An Ethereum whale borrowed 64,000 ETH worth $280 million using $420 million in USDC as collateral, according to on-chain data. The move signals bearish sentiment as shorts slightly outnumber longs amid recent price declines.

Asset management giant BlackRock introduces specialized treasury fund BSTBL for stablecoin reserve management, expanding beyond its USDC partnership as the stablecoin market reaches all-time high under new GENIUS Act framework.

Major cryptocurrency exchanges experienced technical difficulties during a massive market sell-off that triggered $9.5 billion in liquidations, with Bitcoin and Ethereum dropping 7% and 12% respectively.