SwapSpace Weekly Recap: GENIUS Act, $4T milestone, and market moves

The crypto industry saw a remarkable week as regulation and institutional investment hit new milestones, setting all-time highs for inflows and market cap. To get the full picture of what happened and what’s ahead, read SwapSpace’s weekly recap to learn more.

Last week's highlights

• GENIUS Act brings first stablecoin law to the U.S.

President Trump signed the GENIUS Act into law, creating the nation’s initial federal framework for stablecoins. The law enforces 1:1 USD or U.S. Treasury backing, monthly audits, and enhances regulatory oversight and anti-money laundering requirements. This landmark move is widely seen as pivotal for the legitimacy and adoption of stablecoins by enterprises and banks. The crypto community and lawmakers hailed the act as a major legitimizing step.

• Crypto market cap breaks $4 trillion barrier

For the first time ever, the global crypto market capitalization surpassed $4 trillion, buoyed by regulatory clarity and increased institutional participation. Bitcoin hit $123,000, while Ethereum climbed above $3,780. Altcoins like XRP and DOGE soared, benefiting from what’s being called a “bull run normativa.” Record inflows from pension funds and wealth managers underscored the maturation of the space.

• Institutional capital reaches record levels

Crypto investment products saw an all-time weekly record of $4.4 billion in inflows, with Ethereum exchange-traded products (ETPs) outpacing Bitcoin in new allocations. This “long wave” of capital signals that institutional adoption is no longer a forecast but a reality. Regulatory improvements in the U.S. reinforced this trend.

• Token unlocks drive volatility

Over $442 million in tokens were unlocked across more than two dozen projects, with headline unlocks for Avail (AVAIL, $19M), Venom (VENOM, $12.6M), and AltLayer (ALT, $9M). These unlocks injected additional liquidity and volatility, shaping trading opportunities and project-specific price swings. To learn more about token unlocks, read our article here.

• State-level Bitcoin policies expand in the U.S.

New Hampshire, Arizona, and Texas enacted or updated laws allowing Bitcoin to be held as part of state reserves—highlighting growing acceptance at the policy level. These states impose tight qualification standards (e.g., minimum $500B market cap) to manage risk. Seventeen states have similar proposals, though five have been rejected over feasibility concerns.

Last week’s stats

Top gainers

• Ethena (ENA) – 37.38%
• Flare (FLR) – 20.14%
• Story (IP) – 18.76%

Top losers

• Pump.fun (PUMP) – 34.98%
• Virtuals Protocol (VIRTUAL) – 15.36%
• Sonic (S) – 14.56%

Key pairs

• BTC/USD: $118.669
• ETH/USD: $3.886
• BTC/ETH: 30.56

What to watch this week?

• Stablecoin launches and bank partnerships

Following the GENIUS Act’s regulatory green light, keep an eye on major U.S. banks and fintechs for announcements of new USD-backed stablecoins or related products. This could signal rapid institutional uptake and open new stablecoin use cases in payments and settlements.

• More institutional flows into Ethereum and altcoins

With last week’s bullish momentum, analysts expect further asset inflows into Ethereum, Solana, and DeFi projects, particularly through ETPs and managed funds. Market watchers anticipate another bump in trading volumes and fresh all-time highs for select altcoins.

• Potential U.S. state and international crypto policy moves

Momentum around state-level crypto adoption may trigger announcements from other U.S. states or even cities testing new Bitcoin or stablecoin initiatives in public treasury management. Additionally, global regulatory bodies may respond to America’s new stablecoin framework.

Over the past week, developments have highlighted the growing integration of cryptocurrencies into the financial and political spheres. News surrounding stablecoins and institutional markets contributed to record activity across the market. As always, the coins mentioned above – along with many others – are available for exchange or purchase on SwapSpace. You can also use the SwapSpace Bridge for seamless transfers between different networks.