What happened: Hong Kong’s licensed crypto exchange — HashKey Holdings — made its IPO debut on the Hong Kong Stock Exchange, raising $206 million and drawing heavy retail and institutional demand, despite later dipping slightly below its issue price. It’s the first crypto-related exchange IPO in Hong Kong.
Why it matters: This marks a symbolic and structural milestone for regulated crypto infrastructure in Asia. Listings like this can attract institutional flows, deepen regional capital markets integration, and signal long-term commitment to digital assets from traditional finance hubs.
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2) 
Bitcoin holds near $87K despite significant ETF outflows
What happened: Bitcoin remained steady around $85,000-$88,000, even as spot Bitcoin ETFs logged over $350 million in outflows, reflecting cautious sentiment among institutional investors.
Why it matters: Sustained outflows from ETFs are usually interpreted as waning institutional appetite, yet BTC’s relative price resilience suggests buyers may be absorbing selling pressure. This dynamic can lead to range-bound conditions where price stabilizes but lacks strong upward momentum.
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3) 
XRP set to expand utility with upcoming cross-chain launch on Ethereum & Solana
What happened: Ripple-linked XRP is gearing up to launch on both Ethereum and Solana blockchains, enabling DeFi usability and broader integration across ecosystems.
Why it matters: Cross-chain deployment vastly expands the utility of XRP — beyond simple payments — giving it presence in DeFi, liquidity pools and wrapped-asset frameworks. Broader ecosystem integration can help drive demand and trading activity if adoption follows.
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4) 
Market breadth mixed — altcoins diverge as BTC dominance stays high
What happened: While the overall market cap climbed modestly and trading volumes increased, most tokens remain weak — though Zora and certain mid-caps posted strong daily gains while many others fell. BTC dominance remains dominant.
Why it matters: Mixed breadth indicates that capital is not broadly rotating into alts, and traders remain conflicted. Strong outperformance in select projects may reflect narrative-driven trading rather than broad confidence — a sign that market participants are cautious and selective under current macro conditions.
