Congress Passes Landmark Stablecoin Bill: Ether and Stock Trading in Crypto Limelight
The cryptocurrency market experienced a notable surge towards the end of the week, with significant gains being recorded in the prices of Ether and related stocks, as the GENIUS Act moves closer to President Donald Trump’s desk for signing into law. Meanwhile, Bitcoin temporarily halted its upward trajectory.
As of the latest report from Coin Metrics, the price of Ether stood at $3,558.68, marking a 3.6% increase and reaching heights not seen since January.
On Thursday, ETFs tracking the price of Ether surpassed bitcoin ETFs in terms of daily inflows for the first time ever, with inflows totaling $602 million, spearheaded by BlackRock’s iShares Ethereum Trust (ETHA). Bitcoin ETFs saw inflows of $522 million on the same day, and the ETH funds reported a single-day record inflow of $726.7 million the previous day.
Crypto-related stocks also experienced growth. Shares in Coinbase increased by 4%, reaching an all-time intraday high surpassing its initial public offering (IPO) date in 2021, and marking the fifth consecutive positive week. Robinhood added 4% as well, while Bitmine Immersion continued its upward trend, soaring 12% on Friday.
Conversely, the price of Bitcoin declined by 1%. Strategy (formerly MicroStrategy) fell 4%, and Mara Holdings, the mining company acting as a proxy for Bitcoin, remained below the flat line.
Over the past week, Ether has seen an increase of 19%, bringing its two-week gain to approximately 43.6%. In contrast, Bitcoin recorded a minimal decrease of less than 1% for the same period.
“No coin seems to have more momentum than Ethereum of late,” stated Wolfe Research’s Read Harvey in a recent note. “We began suggesting it was time to start gaining exposure in May, as ETH began to show some life relative to BTC. Fast forward to today, and we’re not just seeing life, but a potential trend reversal.”
With prices nearing five-month highs relative to Bitcoin, the leadership dynamic in the cryptocurrency market may be shifting, according to Harvey’s observations.
On Thursday, the House of Representatives passed a bundle of crypto bills, with the stablecoin legislation known as the GENIUS Act being forwarded to President Trump for signing into law. It is expected to be signed into law on Friday afternoon, marking the first-ever major crypto legislation in the United States.
“This is the biggest deal in crypto so far this year, up there with the change in the SEC – it’s the first crypto-focused law in the history of the United States, home to the largest financial market in the world,” said Noelle Acheson, economist and author of the Crypto is Macro Now newsletter. “Just the symbolism alone is worth getting excited about.”
Being a law rather than an agency ruling “means that future Administrations will not be able to easily overturn its provisions. Should any try, by then stablecoins will be so deeply embedded in the global financial landscape, it would be futile,” Acheson added.
In addition, House lawmakers also passed a second, more comprehensive crypto market structure bill, the CLARITY Act, which will now move to the Senate for consideration.
On Thursday, BlackRock filed with the Securities and Exchange Commission (SEC) to include staking in its ETHA ether ETF, further bolstering sentiment towards crypto’s second largest coin.
