The cryptocurrency market experienced a series of significant developments, with Bitcoin spot ETFs recording substantial outflows, Stellar’s XLM seeing a massive volume surge, and Shiba Inu declining despite increased token burns. Meanwhile, Malaysia intensified its crackdown on illegal crypto mining, and JPMorgan’s tokenized Ethereum fund expanded sharply.
Bitcoin ETFs See $84 Million in Outflows
According to SoSoValue, Bitcoin spot ETFs recorded a total net outflow of $84.86 million yesterday. The Grayscale Bitcoin Mini Trust ETF (BTC) was the only fund to see net inflows, attracting $52.83 million, bringing its total historical net inflow to $2.49 billion. In contrast, Grayscale’s GBTC experienced the highest daily net outflow at $63.69 million, with its total historical net outflow now standing at $27.28 billion. The total net asset value of Bitcoin spot ETFs is $75.34 billion, with an ETF net asset ratio of 6.05% and a historical cumulative net inflow of $51.28 billion.
Stellar (XLM) Volume Surges 303%
XLM’s trading volume surged more than 303% in the last 24 hours to $873 million, according to CoinMarketCap. This spike is particularly notable as most major cryptocurrencies, including Bitcoin and Ethereum, saw volume declines of 20% and 15% respectively. The primary catalyst appears to be Stellar’s deployment of the Zipper (Protocol 27) upgrade on mainnet, which introduces authentication delegation for custom accounts and address-bound smart contract credentials. This marks the third major protocol upgrade for Stellar in 2026.
Malaysia Seizes 75,000 Crypto Mining Rigs
The Malaysian government has intensified its crackdown on illegal crypto mining, seizing more than 75,000 machines used for cryptocurrency mining. Deputy Home Minister Datuk Seri Dr. Shamsul Anuar disclosed that law enforcement agencies conducted 3,049 raids between 2022 and May 2026, resulting in the detention of 629 individuals linked to illegal mining infrastructure. The operations were coordinated between the Royal Malaysia Police and the state utility company Tenaga Nasional Berhad, targeting electricity theft associated with mining operations.
JPMorgan’s Tokenized Ethereum Fund Grows 250%
JPMorgan Asset Management has deployed approximately $800 million across two tokenized funds on the public Ethereum blockchain. The funds, MONY and JLTXX, operate on the bank’s Kinexys digital-asset platform. The newer fund, JLTXX, launched on May 13, 2026, with a $100 million seed investment and grew 250% in its first month, reaching about $695 million by early July 2026. This represents one of the largest tokenized fund deployments by a major US bank.
Shiba Inu Drops 5% Despite Token Burn
Shiba Inu fell more than 5% over the past week, indicating that reduced supply alone has not been sufficient to shift market sentiment. According to Shibburn data, the SHIB community burned over 152 million tokens in the past week, lifting the weekly burn rate by 55.77%. A significant portion came from a single-day burn of 110 million SHIB, the network’s largest in six months. Since launch, the community has burned more than 410 trillion SHIB, leaving approximately 585.6 trillion tokens in circulation.
Key Takeaways
- Bitcoin ETFs: Total net outflows of $84.86 million, with Grayscale’s GBTC leading outflows at $63.69 million.
- Stellar (XLM): Volume surged 303% to $873 million following the Zipper Protocol 27 upgrade.
- Malaysia crackdown: Over 75,000 mining rigs seized and 629 individuals detained in 3,049 raids.
- JPMorgan tokenized funds: $800 million deployed across two Ethereum-based funds, with JLTXX growing 250% in its first month.
- Shiba Inu: Fell 5% despite burning over 152 million SHIB in a week, highlighting weak market sentiment.
