Crypto Currents: U.S. bills advance as institutional money makes moves

As bitcoin navigates market cross currents and the broader crypto landscape undergoes rapid evolution, legal, institutional, and technological developments are constantly reshaping the financial world. Stay up on the crypto news that matters with “Crypto Currents,” daily from The Fly. Join us 2 PM daily for your essential briefing on the fast-moving world of cryptocurrency on FlyCast radio, available to subscribers at TheFly.com. Also, subscribe to our YouTube channel for the Crypto Currents Fly By weekly recap.

US LEGISLATION MOVES FORWARD: A significant step was taken in Washington as the U.S. House of Representatives cleared a key procedural hurdle for a package of crypto-focused bills. The move advances comprehensive market structure legislation, including the CLARITY and GENIUS Acts, and an anti-CBDC bill toward a final floor vote expected to take place today. As regulatory clarity inches closer in the U.S., major financial institutions are signaling their readiness. Bank of America (BAC) CEO Brian Moynihan stated the banking giant is actively exploring partnerships with “three or four” different stablecoins, a move that indicates preparation for a more defined operational framework for digital assets.

MAJOR MARKET AND ON-CHAIN MOVEMENT: The market witnessed a powerful combination of institutional inflows and massive on-chain transfers. Spot ethereum ETFs posted their largest single-day net inflow on record, pulling in $726M and helping to push the price of ethereum above $3,300. iShares Ethereum Trust, managed by BlackRock (BLK), led the charge, absorbing nearly $500M alone. This institutional buying pressure is creating a supply shock, with ETFs now purchasing ethereum at a rate over 100 times greater than new issuance. In a separate, massive on-chain development, as previously reported, a dormant bitcoin wallet from 2012 transferred 40,000 BTC, worth approximately $4.75B, to wallets associated with institutional crypto firm Galaxy Digital (GLXY), signaling a large, professionally managed OTC sale. That same whale just moved another 40,192 bitcoin to a new wallet address, worth approximately $4.77B.

GLOBAL DEVELOPMENTS AND PLATFORM EVOLUTION: Coinbase (COIN) announced a major evolution of its mobile strategy, rebranding its self-custodial wallet into the ‘Base App.’ The new all-in-one platform, built on its Base network, aims to integrate on-chain trading, payments, and social features like messaging using open protocols like Farcaster and XMTP. This “super app” strategy is a direct challenge to traditional tech giants. Internationally, governments continue to shape their approach to digital assets. Pakistan’s special assistant on crypto, Bilal Bin Saqib, met with El Salvador’s President Nayib Bukele to discuss Bitcoin adoption strategies, signing a Letter of Intent to formalize collaboration between the two nations on crypto initiatives.

PRICE ACTION: As of the time of writing, bitcoin (BTC) was trading at $118,276.97, while ethereum (ETH) was trading at $3,407.08 .