Hello there! 👋
Another hot week in the market, and another avalanche of news has hit us. Let’s recap the most important events from the past seven days. 👇
quick weekly news
US Senate Republicans release draft bill for crypto market structure
U.S. Senate Republicans are introducing legislation “built on” the CLARITY Act, led by Banking Committee Chair Tim Scott and Digital Assets Subcommittee Chair Cynthia Lummis.
The discussion draft primarily addresses issues under the Banking Committee’s jurisdiction. It seeks to modernize securities laws by clearly defining “ancillary assets,” establishing tailored disclosure requirements, and directing the SEC to create new regulations for digital assets. The bill also promotes responsible banking innovation, strengthens oversight to combat illicit finance, and updates outdated regulatory frameworks.
While the bill has not yet passed a Senate vote, more than 70 House Democrats joined Republicans in passing the CLARITY Act, according to CoinTelegraph. However, any proposed changes may reignite debate in the Senate.
$100B Binance Futures volume backs traders’ ‘altseason’ claim
Binance Futures volume data suggests a potential comeback for the long-anticipated “altseason.” According to a crypto analyst on CryptoQuant, altcoin trading volume on Binance Futures surged past $100B, a level last seen in early February 2025.
In contrast, Bitcoin trading volume remained relatively stable and even dropped by over 25% compared to the previous week, according to CoinMarketCap. Meanwhile, Ethereum volume jumped by more than 35% this week. Historically, a spike in investor interest in Ethereum is seen as an early indicator of the altseason’s initial phase.
It’s widely accepted that liquidity first flows into $BTC, then rotates to $ETH, and eventually redistributes to lower-cap coins. Now, Binance’s volume data, from the world’s largest crypto exchange, reinforces this narrative, showing rising appetite for altcoins.
But will the trend follow the classic altseason liquidity cycle? Time will tell.
Amended class action calls Pump.fun a ‘slot machine cabinet’ in $5.5B case
Amid renewed altseason excitement, an amended class-action complaint has been filed in the Southern District of New York by Diego Aguilar, Kendall Carnahan, and Michael Okafor against Pump.fun, the largest memecoin launchpad on the Solana chain, along with its key partners, Solana and Jito.
According to CoinTelegraph, Pump.fun is accused of extracting from $4B to $5.5B from users through deceptive digital asset schemes. The court described the platform as a “front-facing slot machine cabinet” and a “Meme Coin Casino,” alleging that it offered not investment opportunities or financial innovation, but gambling.
The complaint further states that Pump.fun generated $722.85M, while Jito Labs captured over $633M in user-paid tips as part of the “illegal gambling enterprise.”
SpaceX moves $153M in BTC after three-year silence
According to Arkham Intelligence, SpaceX, Elon Musk’s aerospace company, has moved its Bitcoin holdings for the first time in three years, sending approximately $153M worth of $BTC to Coinbase. The transaction has drawn significant attention from crypto investors.
Large transfers to exchanges by major holders, whales, are often interpreted as an intention to sell, suggesting that SpaceX may no longer be bullish on Bitcoin in the near term.
However, selling could be driven by more than just market sentiment. Rising risks tied to the escalating Elon–Donald Trump dispute may be playing a role. During the recent passage of the so-called “Big, Beautiful Bill,” Musk criticized the legislation, prompting Trump to reportedly threaten SpaceX’s $22B NASA contracts, though he has yet to follow through, most likely due to the lack of viable alternatives.
Another possible factor is pressure on Musk’s other companies, particularly Tesla. The bill includes cuts to green energy incentives, which are likely to impact Tesla’s financials and, indirectly, Musk’s broader liquidity needs.
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top crypto meme of the week
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