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Bitcoin spot ETFs recorded $527 million in weekly net outflows, marking eight straight weeks of withdrawals, with BlackRock’s IBIT seeing $773 million leave the fund
Stablecoin transaction volume hit a record $1.79 trillion in June, led by USDC with $1.21 trillion.
The CLARITY Act faces an Aug. 7 deadline before the Senate’s summer break
The crypto market saw major developments as Bitcoin spot ETFs recorded $527 million in weekly outflows, while Solana held gains after a 14% rally, stablecoin transaction volume hit a record $1.79 trillion, and Ethereum prepared for its biggest protocol rebuild.
According to SoSoValue, the Bitcoin spot ETFs recorded a net outflow of $527 million last week, marking eight consecutive weeks of net outflows.
BlackRock’s ETF IBIT recorded a weekly net outflow of $773 million; Grayscale Bitcoin Trust (GBTC) recorded a weekly net outflow of $27.69 million. The cumulative net inflow for IBIT has reached $59.99 billion, while the cumulative net outflow for GBTC has reached $27.17 billion.
The Bitcoin spot ETF with the highest net inflows this week was the Ark & 21 Shares ETF (ARKB), with weekly net inflows of $102 million.
The total net asset value of spot Bitcoin ETFs is $74.37 billion, with an ETF net asset ratio of 6.02% and cumulative historical net inflows of $51.08 billion.
Solana (SOL) climbed more than 14% last week. It has since eased slightly, trading around $80.89 on Monday. While the token has stalled below a key technical resistance level, several market indicators continue pointing toward growing bullish momentum.
According to SoSoValue, spot Solana ETFs attracted approximately $5.75 million in net inflows last week. That marks a notable turnaround after the previous week saw roughly $1.81 million leave the funds.
The Solana network, through the project's official X account, revealed that tokenized asset spot trading volume reached $5.7 billion during the second quarter, more than doubling from $2.69 billion recorded in the first quarter.
Stablecoin transaction volume hit a record $1.79 trillion in June, up 63% from May’s $1.1 trillion, according to Visa.
June’s record stablecoin transaction volume surpassed the previous record of $1.78 trillion in February and is up 125% from the previous-year period, according to Visa’s Allium-powered stablecoin analytics dashboard.
USDC led with $1.21 trillion, or 67% for the month. USDT accounted for around 32%, or $576 billion, according to Visa.
PayPal’s PYUSD is the third-largest in terms of transaction volume, with $2.42 billion in June.
Also Read: Bitcoin Price Outlook: What Went Wrong in Q2 and What's Next in Q3
The CLARITY Act did not become law by July 4, despite earlier hopes from White House crypto adviser Patrick Witt. Attention has now moved to Aug. 7, the Senate’s final session day before its summer break.
The bill remains one of the most watched US crypto market structure proposals. CLARITY Act has passed the House, cleared the Senate Banking Committee, and sits on the Senate calendar. It still needs a full Senate vote before it can move closer to the president’s desk.
It is said the Senate could release final text before lawmakers return from recess, while Bloomberg Intelligence placed the bill’s chance of passing this month near 60%.
Senator Cynthia Lummis has also pushed lawmakers to keep the bill moving. Lummis said the bill would “lay the foundation for the financial services of the 21st century.” She also said, “The Clarity Act is this generation’s contribution to that legacy. Let’s finish the job.”
Ethereum co-founder Vitalik Buterin has a fresh set of takeaways on "Lean Ethereum," the multi-year plan to rebuild nearly every major part of the network, following research meetings.
He termed it the third major iteration of Ethereum after the 2022 Merge that switched the network from mining to a stake-based system, with almost every major piece of the protocol set to be replaced over three to four years while keeping disruption to existing applications low.
Buterin's update, along with a revised roadmap internally called a strawmap, gave further details on where the effort is heading and what has moved up in priority. Quantum safety has moved sharply up the list of priorities.
1. How much outflow did Bitcoin spot ETFs record last week?
According to SoSoValue, Bitcoin spot ETFs recorded $527 million in net outflows last week. This marked the eighth consecutive week of net withdrawals from spot Bitcoin ETF products.
2. Which Bitcoin ETF saw the largest outflow?
BlackRock’s IBIT recorded the biggest weekly outflow at $773 million. Despite the withdrawal, IBIT’s cumulative historical net inflow still stands at $59.99 billion.
3. Why is Solana in focus this week?
Solana gained more than 14% last week and was trading near $80.89 on Monday. Spot Solana ETFs also attracted around $5.75 million in net inflows, reversing the prior week’s outflows.
4. How large was stablecoin transaction volume in June?
According to Visa, stablecoin transaction volume reached a record $1.79 trillion in June, up 63% from May’s $1.1 trillion. USDC led with $1.21 trillion, accounting for 67% of total monthly volume.
5. What is Vitalik Buterin’s Lean Ethereum plan?
Lean Ethereum is a multi-year plan to rebuild major parts of the Ethereum network over three to four years. Vitalik Buterin described it as Ethereum’s third major iteration after the 2022 Merge, with quantum safety now moving higher in priority.
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