Good Morning,

Here's a quick preview of today’s content: UK teens jailed after $4.3M robbery caught on video, Vitalik Buterin sells $6.6M in ETH, JPMorgan prefers Bitcoin to gold long term, Sen Lummis works with Treasury on crypto tax guidance, Binance denies issuing legal threats over insolvency allegations, and so much more

It’s finally Friday - 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 +5.45%

• Bitcoin crashes to $60,000 in largest drawdown ever, down nearly -47% from all-time highs

  • BTC erases all gains since Trump's election win and slides back toward 2021 ATH levels

  • Liquidations cross $1B in 24 hours, wiping out $980M as markets spiral to worst one-day drawdown since FTX collapse

  • XRP crashes -23% in worst drop among major tokens, plunging to lowest level since election

  • ETH tumbles below $1,800(-17%) to eight-month lows as holder confidence collapses

  • Spot BTC ETFs extend losses with $545M in outflows over two consecutive days

• Bitcoin miners face existential crisis as average production cost, with mining revenue gauge hitting record lows

• Crypto markets plunge into "Extreme Fear" territory, erasing over $1.4B in trader value

Prediction Markets

• Bettors on Polymarket are predicting pro football champion 2026?

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

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

• Ro Khanna launches probe into $500M UAE-World Liberty deal (DC)

• Sen. Mark Warner says he’s in ‘crypto hell’ (TB)

• Strategy records $12.4B Q4 loss as MSTR shares hit 18-month low (DC)

• JPMorgan prefers Bitcoin to gold long term (TD)

• Polymarket and Circle partner for USDC settlement (TB)

• BitMine hits 7-month low as Ether losses reach $8B (DC)

• BlackRock’s bitcoin ETF posts $10B volume record (TB)

• Sen Lummis works with Treasury on crypto tax guidance (BM)

• World Liberty offloads BTC to pay debt (TD)

• Binance denies issuing legal threats over insolvency allegations (TB)

• Gemini slashes jobs amid Europe and Australia exit (DC)

• Schwab CEO says prediction markets can aid investors (TB)

• Bitwise files registration statement with the SEC (TB)

• Vitalik Buterin sells $6.6M in ETH (CT)

• Tether USDT posts record user growth (TB)

• Kraken launches managed yield strategy with Bitwise (TB)

• IREN and CleanSpark selloff after missing earnings (TB)

• ETHZilla to tokenize portfolio of 95 home loans (TB)

• Summer of Bitcoin opens application for university students (BM)

• Crypto platform Bullish tops Q4 estimates (CD)

• SDM executes first $1M lightning payment (BM)

• Perp DEX Merkle shutters business (TD)

Venture Capital

• Crypto giant Binance secures $1B Series round from undisclosed investors (TS)

• Tether makes an $100M strategic equity investment in crypto bank Anchorage Digital (TB)

• Crypto neobank Plutus raises $2.3M funding through three launchpads (CA)

Access the complete VC deal flow on Fundable.

M&A Announcements

• Tether agrees to buy $125M worth of Gold.com common shares (TB)

Launches

• SBI unveils proof-of-concept for tokenized stocks (TB)

• Russian bank offers bitcoin-backed loans (CD)

• BitMEX launches Hyperliquid copy trading (TD)

• Aster blockchain testnet goes live (CT)

• Hex Trust adds custodial FXRP access (CD)

• Wallet provider Payy launches Ethereum L2 (CT)

• Metalayer launches backstop for RWAs (CT)

Regulation

• CFTC scraps proposal to ban political event contracts (TB)

• Coinbase fends off Nevada’s bid to halt prediction markets (CT)

• Virginia advances bill for state Bitcoin fund (BM)

• EU at risk of falling behind US in tokenization (CD)

• Brazil moves to ban algorithmic stablecoins (CD)

Cybersecurity

• UK teens jailed after $4.3M robbery caught on video (DC)

• Crypto exploit losses hit $370M (TD)

Extra Reads

• The dark web drug market used crypto for payments, but blockchain transaction tracing helped the FBI identify its creator, who was sentenced to 30 years in prison - Here’s how blockchain tracing exposed $105M dark web market

• "This drawdown feels horrible not because of the magnitude, but because it’s unfair," said longtime bitcoin maxi Samson Mow - Here’s what industry vets are saying as bitcoin tumbles

Chart of the Day

Thursday was Bitcoin's 4th worst day of the 2020's

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.