A new US rule sent Circle shares down 20%, erasing $5B in value. We break down what changed for USDC—and why Coinbase’s exposure may be bigger than expected.


A new US rule sent Circle shares down 20%, erasing $5B in value. We break down what changed for USDC—and why Coinbase’s exposure may be bigger than expected.

HYPE hits a record as Hyperliquid volume jumps and the CFTC clears the first U.S. Bitcoin perpetual futures contract, a milestone for crypto derivatives.
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The CFTC approved Kalshi’s BTCPERP and gave Coinbase relief for some Deribit access—bringing bitcoin perps onshore, with key limits still unresolved.
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U.S. spot bitcoin ETFs logged a record nine-day outflow streak, with $2.8B redeemed as BTC lags surging AI stocks—signaling weaker risk appetite.
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