Bitcoin rout and ETF outflows: BTC slid toward $59K and logged its worst weekly performance since the FTX era, with crypto markets shedding about $390B and leveraged liquidations topping $7B as investors rotated into AI and semis. Macro shock: A hotter-than-expected US jobs report (172K jobs; unemployment 4.3%) reignited “higher for longer” fears and hit risk assets broadly, while the Fed’s reverse repo facility fell to just $761M, signaling liquidity draining toward safer corners. US policy push: The House Ways and Means Committee circulated seven digital-asset tax bills ahead of a June 9 hearing, aiming at de minimis relief and stablecoin tax clarity. Banking and stablecoins: Regulators defended bank reforms and the GENIUS Act stablecoin framework, even as lawmakers warned safeguards could weaken. Regulatory friction: The Senate blocked a Section 702 surveillance extension, with a CBDC ban rider stuck in the same legislative limbo. Institutional/market structure: The SEC outlined priorities for tokenized securities and SEC-CFTC harmonization, while a new ESG-linked bitcoin-and-carbon ETF (BTCK) debuted on NYSE Arca. Crypto geopolitics: OFAC sanctioned Iran-linked crypto trading networks (including Nobitex) and the US designated Brazil’s Comando Vermelho and PCC as terrorist groups, raising compliance stakes. Altcoin spotlight: Dogecoin bulls floated a long-term case for a major rally, but the broader tape stayed heavy.