Crypto markets cracked $4 trillion

There’s never a dull moment on the blockchain. Here’s what you need to know this week:

Crypto markets topped $4 trillion for the first time. Also, the GENIUS Act was signed into law, and Wall Street is diversifying its crypto strategies.

Large cap altcoins are having a moment. ETH, SOL, and XRP have rallied in recent weeks.

The size of the U.K.’s bitcoin stash. Plus other key numbers to know from around the cryptoverse.

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MARKET BYTES

Amid growing optimism, crypto markets surged past $4 trillion

In a year that’s been full of records, crypto markets claimed another major milestone on Friday when the crypto sector’s total market cap climbed past the $4 trillion mark. “It reflects [crypto’s] shift from a nascent asset class to a central part of the global investment landscape,” noted Reuters.

Bitcoin, which reached a new all-time high around $123,000 last week, fell below $119,000 by midweek, while ether, XRP, and other altcoins jumped more than 10% over the last week before seeing declines on Wednesday morning.

The historic rally has been driven by a growing wave of optimism for the industry. On Friday, President Trump signed a bipartisan stablecoin bill into law; retail traders are becoming more active; big-money institutional investors are doubling down on crypto via ETFs and corporate treasury purchases; and a wide range of crypto firms are pursuing IPOs.

“[This moment] has encouraged all investors to get re-engaged — small retail to large institutions,” Galaxy Digital exec Chris Rhine told Bloomberg. “We have institutions calling us now, asking how to position around stablecoins. The sense of urgency is there.”

Here’s more market news you need to know…

Now that the GENIUS act is law, what’s next for crypto regulation?

On Friday, the House of Representatives passed the GENIUS act and President Trump signed it into law. The bipartisan legislation creates clear rules around stablecoins, which are a special kind of digital currency that has its value pegged to another asset, typically the U.S. dollar.

So what exactly does the GENIUS Act do? The goal is to provide transparency, safety, and regulatory clarity to the fast-growing sector. The new law stipulates (among other things) that all stablecoins be fully backed by U.S. dollars or 3-month U.S. Treasury bills, creates safeguards for consumers, and defines which regulatory authorities provide supervision.

Meanwhile, another major piece of legislation, the CLARITY Act, has been sent from the House to the Senate. The bill would create a regulated path for new token issuance at the SEC, define the Commodities Futures Trading Commission (CFTC) as the official regulator of crypto secondary spot markets, codify the right to self-custody of crypto assets, create consumer protections, and much more.

Draft kings… On Tuesday, the Senate released a draft of its version of the bill, which is backed by a bipartisan group including Senate Banking Chairman Tim Scott (R-S.C), Sen. Cynthia Lummis (R-Wyo.), and Sen. Kirsten Gillibrand (D-N.Y.). “My colleagues and I in the House and Senate share the same goal: to provide clear rules of the road for digital assets that protect investors, foster innovation and keep the future of digital finance anchored in America," Scott said in a statement.

Whale Street news: the boom in crypto IPOs, treasury companies, and more

Last month, USDC issuer Circle surprised markets with a blockbuster initial public offering (IPO), helping spark a boom in crypto-industry IPOs. In recent weeks, a growing number of firms, including crypto-fund manager Grayscale and custody startup BitGo, have filed paperwork for public listings.

“These are the best market conditions the crypto space has seen in years, and companies want to take advantage of that,” Matt Kennedy, senior strategist at Renaissance Capital, told Reuters.

Another one of the year’s major Wall Street-meets-crypto trends has been the rise of companies that primarily focus on acquiring crypto for their corporate treasuries, inspired by Michael Saylor’s firm Strategy. One such company, The Ether Machine, actually embodies both trends, with plans to go public via the Nasdaq and acquire around $1.6 billion in ETH.

