Digital assets sold off sharply alongside a broader technology-equity rout, with bitcoin falling 5.6% over 24 hours to $75,996 and ether dropping 7.7% to $2,235.99. Total crypto-market liquidations reached $1.03 billion as bitcoin retreated from above $80,800 to the mid-$76,000 area during an accelerating Nasdaq correction, leaving aggregate digital-asset market capitalization down 6.8% over the period.
The downturn underscores crypto’s heightened correlation with broader risk appetite and leveraged positioning rather than reflecting an isolated digital-asset shock. U.S. spot Bitcoin ETFs recorded $74.6 million in net inflows on the day, as Fidelity inflows outpaced BlackRock withdrawals, demonstrating that regulated long-only demand did not directly track the derivatives wipeout; whether institutional allocation will reliably cushion further macro deleveraging remains uncertain.
Hyperliquid Strategies filed with the CFTC to become a registered futures commission merchant to support its HIP-3 perpetual markets, alongside reporting quarterly revenue of $13.3 million and net income of $620.6 million. Securing an FCM license would place a regulated intermediary between U.S. participants and on-chain perpetual offerings, potentially broadening compliant institutional access, though the firm's reported profitability remains highly sensitive to mark-to-market token valuations given that HYPE traded roughly 14% below its quarter-end accounting benchmark.
Canary Capital’s Staked INJ ETF commenced trading on Nasdaq, providing direct exposure to Injective’s native token alongside staking rewards accrued into fund net asset value. The vehicle allocates 70% of gross staking rewards to shareholders prior to a separate 1.10% sponsor fee and fund expenses, establishing an operational blueprint for regulated staking yield distribution in U.S. public markets whose commercial impact will depend on secondary liquidity and asset accumulation.
Amundi tokenized a share class of an equity index fund on Ethereum, bringing on-chain exposure to a basket of 600 European companies. The launch marks a notable deployment of tokenization by Europe's largest asset manager into standard equity products, focusing primarily on operational distribution rails and secondary settlement infrastructure rather than introducing novel underlying economics.