Tether Conducts Biggest USDT Freeze Ever, Grayscale Makes Case for Bitcoin Bottom, And More – Week In Review

This weekly roundup highlights mixed market implications across crypto: Europe’s MiCA rules have driven euro-denominated stablecoin volume up ~1,200% over 15 months, reshaping payments and boosting stablecoin market importance. DeFi security concerns rose as a Balancer exploit wallet moved ~1,100 ETH via Thorchain, underlining ongoing hacker risks. Tether froze $344 million in USDT on April 23, 2026, in coordination with U.S. authorities, signaling greater issuer-led enforcement and regulatory scrutiny for stablecoins. Institutional commentary from Grayscale (and Fidelity) suggests bitcoin (BTCUSD) may be forming a durable bottom as recent buyers return to breakeven, providing a potential bullish catalyst amid broader cooling adoption. Overall sentiment is mixed: structural and regulatory developments create headwinds for risk assets while data from large custodians hints at an incipient recovery for bitcoin.