Good Morning,

Here's a quick preview of today’s content: LimeWire has acquired Fyre Festival for $230k with a crypto spin, PayPal unveils texts with crypto, France warns that it may try to block crypto companies from operating in the country under licenses issued by other EU members, Denver pastor and wife ordered to pay $3.4M to crypto scam victims, and so much more

Today’s a big day as investors turn cautious ahead of Fed rate decision - full details of that decision here

Happy Wednesday - Let’s dive in.

Market Snapshot

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• Traders are anticipating increased volatility for Wednesday's Federal Reserve rate decision, with mixed signals in the market

  • BTC rises +1.32% and ETH was little changed at +0.18%

  • Bitcoin’s failure to rise beyond $118,000 points to strong resistance around this area

  • BTC ETFs record six days of consecutive inflows totaling $2B, as strategic reserves and ETF holdings have jumped by +30% in 2025

  • Open interest in SOL futures remains high, while IMX has surged +15% due to optimism in the gaming sector

• Most major cryptos are experiencing capital outflows, but AVAX and SOL show strong open interest growth

Market Predictions

• Bettors on Kalshi are predicting when will Hyperliquid conduct an airdrop

• 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}}

• President Trump sues the NYT for $15B, claiming its reporting hurt his memecoin project (DC)

• Google and Coinbase collab on AI agent stablecoin payments standards (BL)

• Pump.fun saw $3.38M in daily protocol revenue, ranking above Hyperliquid (TB)

• Coinbase rejects claims that stablecoins drain U.S. bank deposits (CT)

• Ethereum faces validator bottleneck with 2.5M ETH awaiting exit (CD)

• CleanCore's Dogecoin treasury adds another 100M DOGE (DC)

• Solana treasuries have hit 17.11M SOL tokens, worth over $4B (CT)

• Strategy expands its reserves and purchases 525 BTC for $60.2M (CS)

• CIO of Bitwise says that the SEC’s proposed listing standards could "blow the market wide open" (TB)

• Bitcoin mining stocks are outpacing Bitcoin in September (CT)

• Binance is close to inking a deal with the U.S. DOJ to drop its court-mandated compliance officer (TB)

• Bybit partners with crypto trading platform SignalPlus to launch their joint trading competition (CD)

• The Ethereum Foundation launches an audit contest for its next network upgrade (TB)

• Sharps Technology, a Solana-based DAT, partners with Bonk to stake a portion of its SOL to BonkSOL (TB)

• eToro receives approval to offer crypto services in Germany (FM)

• Pump.fun records more than $1B in daily trading volume (CT)

• The Avalanche Foundation appoints UK lawmaker and blockchain policy advocate to its board (CD)

• Bitwise files an ETF giving investors exposure to AVAX (DC)

• Galaxy Digital plans to release a tokenized money-market fund (CD)

• Crypto asset management firm Tesseract secures a MiCA license, offering EU investors services (TD)

• Defiance files for Bitcoin and Ethereum ETF (CS)

• Openbank introduces a crypto trading service in Germany (CD)

• Ozak AI partners with Pyth Network to deliver market data across blockchains (CD)

Venture Capital

• SC Ventures plans to raise capital for a $250M fund focused on crypto services (TB)

• Blockchain RWA specialists Centrifuge and Plume launch a credit fund backed by a $50M anchor investment from Grove (CD)

M&A Announcements

• Crypto trading infrastructure Keyrock acquires Turing Capital (TB)

• LimeWire has acquired Fyre Festival for $230k as they plan on putting a crypto spin on the brand (DC)

• The Chiliz Group has acquired OG Esports, a competitive gaming organization (DC)

Launches

• PayPal unveils service turning text messages into crypto-friendly payment links (CS)

• RQO Group launches with $370M in assets, combining finance and crypto firms under one umbrella (CD)

• Polymarket launches a new section for forecasting the earnings of publicly traded companies (TB)

• PostFinance, Sygnum Bank and UBS pilot first blockchain-based interbank payment on a public blockchain (BW)

• UN Development Programme to launch an academy to teach the public sector about crypto (CT)

• Crypto Finance launches AnchorNote to streamline off-exchange settlement for institutional traders (CD)

• Uranium.io launches a pricing oracle to address price opacity in the uranium market (CD)

• Circle launches a native version of its dollar-pegged USDC token (TB)

• Zircuit, a ZK-rollup, announces the launch of a grant program to support devs building on its network (CD)

• Kintsu, a liquid staking protocol, announces its expansion to Hyperliquid with the launch of sHYPE (BW)

Regulation

• Coinbase asks U.S. DOJ to take steps to prevent state enforcement cases (CT)

• UK Chancellor and U.S. Treasury Secretary discuss working together on crypto (TB)

• France warns that it may try to block crypto companies from operating in the country under licenses issued by other EU members (CT)

• U.S. House to consider retroactive CBDC ban in market structure bill (CT)

• U.S. Senate votes to confirm crypto-friendly Stephen Miran to serve on the Fed’s Board of Governors (TB)

• Corporate Bitcoin holders announce the first members of the Treasury Council, serving as advocates for federal Bitcoin adoption (CS)

Cybersecurity

• Denver pastor and wife ordered to pay $3.4M to crypto scam victims (WW)

• Oregon woman scammed out of $57K using Bitcoin (CD)

• Georgia woman loses more than $100k in a Bitcoin scam after being tricked by callers posing as federal agents (FA)

• Chinese gangs use ChatGPT to defraud U.S. real estate agents in 'Pig-Butchering' crypto scams (YH)

• Suspect in Coinbase hack kept data for more than 10,000 customers on her phone (FT)

• Dev suffers loss of $7.2M in crypto to a complex social engineering scheme (LB)

Extra Reads

• Bitcoin has performed well in a low interest rate environment, but the asset may not rise in the aftermath of a widely expected Fed interest rate slashing - For Bitcoin Traders, Is a Fed Rate Cut Already Priced In?

• Pump.fun livestreamer devs are pulling out all the stops to pump their Solana memecoins, including pretending to be a lamp - 5 Wildest Crypto Livestreams on Pump.fun Right Now

• The U.S. has the deepest liquidity in crypto markets and is home to some of the largest issuers and exchanges, but without a market structure we risk ceding ground to other countries - The Clock Is Ticking on Crypto Market Structure Legislation in the U.S.

Chart of the Day

ETH ETFs had 7 straight days of net inflows

Meme Dump

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