Good Morning,

Here's a quick preview of today’s content: White House won't tolerate attacks on the president in crypto bill, Michael Burry warns of cascading effects from Bitcoin plunge, Bitcoin ransom note sent to TMZ involving missing mother, French police raid X’s Paris office in illegal content probe, Treasury probes crypto exchanges over Iran sanctions, and so much more

Happy Wednesday - Let’s dive in.

Market Snapshot

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• Bitcoin plunges to 15-month lows as crypto markets endure brutal selloff, with BTC down -40% from all-time highs

  • BTC tests $73,000, erasing all gains since Trump's election night victory

  • Volatility triggers $740M in liquidations as BTC ETFs show mixed signals: $562M in daily inflows snap outflow streak

  • Privacy coins lead losses as MON and ZEC slide alongside broader altcoin weakness; XRP plunges -6% and DOGE falls -7%

• Market volatility compounded by delayed economic data due to government shutdown and tightening risk appetite across traditional markets

Prediction Markets

• Bettors on Polymarket are predicting where will Giannis be traded?

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

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

• Michael Burry warns of cascading effects from Bitcoin plunge (BBG)

• Jeffrey Epstein invested in Bitcoin firm Blockstream (DC)

• Senator warns of criminal conduct over UAE-World Liberty deal (DC)

• French police raid X’s Paris office in illegal content probe (DC)

• Elon Musk says SpaceX may put DOGE 'on the moon' next year (CD)

• Robinhood CEO's AI startup founder accused of sexual misconduct (TB)

• White House won't tolerate attacks on the president in crypto bill (CD)

• Treasury probes crypto exchanges over Iran sanctions (CD)

• xAI is hiring crypto specialists to train its AI models (CD)

• Bitcoin ransom note sent to TMZ involving missing mother (DC)

• Cathie Wood doubles down on BitMine and Coinbase (DC)

• Crypto boss Kulechov buys discounted $30M London mansion (BBG)

• Ripple secures $280M diamond tokenization in UAE (CD)

• Tether launches open-source Bitcoin mining (TB)

• Strategy slides toward eighth straight monthly decline (CD)

• Galaxy Digital shares dive following $482M loss (DC)

• Y Combinator opens stablecoin funding option for startups (TB)

• Fenwick agrees to settle lawsuit alleging role in FTX collapse (CT)

• Aave Labs sunsets Avara 'umbrella brand' (TB)

• MetaMask integrates Ondo to offer tokenized stocks (CD)

• Kraken parent Payward reports $2.2B revenue (TB)

• KBank files stablecoin wallet trademarks ahead of IPO (TB)

• Crypto wallet Safe reports fivefold revenue jump (TB)

• Fireblocks integrates Canton for onchain settlement (CT)

Venture Capital

• Entertainment platform BLUFF raises $21M led by blockchain tech fund 1kx (CD)

• Crypto exchange Phemex raises $8M seed round from undisclosed investors (TS)

• Ruvo, a payments fintech, raises $4.6M seed round led by 1confirmation with participation from Coinbase Ventures, Rebel Fund, and more (SI)

• Stablecoin infrastructure startup Open Asset raises an undisclosed investment from Hana Ventures and IBK Capital (PT)

Access the complete VC deal flow on Fundable.

M&A Announcements

• Insurance brokerage Tian Ruixiang acquires 15K Bitcoin in equity-linked deal (CT)

• Bitcoin miner TeraWulf acquires brownfield infrastructure sites in Kentucky and Maryland (TB)

Launches

• Crypto.com spins out OG prediction markets app (TB)

• ING opens retail access to crypto ETPs (TB)

• Moscow Exchange adds crypto futures to lineup (CD)

• Spanish Red Cross launches blockchain aid platform (CT)

• UK’s Smarter Web Company joins LSE (TB)

• VistaShares launches Treasury ETF (CT)

• Flare unveils new way to earn yield (CD)

• Trading bot Bankr expands to Solana (TD)

• Crypto dev launches site for AI to hire humans (DC)

Regulation

• Coinbase says Australia imposes unlawful bans on crypto (DC)

• Canada rolls out crypto custody rules (CD)

• Nevada authorities file lawsuit against Coinbase (CT)

• France considers restricting VPNs (DC)

Cybersecurity

• Arizona issues warning as crypto ATM scams hit older adults (DC)

• Suspicious projects outpublish legit ones in crypto press releases (CT)

Extra Reads

• Prices have been falling since early 2025, masked by institutional flows, but history suggests the worst may already be behind us - Here’s why crypto is near the end of a brutal winter

• Even as major cryptos plunge to multi-year lows and forced liquidations ripple across the market, DeFi’s total value locked has only slipped modestly - Here’s why DeFi investors are refusing to cave to the panic

Chart of the Day

Ethereum staking entry queue extends to 71 days

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.