Good Morning,

Here's a quick preview of today’s content: Three indicted over crypto attack spree in California, Senate confirms pro-crypto Kevin Warsh to Fed, First-ever Hyperliquid ETF launches, Sports betting ETF and bitcoin show strong correlation, Square crosses 1M Bitcoin-enabled merchants, and so much more

Happy Wednesday - Let’s dive in.

Market Snapshot

Click here to learn more about the Gannon’s portfolios and subscribe to the strategies on Autopilot.* Since inception (7/3/25), Gannon’s Crypto Portfolio is up +15.07% Gannon’s AI Fund is up +49.81%

• Bitcoin clings to $80,000 as hot inflation data pours cold water on Fed rate cut hopes and altcoins drag

  • XRP ETFs attract $26M in largest single-day inflow since January

  • Market cap falls -1.6% as SOL, ADA, and HYPE lead losses

  • Crypto markets stall with BTC and ETH falling as Middle East tensions lift oil and dollar

• Inflation rose to three-year high in April despite retreat in equities and crypto

Prediction Markets

• Bettors on Polymarket are predicting 2026 NBA Champion?

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

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

• Quiet token sales boost Trump crypto wealth by $660M (BBG)

• JPMorgan launches tokenized money market fund (DC)

• Crypto firm backed by French NBA star halts plan to buy bitcoin (BBG)

• Senate confirms pro-crypto Kevin Warsh to Fed (CD)

• Franklin Templeton and Payward tokenize Wall Street products (DC)

• Sports betting ETF and bitcoin show strong correlation (CD)

• Anthropic flags unauthorized tokenized shares (TD)

• Bitcoin miner MARA sells $1.5B in BTC (DC)

• Ark Invest buys $5.5M worth of Circle (TB)

• CleanSpark slides on earnings miss and bitcoin loss (CD)

• Square crosses 1M Bitcoin-enabled merchants (BM)

• Wells Fargo lifts Ether ETF holdings in Q1 (CT)

• Bitfarms reports $145M loss amid AI transition (TB)

• eToro crypto revenue drops to $2.15B (TB)

• Bhutan moves $8.1M in Bitcoin (DC)

• Bakkt pivots into stablecoin infrastructure (CT)

• Broadridge expands tokenized securities infrastructure (CT)

• FalconX expands tokenized credit facility to Monad (CT)

• Bermuda transitions financial services to Stellar (CT)

• DTCC enlists Chainlink for collateral management (DC)

• Binance's chief marketing officer leaves the exchange (CD)

• Wallet firm Exodus sells $87M in BTC (DC)

• Bitcoin Ordinals explorer shuts down (TB)

Venture Capital

• Ripple Prime, Ripple's brokerage platform, secures $200M from Neuberger Specialty Finance (BW)

• Deutsche Bank and Nasdaq back crypto firm Elliptic in $120M round (BBG)

• Osero, a stablecoin project, raises $13.5M led by Sky Ecosystem (TB)

Access the complete VC deal flow on Fundable.

Launches

• First-ever Hyperliquid ETF launches (TB)

• Coinbase adds Solana-backed loans (TB)

• Ethereum Foundation rolls out support for crypto security (TB)

• Starknet brings shielded bitcoin to its network (TB)

• LMAX Group launches crypto collateral solution (CT)

Regulation

• Senate banking panel releases Clarity Act draft (DC)

• Crypto regulatory push shatters long-standing alliances (BBG)

• CFTC in talks with sports leagues on prediction markets (CD)

• Bitcoin Fog appeal tests theory that global crypto services fall under US (TB)

• CFTC backs Kalshi in Ohio fight (TB)

• France clashes with Lagarde over digital euro plans (CD)

Cybersecurity

• Three indicted over crypto attack spree in California (DC)

• North Korean crypto hackers steal $2.1B in 2025 (DC)

• Hackers insert malware into AI software (DC)

Extra Reads

• Bitcoin is down 35% from its all-time high, making this drawdown shallower than past cycles, but analysts warn the bear market could resume - Is this bitcoin bear market different?

• The Clarity Act would end years of regulatory ambiguity in US crypto by formally splitting oversight between the SEC and the CFTC - Here’s all about the Clarity Act

Chart of the Day

Bitcoin traders sit on highest unrealized profits since June 2025

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.