Good Morning,

Here's a quick preview of today’s content: Chinese man arrested in Bangkok over $14M crypto ponzi scheme, Bodega cat killed by self-driving car gets second life via meme coins, US lawmakers work to pass market structure amid shutdown, OpenAI eyes massive $1T IPO, and so much more

Friday’s here - Let’s dive in.

Market Snapshot

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• Crypto markets tumble despite easing and trade optimism

  • Bitcoin slides below $108K - down -7% in three days and -15% from its October peak - as the Fed signals a pause in further rate cuts

  • ETH, SOL, XRP, and DOGE fell -5-7% over the past 24 hours amid $817M in leveraged liquidations and the heaviest long-term holder selling since July

  • US ETH ETF inflows stalled, while BTC trading volume surged +60% above its weekly average, topping $300B in October

• Traders eye mixed signals from Trump-Xi trade talks and Fed commentary after BTC broke below its 200-day SMA

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

• Drake and Adin Ross sued over 'deeply fraudulent' promotion of cypto casino Stake (DC)

• House of Doge puts logo on jerseys and signage of Italian soccer club (DC)

• Western Union files trademark for ‘WUUSD’ after stablecoin reveal (DC)

• Bodega cat killed by self-driving car gets second life via meme coins (DC)

• SpaceX makes $31M Bitcoin transfer (DC)

• Binance.US denies political motive in listing Trump-linked USD1 stablecoin (TB)

• Coinbase beats Q3 forecasts as transaction revenue hits $1B (DC)

• Strategy reports $2.8B Q3 net income (BM)

• Standard Chartered sees $2T tokenized RWAs by 2028 (CT)

• JPMorgan completes first blockchain-based private fund transaction (CD)

• Nakamoto holdings’ shares sink as $563M PIPE deals trigger massive sell-off (CT)

• Solana and XRP futures are CME’s fastest growing crypto products (DC)

• MegaETH’s public token sale oversubscribed by 27.8x as auction officially closes (TB)

• Grayscale spot Solana ETF sees $1.4M inflows on debut (TB)

• Bitcoin miners raise $11B in convertible debt (CT)

• Bitcoin miner Riot posts net income of $104.5M in Q3 (TB)

• Ethereum fees hover near pennies as daily transactions top 1.6M (CT)

• Circle USDC overtakes Tether’s USDT in on-chain activity (CD)

• On-chain economy hits $20B (CD)

• African payment provider Flutterwave taps Polygon for cross-border payments (CD)

• Ondo taps Chainlink to power data feeds for 100+ tokenized equities (CD)

• LBank Labs forges partnership with WEthePeople law group (CD)

• FourMeme surpasses Pumpfun with $43M monthly revenue (TD)

• NFTs continue multi-year downtrend with volumes plummeting (TD)

• Value distribution to token holders returns to all-time high (BW)

Venture Capital

• Bitcoin miner TeraWulf upsizes its private offering of 0% convertible senior notes due 2032 to $900M, with a $125M greenshoe (TB)

• Trading firm DRW Holdings and VC firm Liberty City Ventures seek to raise $500M for a crypto treasury that will hold Canton Network’s native token (CT)

• Solana-based project FIGHT’s token sale raises $183M, following a $15.7M raise earlier this week (CD)

• Hercle, an infrastructure company bridging stablecoins and crypto, raises $10M in equity led by F-Prime and $50M credit facility (PS)

• Dare Markets, a platform that pays crypto to post stunts, raises $2M pre-seed funding led by Karatage and Paper Ventures (DC)

• PoobahAI, a no-code platform standardizing Web3 development, raises $2M in seed funding led by FourTwoAlpha (SAAS)

M&A Announcements

• Lombard Finance, a Bitcoin DeFi protocol, acquires BTC.b, Avalanche’s bridged Bitcoin asset and infrastructure (TB)

• Core Scientific shareholders reject the proposed $9B all-stock merger with CoreWeave (TB)

• Bitcoin rewards app Lolli acquires Slice browser extension, accelerating integration of Lightning Network (TB)

• Citizens says crypto M&A is intensifying amid regulatory clarity (CD)

Launches

• OpenAI eyes massive $1T IPO as early as 2026 (CD)

• Sam Altman-backed World's 'proof of human' IDs coming to FIFA, NFL and Pudgy Penguins games (TB)

• Ethereum Foundation launches website to streamline institutional onboarding (CT)

• Revolut banking fintech launches 1:1 stablecoin conversions (BL)

• Jiuzi Holdings launches $1B Bitcoin treasury with SOLV (CD)

• WisdomTree debuts 14 tokenized funds on Plume Network (CD)

• Nordea Bank to offer access for synthetic ETP (BM)

• KRWQ launches as first Korean won stablecoin on Base (TB)

• DYdX plans US market entry by 2026 (CT)

• Ethereum devs lock in Fusaka upgrade for Dec. 3 (CD)

• Unichain L2 adds support for non-EVM assets (TB)

• Uphold relaunches XRP rewards debit card in US (TB)

• FUNToken launches $5M giveaway (CD)

Regulation

• Treasury’s renderings of Trump coin draws criticism from lawmakers over ties to TRUMP memecoin (TB)

• US lawmakers work to pass market structure amid shutdown (CT)

• Hong Kong's top regulator flags crypto treasury risks (TB)

• Australia's AUSTRAC fines Cryptolink as part of crypto ATM crackdown (CD)

• Bybit halts user onboarding in Japan, citing ‘emerging’ regulations (CT)

• ‘Cut-throat’ battle for crypto ETNs erupts in UK after retail ban lifted (CT)

• Indonesia’s digital rupiah to get ‘stablecoin’ companion backed by government bonds (CT)

Cybersecurity

• Chinese man arrested in Bangkok over $14M crypto ponzi scheme (DC)

• Australian police use 'crypto safe cracker' to access $6M stash (DC)

• Social engineering scams top crypto threats in 2025 (CD)

Extra Reads

• Bitcoin fell -35% after the Fed ended QT in 2019 and began cutting rates, prompting fears that BTC may decline in the coming months - As QT ends again, what does it mean for Bitcoin?

• Crypto’s transparency reveals market manipulation that traditional finance hides, century-old laws riddled with loopholes that enable unpunished manipulation - Here’s why insider trading is an SEC country club looking for a scapegoat

Chart of the Day

Ethereum processes 1.6M+ daily transactions while gas fees hover at $0.01

Meme Dump

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