Good Morning,

Here's a quick preview of today’s content: BNB Chain is starting to fuel memecoin activity, the company behind Donald Trump’s memecoin seeks to raise hundreds of millions to establish a DAT, MetaMask launches derivatives trading, Solana's Jupiter develops JupUSD stablecoin, the rise of crypto gambling has been impossible to ignore, and so much more

Happy Thursday - Let’s dive in.

Market Snapshot

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• The crypto market pullback Wednesday morning triggered $635M in liquidations, causing the total mcap to fall below $4.3T

  • Spot BTC ETFs took in $876M as the price tumbled, while Spot ETH ETFs attracted $420M

  • ETH’s validator exit queue increased to a record $10B

  • 97% of Bitcoin’s supply is now in profit, but profit-taking remains low

• All of the top-10 assets are flat or in the red, with the exception of BNB, which is up +1.5%

Market Predictions

• Bettors on Kalshi are predicting how high will Ethereum get this year?

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

• Coinbase launches crypto staking services in New York (DC)

• Bullish partners with Deutsche Bank for institutional fiat access (BW)

• Polymarket founder Shayne Coplan is youngest ‘self-made billionaire’ (DC)

• Billionaire Barry Silbert seeks to shake legal woes ahead of Grayscale IPO (FT)

• Poll from McLaughlin and Associates shows crypto-focused candidates could sway voters in US midterms (CT)

• Crypto laundering mastermind pleads guilty in London court (FT)

• Bitwise projects that US Bitcoin ETFs will set record inflows in Q4 (TB)

• ‘Made in China’ tokens have a total market cap of $244B (TD)

• Coinbase’s Base team is hiring a 'token & governance research specialist' (TB)

• Native token of Doodles NFT collection hits a new ATH (TD)

• FLOKI, a community-driven crypto, partners with Water Wells for Africa to fund two new clean water wells in Malawi (CD)

• Bitcoin whale returns with a $360M Bitcoin transfer (CT)

• Bit Digital adds 31,057 ETH, bringing the treasury’s total to 150,244 Ether (TB)

• BNB Chain now accounts for 11.4% of global memecoin activity (CD)

• CleanCore Solutions adds 710M Dogecoin to its balance sheet (CT)

• KAIO, a tokenization firm, expands its tokenized fund offerings to the Sei network (CD)

• Fireblocks partners with Galaxy, Bakkt, FalconX and Castle Island to expand institutional-grade crypto custody (CT)

Venture Capital

• Fight Fight Fight LLC, the company behind Donald Trump’s memecoin, seeks to raise $200M to establish a DAT (TB)

• DDC Enterprise secures $124M in equity financing to accelerate its Bitcoin accumulation strategy led by PAG Pegasus Fund and Mulana Investment Management (TB)

• Stablecoin payments startup Coinflow raises $25M in a Series A round led by Pantera Capital to scale its global payout network(CD)

• Crypto life insurer Anthea raises $22M in a Series A led by Yunfeng Financial Group to launch blockchain-based life insurance (CD)

• TransCrypts, a blockchain startup, raises $15M in a seed round led by Pantera Capital, Lightspeed Faction, Alpha Edison, and others (CD)

• DePIN project, 375ai, raises $10M across multiple rounds led by Delphi Ventures, Strobe Ventures, HackVC, and more (BW)

M&A Announcements

• Plume Network, a blockchain protocol for RWAs, acquires Dinero Protocol to broaden its product suite (CD)

Launches

• MetaMask launches derivatives trading through Hyperliquid (DC)

• Solana's Jupiter develops JupUSD stablecoin with backing from Ethena Labs (CD)

• Fiserv and the Bank of North Dakota to launch the “Roughrider” stablecoin (TB)

• Jack Dorsey’s Square launches Bitcoin payment tools for small businesses (CD)

• Polymarket to launch on crypto wallet MetaMask (FM)

• Crypto exchange Gemini enables Australian dollar trading (DC)

• YZi Labs kickstarts a $1B builders fund for devs on the BNB Chain (DC)

• 21Shares teams up with Stratiphy to offer retail access to crypto ETNs (CD)

• Estonian-based Bringin launches its full Bitcoin financial services platform (BM)

• CruTrade launches the first Avalanche-based fine wine marketplace (CD)

• Ethereum Foundation announces 'Privacy Cluster' team (CT)

• Hyperliquid lists MON-USD, allowing traders to long or short the token (CD)

• Forward Industries unveils a validator node on the Solana blockchain (CD)

• Decentralized CDN Pipe launches on Solana mainnet (BW)

• Polygon, an ETH layer 2 network, activates the Rio upgrade on its PoS network (TB)

• Decentralized AI marketplace, Recall Network, launches its native token (CD)

Regulation

• Representative Bryan Steil says crypto market structure bill is still on track (CT)

• UK’s financial regulator officially lifts ban on crypto ETNs (TB)

• US labor union federation slams Senate crypto bill as 'facade of regulation’ (DC)

• US Senate confirms Jonathan McKernan, who has been critical of overregulation and crypto debanking, to Treasury role (TB)

• The Bank of England plans stablecoin cap exemptions for certain firms (TB)

• US Senators get 250K letters calling for protection of stablecoin yields (CD)

Cybersecurity

• Kazakhstan tightens crypto rules after seizing $16.7M from unlicensed exchanges (DC)

• Two men stand trial in Britain for plotting to steal $23M in crypto (DC)

• Discord extorted by hackers who threaten to leak verification data of 2.1M users (CT)

• PancakeSwap's Chinese X account hacked to promote a scam memecoin token (DC)

Extra Reads

• The rise of crypto gambling has been impossible to ignore, once seen as a niche experiment, Bitcoin and its digital cousins are now powering a growing share of the online casino industry - Will the surge in crypto gaming lead to regulated sites adopting BTC?

• Nakamoto’s Bitcoin stash, estimated at 1.1M-1.5M BTC, has remained untouched since 2009, and the silence has fueled curiosity about what might trigger its movement - Here’s what’ll happen if it finally moves

Chart of the Day

Bitcoin addresses holding 100-1,000 BTC hits a new all-time high 

Meme Dump

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