Good Morning,

Here's a quick preview of today’s content: CFO convicted for losing company money in crypto side hustle, Japan’s FSA to classify crypto as financial products, BlackRock’s BUIDL fund expands to BNB Chain, Americans are heating their homes with Bitcoin this winter, Alibaba to use JPMorgan’s blockchain for tokenized payments, and so much more

Happy Monday - Let’s dive in.

Market Snapshot

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• Crypto markets tumble as selling accelerates

  • Bitcoin briefly erased its 2025 gains, falling below $94K amid “extreme fear” sentiment

  • BTC and ETH ETFs shed over $1B combined, while XRP funds outperformed

  • Majors post their worst week in months, as BTC is down -9% on the week and -25% from its October ATH, with a 50/200-day death cross looming

  • ETH broke below $3,100, SOL hit a five-month low, and liquidity remains thin after October’s crash

• Sentiment sinks to multi-month lows as macro uncertainty weighs on risk assets

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

• Emails reveal Jeffrey Epstein was worried about Bitcoin and crypto taxes (DC)

• Alibaba to use JPMorgan’s blockchain for tokenized payments (CD)

• Michael Saylor denies Bitcoin sale rumors (DC)

• Tom Lee says Ether is entering a Bitcoin-like 'supercycle’ (CD)

• Americans are heating their homes with Bitcoin this winter (CNBC)

• Kraken says they aren’t racing to go public (CT)

• Judge denies Apple and OpenAI bid to dismiss Musk’s antitrust lawsuit (DC)

• Scaramucci family invests over $100M in Trump’s mining firm (CT)

• Harvard triples down on Bitcoin bet with spot ETF buys (TB)

• American Bitcoin stock rises after Q3 revenue spike (DC)

• Tether dominance surges to highest since April (CD)

• Ether treasury BitMine appoints new CEO (DC)

• Peter Schiff calls Strategy's model a 'fraud’ (CT)

• Eric Trump says volatility is the cost of achieving outsized returns (CT)

• Ark Invest buys $15.6M Circle shares (TB)

• XRP ETF debut outshines all 2025 launches with $250M inflows (CT)

• ETH holders spend coins more than BTC investors (DC)

• CleanSpark completes upsized $1.15B notes offering (TB)

• BTCS treasury posts record Q3 revenue (TB)

• Upbit operator Dunamu posts $165M profit in Q3 (CT)

• SACHI taps Microsoft to power its global infrastructure (CD)

• Dead internet theory gains traction as AI content surges online (DC)

• New crypto deals put retail at risk after $17B wipepout (BBG)

• Canary hits pause on new ETF filings after launching XRP (CD)

• Survey finds Bitcoin can win US voters regardless of political lean (CT)

• Aster says tokenomics unchanged amid update confusion (CT)

• EV2 tops best ICO presale list for 2025 (CS)

• ApeX integrates Chainlink data for RWA perps across five chains (CD)

• 5-year Cardano hodler loses 90% of ADA in bungled swap (CT)

Venture Capital

• Tether in discussions to invest in Neura Robotics, makers of a humanoid robot, at a valuation between $9.29B and $11.6B (TB)

Launches

• BlackRock’s BUIDL fund expands to BNB Chain (DC)

• Uniswap launches 'Continuous Clearing Auctions' to improve token discovery (TB)

• Pro-Bitcoin restaurant Steak 'n Shake announces El Salvador expansion (CT)

• Tether pushes into commodity lending with cash and USDt credit (CT)

• Aave to offer zero-fee stablecoin ramps in Europe after approval (CT)

• R25 launches yield-bearing RWA stablecoin protocol on Polygon (TB)

• Lendasat unveils non-custodial cross blockchain exchange for stablecoins (BM)

• BingX launches FastTrack for token onboarding (CD)

• Supra announces expansion of its SupraEVM bounty (CD)

• SACHI kicks off NFT pre-launch event (CD)

Regulation

• US regulator mulls guidance for tokenized deposit insurance and stablecoins (CT)

• Japan’s FSA to classify crypto as financial products (CT)

• UK central bank still ‘disproportionately cautious’ about stablecoins (CT)

• Community bankers ask OCC to block Sony's crypto bank (DC)

• Nebraska grants state charter for crypto bank (CS)

• Prosecutors argue judge should not acquit Tornado Cash dev (CD)

Cybersecurity

• Oklahoma man gets five-year sentence for $9.4M crypto ponzi scheme (DC)

• Detroit man jailed for 9 years over Bitcoin donations intended for ISIS (DC)

• CFO convicted for losing $35M of company money in crypto side hustle (DC)

• DOJ says US citizens helped North Korean IT workers infiltrate 136 companies (TB)

• Desperate Canadian youth a growing target for investment scams (BBG)

• Chrome Web Store’s No. 4 crypto wallet can steal seed phrases (CT)

• Chainalysis says ‘pig-butchering scams’ are becoming national security threat (CT)

Extra Reads

• Quantum computers can’t break Bitcoin’s encryption today, but new advances from Google and IBM suggest the gap is closing faster than expected, their progress toward fault-tolerant quantum systems raises the stakes for ‘Q-Day’ - Here’s the quantum threat to Bitcoin explained

• The Senate Ag Committee released its own discussion draft market structure bill, addressing digital commodities and how the CFTC might oversee that sector of the crypto market - What's in the new crypto market structure draft?

Chart of the Day

Stablecoin deposits to Binance have risen by $5.76B over the last 30 days

Meme Dump

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