This week we explore World Liberty Financial’s stablecoin, USD1. The Trump family’s DeFi project launched the token over a month ago, and its seen significant uptake on-chain, however, off-chain activity has lagged. We also take a look at what crypto ETF applications are leading the approval race, how derivatives markets are maturing, and more.

Bitcoin hit a new all-time high last week, but sentiment remains cautious beneath the headline gains. In this week’s Debrief, we break down what’s driving the move in ten charts. Macro uncertainty, particularly around the U.S. fiscal outlook, is still weighing on risk appetite. While retail participation remains muted, institutional demand is growing, supported by ETF flows, corporate accumulation, and renewed momentum on the regulatory front.

Bitcoin barely moved, holding near $103K on Monday after Moody’s stripped the U.S. of its last triple-A rating amid mounting debt. Meanwhile, Coinbase entered the S&P 500, but the euphoria was short-lived. The exchange revealed that client information was stolen as hackers sought to blackmail the firm, with costs related to the incident expected to reach $400 million.

Ethereum surged by nearly 40% last week, outperforming BTC after its largest upgrade to date. Meanwhile, Coinbase made headlines with its $2.9 billion acquisition of Deribit, and New Hampshire became the first U.S. state to approve a crypto reserve law.