Executive brief

The digital asset market is currently navigating a period of significant volatility as macro-financial pressures collide with crypto-specific regulatory developments. Bitcoin has retreated below the $78,000 level, a move primarily triggered by a sharp selloff in the global bond market. The US 10-year Treasury yield reached its highest point since mid-2025 at 4.59%, while UK yields hit levels not seen since 1998. This surge in risk-free rates has tightened global liquidity, overshadowing the legislative progress of the CLARITY Act, which recently cleared the US Senate Banking Committee. While the bill provides a potential path toward market structure reform, investors remain focused on the “buy the rumour, sell the news” reaction as spot Bitcoin ETFs recorded their largest weekly capital flight in five months, shedding $1b in just seven days.

Infrastructure security has returned to the forefront of the industry conversation following a suspected multichain exploit on THORChain that resulted in losses exceeding $10.7m. This incident has accelerated an existing trend of protocols migrating away from certain cross-chain providers; Kraken has announced it will move its wrapped Bitcoin (kBTC) to Chainlink CCIP, joining other entities like Lombard in seeking more resilient messaging frameworks. Concurrently, corporate restructuring is picking up pace. Kraken is reducing its workforce by 150 staff ahead of a planned public listing, while Michael Saylor’s MicroStrategy (Strategy) has announced plans to repurchase $1.5b in convertible bonds. The company noted that while it holds significant cash, Bitcoin sales remain an option for funding these obligations, introducing a new directional cue for the market to monitor.

An emerging opportunity or risk cue lies in the intersection of US politics and the digital asset industry. Financial disclosures from the Trump family trust reveal new acquisitions of Coinbase shares and stakes in Bitcoin miners, highlighting the deepening ties between the administration and the sector. As the US moves toward a potential “crypto capital” status, global regulators are responding with varied intensities. Myanmar has proposed life imprisonment or the death penalty for crypto scammers, whereas Poland has finally moved to implement the EU MiCA framework. For now, the key driver remains the bond market; if yields continue to climb, speculative appetite for high-beta assets like Bitcoin will likely face further compression.

1) Top 20 news headlines

• Bitcoin price dives under $79k; surging US bond yields triggered a 3% rout in the primary digital asset.
• THORChain confirms $10.7m exploit; the cross-chain liquidity protocol halted trading after an attacker drained funds across nine chains.
• Spot Bitcoin ETFs bleed $1b in a week; the massive weekly outflow snapped a six-week consecutive run of positive capital inflows.
• MicroStrategy to repurchase $1.5b in bonds; the firm may use Bitcoin sale proceeds to fund the retirement of its 2029 convertible notes.
• Trump family trust acquires Coinbase shares; ethics filings show Q1 transactions in crypto-related stocks valued between $220m and $750m.
• Crypto longs lose $500m in liquidations; a massive flush of leverage occurred as Bitcoin slid to levels near $78,000.
• Clarity Act clears Senate Banking Committee; the market structure bill advanced with bipartisan support despite ongoing ethics debates.
• Kraken cuts 150 staff ahead of IPO; the exchange is streamlining operations while seeking a fresh valuation of $20b.
• Kraken moves kBTC to Chainlink CCIP; the exchange is switching its wrapped Bitcoin infrastructure following a series of bridge exploits.
• Saudi Arabia targets $12.5b in tokenization; mandates have been secured to bring trillions of dollars of real estate and economy on-chain.
• Hana Financial acquires $668m stake in Dunamu; the South Korean bank is now the fourth-largest shareholder in the Upbit operator.
• KelpDAO hack reaches $293m; the incident highlights the growing complexity and security risks inherent in decentralized finance infrastructure.
• Myanmar proposes death penalty for crypto fraud; new legislation targets scam centre operators with sentences ranging from 10 years to life in prison.
• Poland approves MiCA implementation bill; lawmakers voted 241-200 to hand the KNF authority over the domestic crypto market.
• Gemini receives $100m Bitcoin infusion; the Winklevoss-owned exchange narrow its net loss by 27% year-on-year.
• Bhutan disputes $1b Bitcoin sale; officials claim no recall of selling assets despite on-chain data showing large outflows to exchanges.
• Bitcoin Depot warns of possible collapse; the crypto ATM giant cited $20m in legal judgments and a sharp revenue drop of $80m.
• Lombard moves $4b to Chainlink; the asset manager joined an exodus from LayerZero following recent security concerns.
• Firedancer provides Solana update; Jump Crypto’s lead engineer reported a steady approach to the new validator client rollout.
• Solayer launches Visa-compatible USDC card; the new product enables users to spend stablecoin balances at standard merchant terminals.

2) BTC and ETH ETF flows

3) X trending news

• SpaceX IPO draws BlackRock interest; the asset manager is considering a $5b to $10b investment in Elon Musk’s upcoming public debut.
• Jerome Powell steps down; the Federal Reserve Chair officially concluded his 8-year term on Friday.
• Trump-Xi summit reaches deal; China has agreed to purchase 200 Boeing aircraft as part of a tentative trade agreement.
• Iran plans Hormuz toll system; a new “professional mechanism” will impose fees on commercial vessels transiting the critical strait.
• US margin debt hits $1.3t; record leverage levels have reached 5.2% of US GDP, well above the 2000 Dot-Com peak.
• UK bond yields surge; the 30-year government bond yield hit 5.85%, marking its highest level since 1998.
• Bitcoin falls under $78,000; the leading cryptocurrency surrendered key support levels as global market liquidations intensified.
• US 10-year yield extends gains; the note yield climbed to 4.59%, the highest since May 2025, pressuring risk assets.