Bitcoin demand looks increasingly concentrated, Bhutan cut its Bitcoin holdings again, Nakamoto moved toward a reverse stock split, and a U.S. government wallet transfer kept seized BTC in focus, fees spiked on Ethereum layer-2 Scroll, developer growth on XRPL, rising stablecoin payment rails, a possible Hyperliquid ETF launch, debate around Iran tanker fees in BTC, and the latest turn in the Tornado Cash case. We also cover $SOL, $DOGE, $HYPE, $ADA, $ZEC, $AVAX, $SHIB, $TAO, $ALGO, $WLFI, $SIREN, $MORPHO, $ARB, $DCR and stablecoin topics.