Bitcoin ETF Outflows Hit $4B; COIN Surges on Stablecoin

Bitcoin fell below its 200-week moving average as ETF outflows reached $4 billion, marking a 21-month low. The decline reflected mounting concerns over Federal Reserve rate policy and broader uncertainty around crypto equities. ETF redemptions accelerated as institutional investors reduced exposure amid challenging market conditions.

Coinbase ($COIN) shares rose 11.3% after the company joined a major partnership with Visa, Mastercard, and BlackRock to launch Open USD (OUSD), a new U.S. dollar stablecoin. An analyst upgraded $COIN to Hold, citing the company's leading position in U.S. crypto spot trading and stablecoin market capitalization. MicroStrategy ($MSTR) faced scrutiny as TD Cowen analysts trimmed their price target, with concerns centered on Bitcoin's price weakness. Michael Saylor reiterated Strategy's $99 to $100 target for STRC preferred stock, which traded approximately $13 below par. Japanese firm Metaplanet reached 43,000 BTC in its corporate treasury, becoming the world's third-largest corporate Bitcoin holder.

The launch of Open USD (OUSD) by a consortium including Visa, Mastercard, BlackRock, and $COIN triggered a 15% decline in Circle Internet Group ($CRCL) shares. Analysts noted the new stablecoin offers businesses more favorable terms than Circle's existing products, posing a direct competitive threat to Circle's margins. The partnership represents a significant institutional push into the stablecoin market, leveraging established payments infrastructure and asset management capabilities. Circle faces pressure to defend its market position as traditional financial giants enter the space with backing from major technology and financial institutions.

Robinhood ($HOOD) announced plans to launch crypto trading in the United Kingdom and expanded its perpetual futures offering in Europe beyond cryptocurrencies. Eligible European investors can now trade perpetual futures tied to commodities, ETFs, and foreign exchange markets including gold, silver, crude oil, and the euro-dollar pair, with leverage up to 10 times and round-the-clock trading. The company also unveiled new AI cryptocurrency trading capabilities for U.S. customers and expansion efforts in Canada and Singapore. Perpetual futures gained regulatory clearance in the U.S. after the CFTC permitted their trading on domestic exchanges in May.

President Donald Trump reported more crypto-related income last year than any publicly traded U.S. digital-asset company earned, with at least $1.4 billion in crypto earnings according to financial disclosures. The disclosure showed Trump earned nearly $1 billion from crypto-related ventures, though many investors in Trump-branded crypto tokens suffered significant losses. The figures made Trump the biggest U.S. crypto moneymaker after he reversed early skepticism to become a major industry supporter.