Stablecoin supply reaches new high

"Liquidity is thin above the highs; expect sharp moves either way," one trader said.

Why it matters

Regulators have asked exchanges for comment by the end of the month.

Open interest on major exchanges rose sharply, suggesting leveraged positioning is building again.

What happens next

On-chain data shows long-term holders have not moved coins in months.

• The move came as spot ETF inflows hit a six-week high, according to fund data compiled overnight.
• The protocol's governance vote closes on Friday, with early tallies leaning toward approval.

This report is updated as markets move.