Trump move… Shares in Trump Media spiked this week after the firm (which controls Truth Social) announced that it has acquired around $2 billion in BTC and bitcoin-related securities. “These assets help ensure our company’s financial freedom, help protect us against discrimination by financial institutions, and will create synergies with the utility token we’re planning to introduce across the Truth Social ecosphere,” said CEO Devin Nunes.

ALT WEEKLY

Why ETH and XRP are outperforming other cryptocurrencies this summer

Bitcoin might have hit its latest all-time high last week, but it’s not the only cryptocurrency that’s heating up. In fact, by some measures it’s not even the fastest-growing major token at the moment.

Ethereum has now more than doubled since its Q2 lows and has seen record breaking ETF inflows; XRP just set a new all-time high; and Solana topped $200 for the first time since February.

The question on everyone’s mind now is: Is it finally altseason?

Here’s what you need to know.

Could ETH be heading to $15,000?

After a slow start to 2025, Ethereum has found major momentum in recent weeks, setting a new high for the year on Monday, north of $3,800. In the last week, ether ETFs saw a record-breaking $2.12 billion inflows — nearly double the previous best week. Over that same period, ETH prices spiked by around 25%, while BTC remained pretty much flat.

Adding to the momentum has been the growing crop of public companies that have begun purchasing ETH for their balance sheets. Two publicly traded companies, Sharplink and Bitmine, both own more than $1 billion in ETH, and BitMine has set an explicit goal of accumulating 5% of the token’s overall supply.

So far, around 59 public companies have added more than $9 billion worth of ETH to their balance sheets, with that number almost certainly set to rise in the coming weeks.

According to Bitmine chair Tom Lee, ETH’s price could reach as high as $15,000 by the end of the year, with $4,000 being a short-term target, in large part due to its status as “Wall Street’s preferred choice” for blockchain infrastructure like stablecoins and tokenization.

XRP just set a new all-time high. Is it poised to go higher?

XRP has been one of the best performing major tokens on the market in recent weeks, rising more than 60% in the past month. And after breaking past its previous all-time high of $3.40 and becoming the third-largest token by market cap, some analysts suggest that XRP’s meteoric rise still has room to run: CoinDesk’s Shaurya Malwa sees a potential move up to $6.00.

The token also has a number of catalysts at its back, including the recent launch of the ProShares Ultra XRP ETF (an ETF that provides 2x the daily gains of XRP); a record day of trading for XRP futures on the CME derivatives exchange; and the recent passage of the GENIUS Act, which could be a boon for RLUSD, a stablecoin issued on the XRP Ledger blockchain.

The next major catalyst on the horizon could be the approval of XRP spot ETFs, which Bloomberg analyst James Seyffart says have a 95% chance of getting approved this year.

The bottom line…

For more than a year, BTC’s historic run to all-time highs has propelled the crypto market to new heights, prompting institutional investors to explore everything from launching crypto ETFs to adding bitcoin to corporate treasuries.

Now, as other large cap tokens like SOL and XRP start to show life — despite Wednesday’s dip in prices — analysts are wondering if we’re entering an “altseason,” a period where capital flows away from bitcoin into the rest of the crypto market. In the past month, bitcoin dominance (BTC’s overall share of the crypto market) is down nearly 7%, a sign that investors may be beginning to take profit or focus on other assets.

Read up on ETH and SOL

NUMBERS TO KNOW

$7.2 billion

The value of seized bitcoin that the United Kingdom holds and that Chancellor Rachel Reeves is considering selling to shore up the public budget. Urging the government not to sell, trade association CryptoUK said they hope leaders will “take a long-term view.”

$6.5 billion

The approximate market cap of the global NFT market, its highest level since February. The total market cap has surged by more than 40% in the past week, buoyed by a whale buyer, who spent more than 2,000 ETH to buy 45 CryptoPunks.

12 million

Number of customers that Pittsburgh-based PNC Bank will be able to offer crypto buying, selling, and custody services via a new arrangement with Coinbase.