🍵 Good morning.

Market situation:

- Bitcoin around $88,915;
- Ethereum about $3,000;
- Fear and Greed Index: 37;
- Bitcoin dominance: 59.55%;
- Altseason Index: 43;
- Capitalization: $2.98 trillion.

🔽BTC ETF $147.4 million.
🔽ETH ETF $63.6 million.

⚫Arthur Hayes believes that the weakening yen and rising JGB yields create structural stress in Japan, which will force the US Treasury and the Federal Reserve to intervene through the NY Fed. This will inject liquidity, reduce pressure on Treasury yields, and with the Fed's expanding balance sheet, support risk assets including Bitcoin.

⚫Top 10 AI and Big Data crypto projects by developer activity: Filecoin, Chainlink, Internet Computer, NEAR Protocol, Oasis Protocol, Livepeer, Swarms, The Graph, Flux, Aleph.im.

⚫Bitwise Investment Head Matt Hugan stated that without the passage of the crypto bill in the Senate, the industry will have to become indispensable in Americans' daily lives by 2029(, by the end of Trump's term, otherwise a change in administration will roll back progress. If the bill passes, the market will sharply rise on expectations of guaranteed stablecoin growth and tokenization.

⚫Ripple GTreasury launches Ripple Treasury, a comprehensive platform for treasury operations management.

⚫Tether CEO Ardoino announced that the company will become the largest gold central bank, buying 1-2 tons per week and planning to trade reserves through former HSBC traders. Tether currently holds 140 tons of gold )(billion$23 in a Swiss bunker.

⚫Standard Chartered warns that stablecoins could withdraw )billion in deposits from banks in developed countries by 2028, a third of which from American banks.

⚫Coinbase and a16z launched an internship program for graduates in the US Congress through the non-profit AIP. Interns will work in the House Financial Services Committee and the House Agriculture Committee, where they discuss the division of crypto regulation between CFTC and SEC. The program is funded by Kraken, Coinbase, Paradigm, Solana Policy Institute, and DCG.

⚫ERC-8004 — a standard for trustless communication between AI agents in Ethereum — will be released on Thursday. The Ethereum Foundation calls it the foundation for an open economy of AI services without gatekeepers.

⚫Rodeo — the second NFT platform in a week to announce closure after Nifty Gateway.

⚫Gold ETFs saw a record inflow of $88.6 billion in 2025 $500 North America $50.7 billion, Asia $25.3 billion, Europe $11.7 billion( — the second consecutive year of inflows in five years. AUM increased by 114% to a record $582.9 billion, with demand reaching 801 tons — the second highest in history after 893 tons in 2020.

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