Good Morning,

Here's a quick preview of today’s content: BlackRock has another thing up its sleeve involving crypto, Russia is looking into the possibility of a crypto bank, Kraken introduces perp trading to retail, Apple’s new iPhone 17 makes signing safer for frequent crypto users., and so much more

Happy Friday, Let’s dive in.

Market Snapshot

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• Crypto markets stayed mostly flat after the August U.S. CPI report, with total crypto market cap holding above $4T

  • CPI rose 2.9% year-over-year in August, up from 2.7% in July, matching economists’ expectations

• Data reinforced expectations that the Fed may cut interest rates at its next meeting despite inflation still above 2% target

• Spot ETH ETFs saw $171.5M in inflows; spot Bitcoin ETFs saw $757M, largest daily inflow since mid-July

  • Bitcoin is trading around $114,400, up ~0.5% daily and ~3.4% weekly

  • Ethereum steady at $4,400, flat on daily and weekly timeframes

  • Solana (and Dogecoin outperforming, both up ~2% today; SOL broke $220 for first time since February, DOGE up ~15% weekly

• Current altcoin rally seen as more sustainable and community-driven compared to past meme coin frenzies

• $275M in leveraged positions liquidated in past 24 hours, including $92.5M in ETH and $39M in BTC

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

• BlackRock working on tokenizing funds tied to real-world assets (TB)

• Avalanche foundation eyes $1B faise to fund two crypto treasury companies (CD)

• Hong Kong police arrest two over alleged crypto mining in care homes (DC)

• Goldman Sachs CEO doubts 50 basis point cut is ‘on the cards’ (CT)

• Jack Dorsey’s Bitchat Surges in Nepal, Indonesia Amid Protest Crackdowns (DC)

• Solana is cutting MEV snipers out of token launches (BW)

• Another long-term Bitcoin whale awakened on Thursday, moving a chunk of their $50 million in BTC holdings after nearly 13 years (DC)

• US court to hear arguments for Sam Bankman-Fried’s appeal on Nov. 4 (CT)

• Gold hit an inflation-adjusted record high of $3,683/oz, surpassing a 45-year-old record (DC)

• Russia could consider crypto bank to combat fraud, help miners (CT)

• Grayscale Expands Crypto Lineup With Chainlink ETF Application (ME)

• OpenSea Quietly Increases NFT Fees by 100% Ahead of SEA Token Launch (TD)

• VanEck plans to file for Hyperliquid staking ETF (BW)

• Mogu stock pops nearly 200% after board approves 'up to' $20 million DAT allocation (DC)

• Figure IPO opens at $36 per share as blockchain lender's valuation surpasses $7 billion (TB)

• Blockchain lender Figure Technologies was set to begin trading on the Nasdaq on Thursday under the ticker symbol “FIGR” after raising $787.5 million through an initial public offering (DC)

• Yield tokenization platform Pendle and Hyperliquid’s leading liquid staking protocol, Kinetiq, continue to benefit from each other as Pendle’s kHYPE markets cross the $1 billion milestone. (TD)

• Tron Slashes Network Fees by 60% in Bold Move (ME)

• Arthur Hayes Buys Nearly $1M in Ethena Ahead of Hyperliquid Vote (DC)

• Kiln, an institutional staking provider, said it started an “orderly exit" of all its Ethereum (ETH) validators following Swissborg Exploit (CD)

• Apple’s new iPhone 17 makes signing safer for frequent crypto users

Market Predictions

• Bettors on Kalshi are predicting when will Bitcoin hit $125k

• Trade your predictions on a range of events, only on Kalshi

• Sign up with code LIT and get a $20 bonus when you trade $100

Launches

• Kraken introduces crypto perps trading to 'everyday investors' (TB)

• 21Shares launched a new ETP tied to dYdX's native token, extending regulated access to one of the largest decentralized derivatives protocols (DC)

• UpBit, the top centralized exchange (CEX) by volume in South Korea, unveiled its own native Ethereum Layer 2 blockchain today, dubbed GIWA (TD)

Regulation

• Belarus Banks Ordered to Adopt Crypto, Tokenization as Sanctions Squeeze Economy (DC)

Cybersecurity

• GOOD NEWS: A large-scale hacking exploit targeting JavaScript code with malware that raised alarms earlier this week has managed to steal only $1,043 in cryptocurrency, according to data from Arkham Intelligence (DC)

Extra Reads

• Strategy was denied entry into the S&P 500 despite meeting technical requirements - Here’s possibly why

• Can Bitcoin Match Gold's Historic Rally? Analysts See Key Test Ahead

Chart of the Day

Robinhood’s crypto transaction revenue was $160 million in Q2 — making up ~30% of the company’s $539 million in overall transaction revenue. That $160 million figure was down ~37% from Q1 crypto revenue, but marked a 98% year-over-year increase.

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.