives has slumped by about thirty percent in the past month indicating a retreat by both retail and institutional traders. Additionally technical indicators on the charts are signaling a potential further downside movement for XRP in the near term. LINK

IMPORTANCE

Monitoring the onchain fundamentals of digital assets like XRP provides important signals for institutional investors who rely on participation data to inform their strategies. The rapid drop in active and new addresses is a concern as it points to shrinking utility and a potential loss of momentum which could prevent any sustainable rally in the token's price. The significant contraction in open interest underlines a risk off sentiment among traders which often precedes periods of increased volatility or renewed downside. For trading desks and investment funds this data suggests caution as the altcoin currently lacks the transactional activity and speculative appetite needed for significant price appreciation. Understanding these patterns enables investors to fine tune their exposure and risk management practices in a fast changing market landscape.

Polkadot's DOT Bounces 4% After Forming Triple Bottom at $3.47 Support Level

Polkadot's DOT experienced a rebound of 4 percent following a drop of nearly 4 percent to the 3 point 47 dollar support area where substantial buying interest emerged. Technical studies indicate that strong trading volume accompanied this move establishing a bullish reversal pattern from a well defined triple bottom. Consecutive higher lows have appeared since the recent bottom while a sharp V shaped recovery materialized within minutes on raised volume. Resistance at 3 point 57 dollars presents the next key technical level for DOT's potential price continuation. LINK

IMPORTANCE

This rebound suggests that market participants have recognized a major demand zone for Polkadot near the 3 point 47 dollar mark which has quickly attracted capital inflows on recent weakness. The pronounced volume surge at the support level and formation of a triple bottom signal renewed confidence in DOT among active traders and potentially a cessation of short term downward momentum. If DOT manages to surpass resistance at 3 point 57 dollars sustained upside may draw additional speculative interest and encourage rotational flows from other digital assets. Technical patterns such as the V shaped recovery and successive higher lows are widely monitored indicators for algorithmic and institutional participants and may prompt tactical reallocations. For institutional investors and market infrastructure providers, confirming and responding to these structural price levels could drive more robust trading activity and liquidity provisioning around DOT.

Bitcoin sentiment at ‘peak FUD’ with divide between bears and bulls — Santiment

Santiment has observed an unprecedented balance between bullish and bearish sentiment among retail participants on Bitcoin discussions, with a ratio of just 1.03 bullish comments for every bearish one. This level of fear, uncertainty and doubt marks the lowest sentiment since a major market disruption triggered by global tariff announcements in April. Market analysts suggest that the lull in Bitcoin's price movement around 65k to 66k dollars is leading to increased impatience and negative outlooks. The division in sentiment indicates that retail traders are equally split on the near term prospects of Bitcoin, a rare alignment in the current market cycle. LINK

IMPORTANCE

The even split in Bitcoin sentiment as identified by Santiment is a distinctive signal, as it reflects both heightened uncertainty and a lack of conviction regarding short term price direction. For institutional actors, this sentiment uniformly distributed between bulls and bears signals a potential inflection point that could precede a significant move in either direction. Historically such moments have often been followed by increased volatility and the emergence of a more pronounced trend, which can create both risk and opportunity for larger market participants. The memory of last April's tariff induced FUD underscores how external macro events can sharply influence crypto markets, reconstructing social sentiment overnight. Institutions monitoring these indicators may consider recalibrating their trading models or risk parameters accordingly, given that retail indecision can rapidly give way to sharp reversals or momentum driven rallies.

Bitcoin grabs $106K liquidity as whale longs BTC with $255M

Bitcoin witnessed a significant liquidation of short positions following a large leveraged long position by an unidentified major investor totaling 255 million dollars. This move came as the cryptocurrency sought to break out of a persistent narrow price range, prompting immediate market reactions and renewed speculation among traders. The large scale of the long position suggests robust confidence among certain market participants in Bitcoin's price potential. As short sellers were forced out, liquidity surged to 106 thousand dollars, highlighting intense volatility and the effect of whale activity on price dynamics. LINK

IMPORTANCE

The strategic deployment of a substantial leveraged long position by a major investor reflects a calculated attempt to influence price direction by capitalizing on market imbalances. This maneuver demonstrates how significant capital inflows from large entities can swiftly alter liquidity conditions and trigger broad market adjustments, leading to elevated volatility and opportunity. The mass liquidation of shorts underscores the delicate balance between bullish and bearish sentiment, with sudden shifts often precipitating rapid price movements. For institutional participants, the scale and immediacy of the market's reaction serve as a reminder of the growing influence of large holders, whose actions can dictate short-term market trends. Overall, the event underscores the importance of monitoring derivatives activity and large order flows as critical signals in anticipating near term price trajectories and market sentiment shifts.

