While the market consolidated near psychologically important levels, several landmark events occurred in the industry: stablecoin neobank Fasset secured a major investment round, Tether's CEO discussed the growing role of USDT in emerging economies, and Ledger fixed a critical vulnerability in its Ethereum app. Let's break down the details.
Leader Dynamics: BTC and ETH Continue Their Rally
At the time of analysis, around 08:50 Moscow time, bitcoin (BTC) was trading near the $77,050 mark. Over the past 24 hours, the price fluctuated in the range of $75,600 – $77,800, showing a gain of 1.10% in 24 hours and an impressive 21.41% over the week. This confirms the persistence of bullish momentum despite short-term volatility.
Ether (ETH) also showed strong performance, holding around $2,447. The asset rose 2.90% over the day and 28.87% over the week. Overnight trading ranged between $2,360 – $2,480, indicating high liquidity and interest from institutional players.
Among altcoins in the top 25, the growth leaders were Zcash (ZEC) with a gain of 6.51%, Sui (SUI) — 4.56%, and Hedera (HBAR) — 4.41%. At the same time, UNUS SED LEO (LEO) and Monero (XMR) corrected by 1.85% and 3.03%, respectively.
In the top 100, the best weekly result was posted by Ethena (ENA), which rose 99.54%. It was followed by Stacks (STX) with a gain of 93.91% and Official Trump (TRUMP) — 76.33%. The week's laggard was JUST (JST), which lost 7.59%.
ETFs and Liquidations: Institutional Interest Is Growing
Spot exchange-traded funds continue to attract capital. Over the past week, bitcoin ETFs recorded inflows of about $1.92 billion, Ethereum — $697.18 million, XRP — $39.78 million, Solana — $28.34 million, Chainlink (LINK) — $13.35 million, Hyperliquid (HYPE) — $3.89 million, Avalanche (AVAX) — $1.30 million, and Dogecoin (DOGE) — $654,000. The only asset with outflows was BNB funds, which lost about $262,000.
Over the past 24 hours, positions totaling $300.38 million were liquidated, affecting 72,982 traders. Of that, $133.23 million came from long positions and $167.16 million from short positions. The largest liquidation order was executed on Binance for the ETHUSDT pair at $6.86 million.
Stablecoins and Security: Key Events of the Night
Stablecoin neobank Fasset raised $68 million in a funding round led by Japan's SBI Group, at a company valuation of $1 billion. This is already the second major tranche this year: in May, the company received $51 million, bringing total funds raised since the start of the year to $119 million. According to Fasset CEO Mohammad Raafi Hossain, the company processes more than $40 billion in transactions on an annualized basis across 125 countries, with revenue growing sixfold compared to last year.
Tether CEO Paolo Ardoino stated that USDT usage is actively growing in developing countries. He highlighted Venezuela, Argentina, Bolivia, and Turkey as key markets. According to him, the stablecoin is increasingly used for domestic and cross-border trade, as well as a digital dollar and a store of value amid the devaluation of local currencies. As examples, he cited import and export settlements in Venezuela, commercial transactions in Bolivia, P2P trading in Argentina, and inflation protection in Turkey.
Ledger CTO Charles Guillemet reported that a vulnerability in certain signing scenarios in the Ethereum app was fixed two weeks ago. The issue was discovered by the Ledger Donjon unit, and users with up-to-date firmware and apps are protected. Interestingly, the security team disclosed details only after the fix was released, although hints later emerged that the problem remained unresolved — this does not correspond to reality.
My take: the inflow of funds into ETFs and the strong growth of ENA and STX indicate a return of risk appetite, but caution in the form of significant short-position liquidations reminds us of the fragility of the current rally. The development of stablecoins in countries with unstable economies is a long-term fundamental trend that will only strengthen.