The cryptocurrency market experienced a downturn despite persistent strength in traditional equities, with approximately $320 million in liquidations occurring during the decline. This volatility unfolded as the Federal Reserve announced plans to host a cryptocurrency innovation conference, signaling ongoing regulatory interest in the sector.
Institutional activity remained robust, with Strategy acquiring $19 million in Bitcoin and Bitmine executing a $251 million Ethereum purchase. Coinbase made significant strategic acquisitions, purchasing the Echo platform for $375 million and the Up Only NFT collection for $25 million from prominent industry figure Cobie.
Development activity continued across the ecosystem, with Solana co-founder Anatoly Yakovenko designing a new perpetual decentralized exchange. Evernorth SPAC revealed ambitions to become a $1 billion XRP-focused digital asset trust, while VanEck submitted an application for the first staked Ethereum exchange-traded fund.
Gemini expanded its product offerings with a Solana-based credit card, and House of Doge diversified into sports through the acquisition of Italian football club FC U.S. Triestina 1918. Tron founder Justin Sun hinted at potential collaboration with Coinbase’s Base network, and Ethena Labs announced plans to launch two new financial products in the coming months.
