Market Performance
| Asset / Index | Value ($) | Daily Change (%) |
|---|---|---|
| Bitcoin (BTC) | 70,678.0 | +0.40% |
| Ethereum (ETH) | 2,073.37 | -0.72% |
| Bitcoin Spot ETF | +330.70M | Net Inflow |
| Ethereum Spot ETF | -21.30M | Net Outflow |
| Nasdaq (NAS100) | 25,043.7 | +0.11% |
| S&P 500 (SPX) | 6,932.31 | +1.97% |
| Russell 2000 (RUT) | 2,668.1 | -0.43% |
| U.S. Dollar Index (DXY) | 97.062 | -0.32% |
| VIX Volatility Index | 17.76 | -18.42% |
| U.S. 10-Year Yield | 4.2135 | +0.25% |
| Brent Crude Oil (BRENT) | 67.750 | -1.02% |
| LBMA Gold (XAU) | 5,004.44 | +0.89% |
| LBMA Silver (XAG) | 81.142 | +4.69% |
“Prepared at UTC 07.48 am”
Today’s Key Events
- White House Second Stablecoin Yield Meeting
- US Retail Sales
- FOMC Members Hammack and Logan to Speak
- Robinhood Earnings Report
- Aptos Token Unlock
Resistance to Housing Ban
Trump’s plan to ban Wall Street investors from buying single-family homes faced Republican resistance in Congress. While the White House is pushing to add this ban to the 21st Century Housing Act, it is struggling to find support in both chambers. Republicans believe such a change would undermine months of bipartisan compromise. While Congress focuses on increasing housing supply, the Trump administration prefers to stimulate demand. Financial Services Committee Chairman Hill has explicitly rejected the legislative change.
Waller’s Crypto Commentary
Fed Governor Christopher Waller said the crypto excitement fueled during the Trump era has begun to fade with the latest sell-off. Waller emphasized that the high volatility in the crypto market is inherent to this asset class. He noted that the recent fluctuations stem from regulatory uncertainty and risk reduction moves by major financial institutions. He believes that some institutions transitioning from traditional finance to crypto are selling to adjust their positions. The statements suggest that the cooling in the market may be temporary.
Bessent Criticizes Coinbase
- U.S. Treasury Secretary Scott Bessent called Coinbase a “stubborn player” for opposing the CLARITY Act. Bessent strongly argued in Senate hearings that the bill should be passed.
- The CLARITY Act aims to clarify the division of authority between the SEC and the CFTC. Coinbase, however, is concerned that the regulation could limit business models such as stablecoin rewards. This disagreement deepens the rifts within the industry.
Crypto Law Expectations
A White House advisor and former Chairman of the House Financial Services Committee said they expect the Crypto Market Structure Act to pass within months. The announcement raised expectations that the regulatory process in Washington could gain momentum. The bill aims to clarify the general framework for crypto markets. Industry representatives believe that reduced regulatory uncertainty could support investment. However, political negotiations are expected to continue during the congressional process.
SEC and Tokenization
- SEC Commissioner Mark T. Uyeda said that securities tokenization requires a technology-neutral regulatory approach. He noted that the SEC has moved away from an enforcement-focused stance, instead promoting guidance and pilot programs. The approval of CME Securities Clearing and ICE Clear Credit’s registration has provided markets with more clearing options. According to OFR data, this regulation could open up billions of dollars in balance sheet space for banks. Uyeda emphasized that the rules should focus on the outcome, not the process.
- Uyeda said that securities tokenization has now moved from theory to practice. He stressed that the SEC should avoid unnecessary regulatory barriers that would hinder innovation. He recalled that during the Trump era, guidance and exemption pilots took precedence over sanctions. He highlighted tokenization’s potential to reduce intermediaries and increase transparency. However, he stressed that tokenized assets must comply with existing securities laws.
Fed Master Account Plan
Fed Governor Waller announced that a “simplified master account” system will be implemented within the year. These accounts will provide limited payment system access to certain institutions but will not offer interest or discount window facilities. The plan is noteworthy at a time when crypto regulations are progressing slowly. Disagreements persist between the banking and crypto sectors over access. Waller reiterated that the Trump-driven excitement in the crypto market has also subsided.
Epstein Pressure on Lutnick
US Commerce Secretary Lutnick faced calls for resignation from both parties after his name appeared in the Epstein documents. Senator Schiff accused Lutnick of lying about his relationship with Epstein. New documents show that Lutnick was in contact with Epstein even after he had previously claimed otherwise. The possibility of a subpoena from the House Oversight Committee has also been raised. The pressure is expected to increase in the coming days.
Possibility of an Iran Deal
According to Polymarket data, the probability of the US and Iran reaching a nuclear agreement before 2027 is priced at 44%. This rate had previously risen to 57% but has declined recently. The nuclear agreement envisages the lifting of sanctions in exchange for Iran limiting its program. The US unilaterally withdrew from the agreement in 2018 during the Trump administration. The decline in the prediction markets indicates that uncertainty is increasing again.
Alphabet Bond Demand
Demand for Alphabet, Google’s parent company, bond issuance exceeded $100 billion. While the issuance size was expected to be around $15 billion, the intense interest was noteworthy. The demand demonstrates the strength of corporate appetite for AI-themed debt instruments. Last week, Oracle’s $25 billion issuance attracted $129 billion in demand. Alphabet is also considering new issuances in different currencies, including 100-year bonds.
Bithumb Investigation
The South Korean Financial Supervisory Service has deepened its investigation into Bitcoin mispayments at Bithumb. The review has been upgraded from a field audit to a formal and comprehensive audit. The exchange’s mispayment of 620,000 BTC while holding 46,000 BTC is seen as a serious risk. Internal control weaknesses and “true ownership” obligations are under scrutiny. Authorities have warned that the incident could undermine market confidence.
ONDO ETF Application
21Shares has submitted a revised S-1 application for the ONDO ETF to the U.S. Securities and Exchange Commission. The company stated that this step advances the process of listing $ONDO on the stock exchange. The updated application includes revisions to the ETF structure and product details. The process will proceed according to the SEC’s review schedule. This development indicates continued institutional interest in RWA-focused products.
RWA Emphasis from Nazarov
Chainlink co-founder Sergey Nazarov said risk management in the sector has improved significantly in this crypto cycle. He viewed the absence of FTX-like systemic events despite large price pullbacks as a positive signal. Nazarov also noted that the rate of RWA on-chaining is increasing and its correlation with crypto prices is decreasing. On-chain RWA futures products and DeFi integration are boosting institutional participation. He predicts that the size of on-chain RWA could surpass the crypto market in the long term.
