Good Morning,

Here's a quick preview of today’s content: Video game mods spread new crypto infostealer, Ghana passes law to legalize crypto trading, Binance opens ETH options for users, Tokenized equity sector surges 2500%, Prediction markets beat Wall Street in forecasting inflation, and so much more

Happy Tuesday - Let’s dive in.

Market Snapshot

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• Crypto markets grind higher into holidays as regulatory delays weigh on flows

  • Regulatory setbacks sparked $952M in weekly crypto ETP outflows, pressuring sentiment

  • BTC chopped between $88K-$90K ahead of a $27B+ year-end options expiry

  • Gold surged to record highs, lifting tokenized gold while BTC struggled

  • Altcoins led the bounce: ETH +2%, with SKY and NEAR outperforming as holiday flows picked up

• Total crypto market cap rose +2% to $3.13T, with volumes at $101B

Prediction Markets

• Bettors on Polymarket are predicting NFL MVP?

• Track and trade live odds on any event, only on Polymarket

Headline Roundup
^{_{The major headlines driving crypto markets}}

• Binance failed to stop hundreds of millions of dollars of cryptocurrency from flowing through suspicious accounts, even after its landmark settlement (FT)

• BlackRock names Bitcoin ETF a top 2025 theme (CD)

• Trump Media adds 451 BTC (BM)

• CME loses top spot in BTC futures open interest (CD)

• BitMine buys $300M Ether (CD)

• Peter Thiel-backed ETHZilla sells $74.5M ETH (TB)

• Gemini predicts nation-state Bitcoin adoption (BM)

• Tokenized equity sector surges 2500% (TD)

• Strategy adds $748M in cash to dividend reserve (TB)

• Uniswap token burn moves closer to reality (CD)

• Aave Labs proposal vote sparks outcry (TB)

• Prediction markets beat Wall Street in forecasting inflation (CD)

• Metaplanet clears issuance of dividend-paying shares (CT)

• World Liberty Financial token ends down -40% (CT)

• Coinbase CEO debates Base app’s strategic focus (TD)

• Curve DAO rejects $6.2M Swiss stake funding proposal (TD)

• Former Mt. Gox CEO details 2014 collapse and detention (BM)

Venture Capital

• Erebor, a banking startup co-founded by Anduril CEO Palmer Luckey, raises $350M at $4.35B valuation (TB)

Access the complete VC deal flow on Fundable.

M&A Announcements

• Coinbase agrees to acquire The Clearing Company, a prediction markets startup (TB)

• Interhash acquires controlling stake in Neopool, a Bitcoin mining pool (BM)

Launches

• JPMorgan weighs offering institutional crypto trading (TB)

• Binance opens ETH options for users (CD)

• Indonesia lists 29 licensed crypto platforms (CT)

• New XRP yield product launches on Flare Network (TB)

• Magma devs launch RPC Smart Router on Google Cloud (TD)

Regulation

• Bipartisan lawmakers draw up tax bill with stablecoin and staking relief (CD)

• Fed seeks input on account type attractive to crypto firms (CT)

• EU council endorses offline and online versions of digital euro (CT)

• Ghana passes law to legalize crypto trading (CT)

• Hong Kong insurance regulator weighs risk charge on crypto (TB)

• Arizona proposes barring taxes on crypto and blockchain (CT)

Cybersecurity

• Binance fails to prevent suspicious accounts from moving $144M after plea (DC)

• Hyperliquid says ex-employee responsible for token shorting (CT)

• Video game mods spread new crypto infostealer (CT)

Extra Reads

• Even if quantum machines capable of breaking Bitcoin’s cryptography are decades away, the work required to update software, infrastructure and user behavior would be measured in years - Here’s why Bitcoin upgrade could take 5-10 years

• Investors might be able to take advantage of the recent crypto market downturn in order to lower their taxable income - Here’s why the clock is ticking for crypto tax loss harvesting

• Behind the scenes, banks are rebuilding core financial infrastructure so cash, custody and funds can move on-chain under regulatory oversight - Here’s how banks are preparing for an on-chain future

Chart of the Day

Bitcoin has broken its usual correlation with equities

Meme Dump

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*DISCLAIMER: Investment advice provided by Autopilot advisers LLC, an SEC registered investment advisor. Past performance does not guarantee future results. Investing carries risks including the risk of the loss of principal. Performance doesn’t include fees. See more here.