CoinDesk 20 Performance Update: AAVE Gains 3.5% as Index Trades Higher From Thursday

The CoinDesk 20 Index experienced an increase to 3035 point 75 reflecting a 1 point 3 percent gain since 4 p m ET on Thursday. Seventeen out of the twenty tracked digital assets moved higher with AAVE leading the advances at a 3 point 5 percent rise and HBAR posting a 2 point 4 percent gain. BCH and NEAR were exceptions among the index members with declines of 1 point 5 percent and 0 point 5 percent respectively. The CoinDesk 20 Index aggregates key cryptocurrency performances across multiple exchanges and regions giving a broad snapshot of market sentiment. LINK

IMPORTANCE

A broad upswing in the CoinDesk 20 Index signals renewed investor confidence in the digital asset sector with the majority of constituents posting gains. Outperformance by AAVE suggests growing interest in decentralized finance applications and could indicate institutional accumulation or favorable technical developments in these protocols. The generally positive index movement supports the argument that digital assets continue to be resilient in the face of sector-specific headwinds or macro volatility. Market participants will likely view BCH and NEAR's underperformance as a sign of sector rotation or shifting preferences within the top tier coins. The CoinDesk 20's role as a widely referenced index means these observations are significant for benchmarking institutional and portfolio performance in the cryptocurrency space.

Semler Scientific plans Bitcoin holdings of 105,000 BTC by 2027

Semler Scientific has announced an ambitious plan to increase its Bitcoin holdings from approximately 3,800 BTC to 105,000 BTC by the end of 2027. The company has set staged targets which include owning 10,000 Bitcoin by the end of 2025 and 42,000 by the end of 2026, utilizing sources such as equity raises, debt financings and operational cash flow for these purchases. Semler Scientific has also appointed Joe Burnett as director of Bitcoin strategy to oversee and execute this multi year allocation plan. The firm has already reported significant gains since initiating its Bitcoin treasury strategy in May 2024 and emphasizes the analytical leadership Burnett brings to their evolving Bitcoin standard. LINK

IMPORTANCE

This development marks another significant step in the trend of non crypto native public companies adopting Bitcoin as a treasury asset, highlighting Bitcoin's increasing appeal as a strategic reserve. For institutional audiences, the scale and timing of Semler Scientific's plan stand out, as the company sets its sights on becoming a major Bitcoin holder within the corporate space. The company’s use of multiple capital sources including equity and debt to fund acquisitions signals a strong commitment and may encourage peer firms to consider similar diversification. Appointing a dedicated director with specialized expertise underscores the strategic seriousness and risk management rigor being applied to their Bitcoin strategy. If executed as planned, Semler Scientific’s aggressive accumulation could not only impact its own business risk profile but might exert upward pressure on Bitcoin markets and further normalize its use in mainstream corporate finance.

Former Celsius CEO Alex Mashinsky Forfeits All Claims to Bankruptcy Proceeds

Celsius Network and its former CEO Alex Mashinsky have reached a legal agreement resulting in Mashinsky forfeiting all rights to potential recovery from ongoing bankruptcy proceedings. This resolves any of Mashinsky's personal claims to Celsius assets and future creditor distributions within the bankruptcy process. The arrangement ensures that more bankruptcy assets will be available for creditor repayment rather than diverted to former executive compensation. The agreement represents a significant step in the lengthy and complex resolution efforts following Celsius Network's collapse. LINK

IMPORTANCE

The forfeiture by Alex Mashinsky is a notable precedent as it eliminates potential conflicts of interest in high-profile corporate bankruptcies involving former leadership. By removing his personal claims, the process allows for a clearer and fairer distribution of remaining assets to institutional and retail creditors who suffered losses during Celsius Network's downfall. This development further signals to both regulatory bodies and the crypto industry that former executives will face increased scrutiny and accountability in future insolvency events. Institutional investors and financial professionals monitoring distressed crypto assets can interpret this agreement as a move toward enhanced alignment with creditor interests. The situation also demonstrates evolving legal strategies in the rapidly maturing crypto bankruptcy space, with broader implications for stakeholder negotiations and executive liabilities.

