Spot ETFs continued a second day of outflows on Tuesday: Bitcoin ETFs −$104 million, Ethereum ETFs −$141 million (all nine ETH funds reported no inflows).
Price action: BTC holding $112,000, ETH ~$4,100, SOL < $210; total crypto market cap ~$3.86 trillion, 24-hour volume down 24 percent.
Macro: M2 jumped to $22.2 trillion with US SEC approving generic ETF listing standards and the CFTC floating tokenized stablecoins for derivatives. This could serve as structural tailwinds for spot product growth.
Leverage reset: futures OI fell to $42.8 billion from $44.8 billion, lowering forced-liquidation risk; but long-term holders have realized 3.4 million BTC, a historically large distribution.
Tether’s climb to Ethereum’s size doesn’t crown a new platform winner – it exposes what users actually show up for: cheap, permissionless dollars, with little regard for the chains or issuers underneath.
The Parliament's non-legislative report lands days after MiCA's full enforcement began, warning that US dollar stablecoins pose a structural risk to the euro.
