Here’s what happened in crypto today

In crypto news today, cryptocurrency investment products saw unprecedented inflows of $5.95 billion in the week ending Friday, marking the largest amount ever recorded. This surge is attributed to concerns over a potential US government shutdown, leading to a rally in spot crypto markets. Bitcoin led the gains with $3.6 billion inflows, while Ether attracted $1.48 billion, both breaking previous records. The introduction of the GENIUS Act, which facilitates the transition from traditional bank accounts to higher-yield stablecoins, is poised to disrupt the banking sector, according to Multicoin Capital's co-founder Tushar Jain. He anticipates big tech companies will start competing with banks for retail deposits offering better interest rates. Meanwhile, DefiLlama announced the delisting of Aster perpetual trading volume data due to data integrity concerns, as its volumes were closely aligned with Binance, raising questions about wash trading. The delisting underscores the need for verifiable trading data in the DeFi space.

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