Chinese Tech Giants Alibaba and JD.com Urge Central Bank Approval for Yuan-Based Stablecoins
Alibaba and JD.com have urged the People’s Bank of China to authorize the launch of yuan-backed stablecoins. The two companies argue that offshore yuan stablecoins could improve China’s global trade competitiveness and reduce dependence on U.S. dollar-denominated digital assets. Closed-door meetings have reportedly taken place with regulators to push the proposal. A pilot launch in Hong Kong is being explored. LINK

IMPORTANCE
The involvement of Alibaba and JD.com signals rising private sector pressure on Beijing to expand China’s role in global digital finance. A yuan-based stablecoin would directly challenge USD-dominated stablecoins like USDT and USDC in global settlement infrastructure. If approved, such a move could realign currency flows in Asia and shift stablecoin liquidity away from U.S.-controlled platforms. The regulatory green light would mark a paradigm shift in China’s digital currency policy, enhancing its monetary sovereignty. For global institutions, it introduces currency risk and fragmentation into stablecoin strategy planning. It also accelerates multipolar currency dynamics in crypto-backed global trade.

Russian State Giant Rostec Plans Ruble-Pegged Stablecoin, Payment Platform on Tron
Russia’s state conglomerate Rostec announced plans to launch a ruble-backed stablecoin (RUBx) and RT-Pay, a payment platform on the Tron blockchain. The goal is to provide domestic and cross-border transaction infrastructure compatible with Russia’s regulatory and geopolitical priorities. RT-Pay is intended to serve Russian state enterprises and sanctioned markets. The platform reportedly circumvents reliance on SWIFT and traditional correspondent banking systems. LINK

IMPORTANCE
Rostec’s entry into stablecoin issuance marks a strategic escalation in state-driven alternatives to Western-dominated payment networks. A ruble-backed digital asset on Tron—designed for sanctioned entities—further blurs the line between blockchain innovation and geopolitical risk mitigation. This reflects how sovereigns may increasingly leverage crypto rails to bypass global financial chokepoints. It also challenges stablecoin market neutrality, introducing jurisdiction-specific use cases and compliance concerns. For financial institutions, the existence of state-backed tokens in adversarial markets complicates AML, sanctions screening, and interoperability assessments. If adopted widely, such platforms could spur demand for regionalized crypto compliance infrastructure.

Altcoins XRP, SOL, DOGE Slump as Trump Reignites Trade Tensions, Passes ‘Big, Beautiful Bill’
 U.S. President Donald Trump announced plans to increase tariffs on trading partners, reigniting global trade tensions. Markets reacted swiftly, with altcoins like XRP, SOL, and DOGE posting notable losses. The move followed passage of a new trade bill aimed at enforcing favorable tariff regimes. Crypto traders interpreted the news as bearish for risk assets. LINK

IMPORTANCE
The reemergence of protectionist trade policy introduces volatility across macro-correlated digital assets. Altcoins, often viewed as high-beta proxies for risk sentiment, are especially vulnerable to global policy shifts. Renewed tariffs can drive capital away from speculative sectors and trigger liquidity withdrawal across emerging assets. For market participants, these developments reinforce the need to track political catalysts alongside technical indicators. OpenAI Casts Doubt on Robinhood’s New Tokenized Equity Products
OpenAI issued a public statement advising caution around Robinhood’s rollout of tokenized equity products. The warning caused Robinhood’s share price to dip amid investor concerns about regulatory and technological oversight. The tokenized offerings provide exposure to equity in private firms, including OpenAI. Uncertainty around asset backing and secondary market liquidity remains. LINK

IMPORTANCE
OpenAI’s statement introduces reputational risk for tokenized securities and highlights challenges in linking real-world assets to digital representations. The backlash illustrates how issuer consent and data accuracy remain unresolved in tokenization initiatives. For market regulators, this may prompt stricter disclosure frameworks and asset verification protocols. Robinhood’s pilot illustrates the appetite for digital asset rails, but also the fragility of trust in financial innovation. Institutions evaluating tokenized products must assess not just technical feasibility, but also stakeholder alignment.

Russian State Giant Rostec Plans Ruble-Pegged Stablecoin, Payment Platform on Tron: TASS

Rostec, the Russian state manufacturing conglomerate, will introduce a ruble pegged stablecoin named RUBx and a payment platform called RT Pay, aiming for deployment before the end of the year. RUBx will be fully backed by ruble reserves held in a treasury account, and compliance is safeguarded by Russian law, with Rostec serving as the exclusive issuer. The project is utilizing the Tron blockchain, with contract code transparency via GitHub and an independent audit by CertiK, while promising seamless integration with Russian banking networks for instant settlement and smart contract capability. The phased rollout will initially target high friction sectors, then expand, and is designed to comply with anti money laundering and Bank of Russia standards. LINK

IMPORTANCE

Rostec's move signals rapid digital development in Russia’s fintech and stablecoin strategy amid ongoing western sanctions and a shifting international financial environment. By pegging RUBx directly to the ruble and ensuring compliance with strict local regulation, the project positions itself as a state supported alternative for domestic and cross border payment flows, enhancing monetary sovereignty and reducing exposure to foreign intermediaries. The partnership with Tron underscores Russia’s approach of leveraging proven global blockchain infrastructure while maintaining control over issuance and auditability. Rostec’s payment hub RT Pay promises to modernize retail and business payments within Russia, increase transactional speed, and introduce programmable finance features such as smart contract based settlement. 

