Bitcoin’s recent price swings have eased, with 60-day volatility measures moving closer to gold’s, a shift that some observers say could improve BTC’s fit as a diversification asset. IBIT’s 60-day volatility fell from over 60 to around 35, while a gold ETF’s volatility slid from 43 to around 25. The change has coincided with fading BTC and gold ETF flows, as BTC traded at $73.5K, down 11% from its Q2 high of $82.8K.

U.S. Treasury Secretary Scott Bessent said at the Reagan National Economic Forum that the Treasury has seized about $1B in Iranian crypto by "grabb[ing] the wallets." He also referenced an April action in which $344M in Iranian crypto was seized after cooperation with Tether. The remarks reignited debate over whether Bitcoin and other crypto assets can function as a non-sovereign hedge against state enforcement.

Stellar’s XLM gained 44% over the week after DTCC chose the network for tokenizing custodied assets that are expected to be available on Stellar from early 2027. XLM rose 11% on Wednesday and extended from $0.15 to above $0.20, with analysts watching whether it can hold above the $0.21 level to confirm further upside.

Ethereum briefly traded below $2,000 on Thursday for the first time since late March, wiping out its Q2 gains and leaving it about 19% below its April peak near $2.5K. Nansen argues the slide is not only macro-driven, pointing to softer on-chain demand, persistent Spot ETH ETF outflows since 11 May, and a weaker ETH/BTC ratio at 0.027. Analysts also outlined a downside scenario toward $1.8K if outflows and muted activity persist, even as wallets holding over 100K ETH control 22% of supply (17.4 million ETH).

The Bank for International Settlements said on Wednesday that its Project Agora showed tokenization can improve wholesale cross-border payments, and confirmed the initiative will advance into a six-month operational trial using real money. The project uses multi-currency settlement with tokenized central bank reserves and tokenized commercial bank deposits, aiming to reduce delays that can stretch from one to five days or more.

Mastercard said Wednesday it received a BitLicense from the New York State Department of Financial Services, clearing the way to expand crypto payment activity in the state. The approval lets the company clear and settle crypto and tokenized assets without relying on third parties, as it continues building infrastructure involving stablecoins and tokenized deposits.

OKX has upgraded its X Layer into a permissionless "Exchange OS" designed to support spot trading, perpetual futures, and prediction markets, with a unified account that lets users trade across venues from one shared pool of funds. The company says builders can launch markets with more autonomy while the protocol handles the underlying plumbing. OKB rose 15% on the update and reached $98.8, though it was meeting resistance near the 200-day SMA at the time of writing.

Bitmine Immersion Technologies increased its Ethereum position by buying $125.9 million in ETH (60K tokens) as ETH traded around $2K after a nearly 15% May decline. LSEG also confirmed Bitmine will appear on the preliminary Russell 3000 Index list ahead of the June rebalancing, a step that could place the stock into Russell 3000-tracking ETFs if it is accepted at the end of June.

Harvard University Endowment Fund sold its entire $86.8 million position in BlackRock’s iShares Ethereum Trust (ETHA) in Q1, while cutting its BTC exposure by about 50% to around $117 million. ETH fund outflows extended beyond Q1, with ETHA showing $922 million in YTD redemptions and ETH trading near $2.1K after falling 12% from early May’s $2.4K high. Market sentiment readings slipped to 28, reflecting heightened fear around Ethereum-linked headlines and ongoing capital rotation.