Bitcoin ETFs See $527M Weekly Outflow, Solana Rallies 14%, Stablecoin Volume Hits $1.79T – Crypto News Roundup

Bitcoin ETF Outflows Continue

Bitcoin spot ETFs recorded a net outflow of $527 million last week, marking the eighth consecutive week of withdrawals. BlackRock’s IBIT saw $773 million exit, while Grayscale Bitcoin Trust (GBTC) reported $27.69 million in outflows. However, the Ark & 21 Shares ETF (ARKB) bucked the trend with $102 million in net inflows. Cumulative net inflows for IBIT remain strong at $59.99 billion, and the total net asset value of spot Bitcoin ETFs stands at $74.37 billion.

Solana Maintains Momentum After 14% Rally

Solana (SOL) surged over 14% last week and is currently trading around $80.89. While it has stalled below a key resistance level, indicators point to growing bullish momentum. Spot Solana ETFs attracted $5.75 million in net inflows, reversing the previous week’s outflows. Additionally, tokenized asset spot trading volume on the Solana network reached $5.7 billion in Q2, more than doubling from Q1’s $2.69 billion.

Stablecoin Transaction Volume Reaches Record $1.79 Trillion

According to Visa, stablecoin transaction volume hit an all-time high of $1.79 trillion in June, up 63% from May’s $1.1 trillion. USDC led with $1.21 trillion (67% of the total), while USDT accounted for $576 billion (32%). PayPal’s PYUSD ranked third with $2.42 billion.

CLARITY Act Faces Key Senate Deadline

The CLARITY Act, a major US crypto market structure bill, missed its July 4 target but still has a chance before the Senate’s summer break on August 7. The bill has passed the House and cleared the Senate Banking Committee. Senator Cynthia Lummis urged lawmakers to advance it, calling it “the foundation for the financial services of the 21st century.”

Ethereum Plans Its ‘Biggest Rebuild’

Ethereum co-founder Vitalik Buterin outlined “Lean Ethereum,” a multi-year plan to replace almost every major protocol component over three to four years while minimizing disruption to existing applications. This third major iteration follows the 2022 Merge. Quantum safety has been elevated as a top priority.

Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always conduct your own research before investing in cryptocurrencies.