Good Morning,

Here's a quick preview of today’s content: IRS issues guidance for allowing crypto ETPs to stake crypto, James Wynn goes ‘all-in’ on shorting Bitcoin, DTCC lists five spot XRP ETFs, Hong Kong to issue third blockchain-based green bond sale, Senate releases draft of crypto market structure legislation, and so much more

Happy Tuesday - Let’s dive in.

Market Snapshot

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• Crypto markets lift as US shutdown breakthrough boosts risk appetite

  • Bitcoin recovered to trade near $106K after the Senate advanced a key funding bill, improving sentiment and raising hopes for a short-term liquidity boost

  • Crypto ETPs saw their second straight week of outflows - $1.5B total - bringing global AUM down to $207.5B, the lowest since mid-July

  • Despite broad ETF redemptions, XRP jumped +9.8%, SOL added +2.8%, and majors posted modest gains with BTC +1.7% and ETH +0.3%

• Traders note the seasonal return of McDonald’s McRib - an indicator historically linked with periods of Bitcoin and equity market strength

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

• Coinbase launches new token sale platform with built-in protections (CD)

• Senate releases draft of crypto market structure legislation (CD)

• James Wynn goes ‘all-in’ on shorting Bitcoin after 12 liquidations in 12 hours (CT)

• Crypto exchange Bybit in talks to buy South Korean crypto exchange Korbit (CD)

• Strategy purchases 487 BTC for $49.9M (CD)

• IRS issues guidance for allowing crypto ETPs to stake crypto (TB)

• Trump Media posts $55M Q3 loss as Bitcoin bet reaches $1.3B (CT)

• BNY sees stablecoins and tokenized cash hitting $3.6T by 2030 (CD)

• Tom Lee's BitMine adds 110K ETH to holdings (CD)

• Trump-backed WLFI token surges as Senate moves to end shutdown (DC)

• Hong Kong to issue third blockchain-based green bond sale (CD)

• Gemini stock sinks to all-time low despite 52% revenue jump (TB)

• Singapore-based miner Bitdeer reports jump in quarterly losses (CT)

• Bakkt’s quarterly losses hits $23.2M (BBG)

• Monad faces community backlash after unveiling tokenomics (TD)

• Bitcoin miner TeraWulf reports $50.6M in revenue (DC)

• Bitcoin miner Greenidge settles New York permit dispute (DC)

• eToro Q3 results top estimates on crypto trading strength (CD)

• zenZEC hits $15M trading volume on Solana since launch (CD)

• Sora Ventures CEO gains largest stake in AsiaStrategy (CS)

Venture Capital

• Crypto VC landscape remains subdued in Q4 (CT)

• Bitcoin miner CleanSpark looks to raise $1B in a sale of convertible bonds (BBG)

• Australian biotech firm Propanc Biopharma secures $100M in financing from Hexstone Capital, a crypto-focused family office (TB)

M&A Announcements

• Rumble acquires German AI company Northern Data AG, adding 22,000 Nvidia GPUs and global data centers (CD)

• Crypto wallet firm Exodus Movement acquires Grateful to expand its digital payments to Latin America (CD)

Launches

• Coinbase launches savings accounts in the UK (TB)

• Jack Dorsey's Block enables Bitcoin payments for merchants (DC)

• DTCC lists five spot XRP ETFs (TB)

• Monad MON sale to launch on Coinbase (BL)

• Plasma launches stablecoin and yield-bearing token (TD)

• Uniswap proposes sweeping ‘UNIfication’ with UNI burn (CD)

Regulation

• Bank of England confirms plans for 'temporary' stablecoin holding limits (CD)

• Japan mulls new rule limiting crypto custody to registered providers (TB)

• UK and US eye crypto passporting sandbox after talks (CT)

Cybersecurity

• Argentina's Libra memecoin case takes a turn with frozen funds and payments probe (DC)

Extra Reads

• Once a simple stablecoin issuer, Tether now mirrors central bank mechanics with reserves, profits and policy-like decisions - Here’s why Tether is acting more like a central bank

• Money was anonymous for thousands of years until the recent experiment in financial surveillance, and privacy-preserving crypto offers a path back to normalcy - Here’s why privacy coins are not radical, but surveillance money is

Chart of the Day

Privacy coins make up 6% of total trading volume across the market

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.