Good Morning,

Here's a quick preview of today’s content: Pump.fun reclaims the launchpad throne, UK man who lost 8,000 bitcoin in landfill says he hasn’t given up, SEC reiterates important stance on liquid staking protocols, and so much more.

Happy Wednesday - Let’s dive in.

Market Snapshot

• Options data shows a shift in sentiment, with the 30-day skew falling from +2% to -2%, suggesting investors are paying more to hedge against declines

• Bitcoin remains below $115,000 after a sharp drop, with over $1B in liquidations affecting leveraged long positions.

• ETH shows resilience, recovering towards $3,650 due to sustained institutional interest, contrasting with struggling altcoins like Solana and XRP

• Market sentiment is fragile amid macroeconomic uncertainty and ETF outflows, but some analysts see potential for a rebound if conditions stabilize.

Prediction Markets

• Bettors on Kalshi are predicting who will launch a coin this year?

• Trade your predictions on a range of events, only on Kalshi

• Sign up with code LIT and get a $20 bonus when you trade $100

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

• Against prior reports, UK man denies giving up search for $240M in lost Bitcoin in landfill (TB)

• Trump drafts executive order targeting crypto debanking and politically biased financial discrimination (DE)

• Michigan State pension fund triples Bitcoin ETF holdings to $10.7M in renewed market push (BM)

• Pump.fun reclaims top spot over LetsBonk in 24-hour memecoin launches (TB)

• Bitcoin mining may offer better odds than Powerball - here’s why

• Bitcoin treasuries add 630 BTC while ETFs shed $300M as price ranges (CT)

• Fastest oracle on Solana launches, promising near-instant verification for DeFi apps (BW)

• BPI expands outreach with Congressional Fellowship program to boost Bitcoin policy knowledge (BM)

• China warns that iris-scanning crypto IDs like Worldcoin pose major national security risks according to new directive (CD)

• BounceBit adds Franklin Templeton tokenized money market fund to its platform for structured yield strategies backed by US Treasury returns (CD)

• Capital B purchases 62 BTC for ~$7.13M, lifting its bitcoin holdings to 2,075 BTC in continued treasury expansion (CD)

• MEXC-backed Indonesian crypto exchange Triv hits $200M valuation amid venture investment (TB)

• FinCEN warns Bitcoin ATMs increasingly used in scam operations and money laundering (DE)

• Base Network experiences sequencer failure shortly after resuming block production (TB)

• CEA Industries raises $500M to build BNB treasury via YZI Labs partnership (TB)

• SEC clarifies that liquid staking tokens may still be securities depending on structure (TD)

• Slash, a California neobank, to issue its own stablecoin to ease global dollar access (TD)

• Ray Dalio says reckless money printing could lead to new gold-backed currency era (DH)

• Binance launches ALL Composite Index perpetuals on USDT-margined futures platform (TB)

• Shrapnel to leave Avalanche for Gala Games partnership as gaming strategy shifts (TD)

• Pi Network backs $20M robotics initiative as it expands beyond blockchain applications (CR)

• BitBridge to go public as digital asset bridge gains momentum in tokenization sector (TB)

• Amina Bank becomes first regulated bank to offer SUI token trading to clients (TD)

• SEC staff issues new stablecoin guidance for public issuers and structured reserves (TB)

• Changpeng Zhao moves to dismiss FTX clawback lawsuit, denying liability claims (TB)

• MEI Pharma adopts LTC treasury strategy with backing from Charlie Lee and GSR (TB)

• Men charged with illegally exporting AI chips to China in breach of U.S. tech controls (DE)

• Base Network resumes block production after temporary sequencer outage (TB)

Regulation

• Indonesian officials consider adding Bitcoin to national reserves amid inflation pressures (CT)

• Brian Armstrong says banned UK Coinbase ad was a "statement" about the broken financial system (DH)

• SEC clarifies that liquid staking protocols do not violate securities laws (CD)

Cybersecurity

• Crypto hacks surged to $142M in July according to new data from PeckShield (TD)

• Man in India jailed in U.S. $20M crypto fraud case has assets frozen at home (DE)

• North Korean hackers pose as developers to infiltrate cloud systems and steal crypto (DE)

• Unlucky trader loses $3.6M in botched Solana meme coin snipe attempt (DE)

Extra Reads

• Many cities globally now have tech infrastructure to facilitate Bitcoin payments - Top 5 cities where you can pay rent entirely in Bitcoin
  

• Why Wall Street is bracing for a correction in stocks - Big names are projecting the S&P 500 will post a double-digit decline

Chart of the Day

Only 1M more Bitcoin will ever be created, the other 95% already exists.

Meme Dump

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