FTX Estate Unable to Pay Out $500M to Customers in Restricted Jurisdictions
The FTX Recovery Trust disclosed it cannot process payouts totaling approximately $500 million to customers in 49 jurisdictions. The issue stems from regulatory barriers in countries where crypto activity is restricted or prohibited. China accounts for the majority of blocked claims, due to its stringent crypto bans. The frozen funds affect both individual and institutional creditors. LINK

IMPORTANCE
The situation highlights the complications that arise when bankruptcy settlements intersect with regional legal restrictions. Cross-border insolvency processes in crypto are fundamentally challenged by inconsistent jurisdictional compliance standards. For creditors, this introduces a new form of legal and operational tail risk tied to domicile. It also underscores the growing importance of regulatory mapping in the design of custody and recovery infrastructure. Asset managers and compliance teams must increasingly account for regional legal exposure when allocating to centralized platforms. This incident sets precedent for how insolvency courts and trustees may approach blocked jurisdictions in future digital asset failures.

U.S. Senator Cynthia Lummis Drafts Standalone Crypto Tax Bill
 Senator Cynthia Lummis has introduced a draft bill aiming to update crypto-related tax policy in the U.S. The proposal includes exemptions for small-value transactions under $300 and for digital assets used in charitable giving. It also delays taxation of staking and mining rewards until the assets are sold. The bill follows previous failed efforts to include crypto reforms in broader budget legislation. LINK

IMPORTANCE
The Lummis bill attempts to modernize outdated tax treatment of digital assets and align it with their unique technical and transactional characteristics. By exempting low-value transfers and deferring tax on unsold rewards, it removes friction from common crypto use cases. If passed, this legislation could materially improve retail and institutional participation in on-chain activities such as staking, payments, and yield generation. It also reduces audit complexity by clarifying how and when tax liabilities are triggered. For asset managers, it signals a policy trajectory toward recognizing crypto as a standalone financial domain. Broader adoption of such rules may help formalize the legal architecture around digital asset custody and reporting.

MiCA Enforcement Still Fragmented Across EU
Bitpanda’s head of public affairs, Benedikt Faupel, noted that implementation of the Markets in Crypto-Assets Regulation (MiCA) remains uneven across EU member states. Bitpanda claims to be the only exchange currently holding three MiCA licenses. The firm previously operated under 17 different local regimes prior to MiCA’s rollout. Despite regulatory harmonization goals, national variations persist in enforcement and licensing speed. LINK

IMPORTANCE
The uneven implementation of MiCA undermines one of its core objectives—streamlining digital asset compliance across the European Union. Firms that anticipated unified treatment are now facing delays, duplicated costs, and fragmented approval processes. This hinders strategic planning for multi-jurisdictional crypto product launches and increases regulatory arbitrage within the bloc. For compliance officers, it complicates risk modeling and operational deployment at the regional level. Until harmonization is fully realized, scalability of regulated crypto services across Europe will remain constrained. This also delays the entry of more conservative institutions awaiting uniform legal clarity.

TradFi Body Urges SEC to Reject Special Treatment for Tokenized Stocks
The Securities Industry and Financial Markets Association (SIFMA) submitted a letter to the SEC opposing no-action or exemptive relief for tokenized equities. SIFMA expressed concern that crypto firms are seeking to bypass standard securities regulation to launch token-based equity products. The group advocates for full application of existing securities laws to any tokenized stock. Its letter comes amid rising interest in blockchain-native capital markets. LINK

IMPORTANCE
SIFMA’s intervention underscores a growing divide between traditional financial institutions and crypto-native innovators over how tokenized securities should be governed. The rejection of special exemptions reflects concerns about competitive neutrality and investor protection. If the SEC aligns with SIFMA’s position, it may significantly slow the rollout of tokenized equity products in the U.S. For crypto firms, this adds regulatory drag and uncertainty to capital markets innovation. Institutional investors seeking exposure to tokenized equities must now navigate a potentially more burdensome compliance environment. The response also hints at broader resistance from established financial actors to disruptive models that bypass traditional gatekeeping.

See you at the top!
The Kvants Team