Good Morning,

Here's a quick preview of today’s content: Man who went by 'Shrek' pleads guilty to helping steal crypto, SEC makes no specific mention of crypto in 2026 priorities, 20% of Americans prefer crypto over gift cards this holiday, Hawk Tuah girl added to Solana meme coin lawsuit, El Salvador discloses BTC purchase of $100M, and so much more

Happy Wednesday - Let’s dive in.

Market Snapshot

Click here to learn more about the Gannon’s portfolios and subscribe to the strategies on Autopilot.* Since inception (7/7/25), Gannon’s Crypto Portfolio is up +22.61%

• Crypto market cap continues to slide as sentiment remains stuck in extreme fear

  • Over $1B in crypto liquidations hit in the past 24 hours, with longs taking most of the damage

  • Bitcoin dropped to a seven-month low under $90K, as spot BTC and ETH ETFs shed $437M combined

  • Bitcoin hashprice falls to $38.2/PH/s, its lowest level in over five years, as the average BTC ETF investor is now underwater

• Most large-cap altcoins are holding steady but still posting double-digit weekly losses

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

• Cloudflare network outage hits multiple crypto front-ends (TB)

• El Salvador discloses BTC purchase of $100M (TB)

• Hawk Tuah girl trial heats up as she is added to Solana meme coin lawsuit (DC)

• Bitcoin whales switch to buying amid ‘extreme fear’ (CT)

• SEC makes no specific mention of crypto in 2026 priorities (CT)

• Record $1.26B outflow hits BlackRock BTC ETF (CD)

• Morgan Stanley’s Bitcoin bet draws $104M during rout (BBG)

• Mt. Gox moves nearly $1B in Bitcoin (DC)

• Cathie Wood's Ark Invest purchases $10M Bullish shares (TB)

• Mastercard picks Polygon for verified usernames on self-custody wallets (CD)

• Robinhood on roadmap to create a permissionless financial ecosystem (CD)

• Trump congressional ally discloses six-figure Bitcoin purchase (DC)

• 20% of Americans prefer crypto over gift cards this holiday (TD)

• Bitcoin miner Canaan’s spikes after Q3 revenue rise (DC)

• Revolut taps Polygon for remittances and stablecoin payments (DC)

• Prediction market Myriad partners with Walrus data storage (DC)

• Arthur Hayes blames crypto plunge on 'contraction in dollar liquidity' (DC)

• Standard Chartered eyes year-end Bitcoin rally (TB)

• BNY’s new fund pushes for safer stablecoin reserves (TD)

• Monad addresses Coinbase token sale slowdown (TB)

• Deutsche Börse adds SocGen’s stablecoins to its infrastructure (CD)

• Uniswap weighs protocol burn as fees approach $1B (TB)

• aPriori silent after one entity claims 60% of airdrop (CT)

• Block positioned to ride demand for liquidity in fintech apps (TB)

• Pump’s new ‘Mayhem’ fails to boost token launches or revenue (TB)

• Efforts underway to digitize trade in Africa with blockchain (CT)

• LBank partners with CoinGlass to enhance trading (CD)

• Grab deepens stablecoin push with Web3 wallet (CT)

• Libra token-linked wallets pull $4M (CT)

Venture Capital

• Crypto exchange Kraken raises $800M at a $20B valuation, including $200M from Citadel Securities (DC)

• Obex, a new crypto incubator, raises $37M to support the development of yield-generating stablecoins, led by Framework Ventures, LayerZero, and Sky ecosystem (CD)

• 0xbow, a privacy-focused DeFi platform, closes $3.5M seed round led by Starbloom Capital, Coinbase Ventures, BOOST VC, and others (TD)

• Tether makes strategic investment in bitcoin-backed lending platform Ledn to expand the market (TB)

M&A Announcements

• Hyperliquid treasury merger vote delayed, postponing $888M deal (TB)

Launches

• Google releases its most powerful AI model (DC)

• VanEck, Canary, and Fidelity launch SOL ETFs across three-day window (DC)

• Telegram-linked TON gains ground with Coinbase debut (FM)

• Marshall Islands launches basic income program using digital wallet (CT)

• Ethereum Foundation reveals latest work on 'Interop Layer' (TB)

• Société Générale’s SG-FORGE issues first tokenized bond in US (CD)

• Paxos and LayerZero launch USDG0 to expand dollar across DeFi (TD)

• Circle debuts xReserve to expand USDC access (TD)

• Amplify launches XRP covered-call ETF (TB)

• OpenLedger launches OPEN mainnet for AI data attribution (TB)

• Bitfury pivots to launch tech fund after years of mining BTC (CT)

• Filecoin Foundation and FilOz unveil decentralized cloud (TB)

• KuCoin officially opens Australian offices (CD)

• LBank launches stablecoin earn (CD)

Regulation

• Sen. Warren keeps pressure on Trump crypto ties as structure bill negotiated (CD)

• Treasury Dept. says banks can keep crypto on their balance sheets (DC)

• Canada approves budget to advances stablecoin policy (CD)

• Crypto bank AMINA gets Hong Kong license to launch trading (CT)

• Brazil weighs tax on international crypto transfers (CT)

• Blockchain platform Serenity clears MiCA registration (CD)

Cybersecurity

• Man who went by 'Shrek' pleads guilty to helping steal $263M in crypto (DC)

• Bitcoin ATM founder charged in $10M money laundering scheme (DC)

• FDT welcomes Dubai’s $456M freeze as Techteryx seeks to recover reserves (CD)

Extra Reads

• Private key theft has become an automated, industrialized threat, highlighting the need for crypto users to remain vigilant - Here’s what to know about crypto private key theft

• After an explosive two-year run that pushed Bitcoin to new heights, the tide has turned, and Morgan Creek Capital founder Mark Yusko breaks down why he believes we’ve officially entered a Bitcoin bear market - Crypto winter is here

Chart of the Day

Long-term holders have moved 800K BTC in the last 30 days, while demand contracts

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.