Bitcoin Bulls Stay Calm-Bitcoin has been stuck in a tight range even as global risk assets rallied, but bulls aren’t panicking. Long-term holders point to strong ETF inflows, declining exchange balances, and continued institutional accumulation as reasons the current pause looks more like consolidation than weakness. The mood feels more patient than normal, with fewer calls for imminent breakouts and more focus on structural support. Perhaps, the most bullish signal is boredom? (CoinDesk)

Crypto Legislation Hits Another Speed Bump-A major U.S. crypto bill was delayed as a Senate panel pivoted its focus to Trump-backed housing initiatives. While the pause is procedural rather than ideological, it reinforces how crypto policy remains vulnerable to broader political priorities. Regulatory clarity continues to move in fits and starts, even as markets race ahead. For the industry, patience is becoming a required skill. (Bloomberg)

IPO Energy Returns-Another crypto IPO might be on the cards. Hardware wallet maker Ledger is reportedly considering a New York IPO, while BitGo made its NYSE debut at a $2 billion valuation. Public markets are reopening to crypto infrastructure plays, not just tokens. This public market interest suggests renewed focus on custody, compliance, and security across the crypto stack. (The Block)

Private Banks Dip a Toe In-UBS is exploring crypto investing for select private banking clients, signaling continued demand from high-net-worth investors. Access remains cautious and curated, but the direction of travel is clear. Crypto is increasingly treated as a portfolio allocation question, driven by demand. Long gone are the days when it was a fringe curiosity. Slow, controlled adoption still counts as adoption. (Reuters)

Ethereum Anchors Wall Street-BlackRock continues to position Ethereum at the center of Wall Street’s tokenization push. As real-world assets move on-chain, Ethereum is emerging as the settlement layer institutions trust most. This is less about ideology, and more about reliability, liquidity, and developer depth. Stable tech choices for the win. (Decrypt)

SEC Backs Down on Gemini-The SEC moved to dismiss its lawsuit against Gemini over its crypto lending product, marking another regulatory retreat. While the decision doesn’t rewrite the past, it does reduce legal overhang for one of the industry’s most prominent firms. The broader signal is subtle but important: enforcement momentum is no longer one-directional. And that changes how risk is priced. (Bloomberg)