Key events overnight: The Monetary Authority of Singapore (MAS) proposed introducing a separate license for stablecoin issuers with full backing. Prediction market platform Kalshi permanently banned former congressman George Santos for manipulation. The 1789 Capital fund, linked to Donald Trump Jr., is increasing its stake in Polymarket, investing an additional ~$300 million.
Market dynamics: bullish momentum gains strength
The leading cryptocurrency continues its confident recovery. At the time of analysis, BTC is trading near the $79,151 mark, up 1.53% over the past 24 hours. The daily range was $77,700 – $79,200, indicating consolidation above the key resistance level. Ethereum is also showing positive momentum, rising 1.91% to $2,482.
Altcoins in the top twenty are mostly in the green. The growth leaders were Uniswap (+7.24%), Canton (+4.51%), and Zcash (+4.45%). Hyperliquid added 4.07%. The only exception was TRON, which lost 1.44%.
Among the top-100 assets, Arbitrum stands out, surging an impressive 28.88%. Curve DAO Token and Dash also showed solid gains of 17.61% and 11.40%, respectively. The laggards include Sky (-5.94%), Mantle (-3.94%), and Polygon (-2.94%).
ETF inflows and market sentiment
Institutional investors' risk appetite remains high. Spot bitcoin ETFs attracted $216.70 million over the past day, while Ethereum funds brought in $87.68 million. Small but notable inflows were recorded into products for XRP ($5.64 million), Solana ($925 thousand), and Hedera ($399 thousand).
The Fear and Greed Index jumped to 69 points, firmly in the "greed" zone. For comparison: a week ago the reading was 74, and a month ago it was only 27, reflecting a dramatic shift in market participants' sentiment.
Over the past 24 hours, positions of 57,237 traders were liquidated for a total of $146.24 million. The main blow fell on short positions ($102.63 million versus $43.61 million for longs), confirming the strength of the upward move.
Regulatory and institutional news
Singapore's regulator presented an ambitious plan to create a separate license for stablecoin issuers. Requirements include 100% backing, a ban on paying interest to holders, and mandatory quarterly stress tests. The regulator also intends to require companies to track and freeze tokens linked to illegal activity. Systemically significant stablecoins that fail to meet the requirements risk restrictions up to and including delisting from licensed platforms.
Meanwhile, Kalshi handed down an unprecedented punishment — a lifetime trading ban for former congressman George Santos and a fine of more than $70,000. According to the platform, Santos opened large positions in a market where people bet on his presence at President Trump's address to Congress, and then publicly misled people about his plans. He earned about $18,000 betting on his own absence.
The 1789 Capital fund, whose partner is Donald Trump Jr., is investing another ~$300 million in Polymarket. The funding round values the platform at $21 billion. Taking into account previous investments of $200 million, the fund becomes one of Polymarket's largest investors.
My comment: The tightening of stablecoin regulation in Singapore is a clear signal for the entire industry: the era of "gray" schemes is coming to an end. Institutional money is increasingly flowing into prediction markets, legitimizing this sector, but at the same time attracting close regulatory scrutiny. The market, judging by all appearances, is in a phase of confident growth, but investors should remain vigilant — volatility has not gone away.