Good Morning,

Here's a quick preview of today’s content: BNB continues to lead the pack with all time highs, Former SEC chair Gary Gensler defends his former reign on crypto, Consensys CEO says that a MetaMask coin is coming sooner than later, Elon Musk’s AI startup raises an eye-watering round, Crypto scammers allegedly tried to bribe X employees, The Bank of Canada's looks for stablecoin regulation, and so much more

Happy Monday - we got a HUGE week, let’s dive in 🫡

Market Snapshot

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• As markets consolidate after last week’s Fed-driven rally, trading remains relatively subdued

  • BTC trades near $115,300, down about -0.3% over the past 24 hours, illiquid supply stands at 14.3M, a new record

  • BTC’s spot and derivatives volumes remain light, with resistance building near the $116K level

  • ETH holds at $4,450, slipping -0.7% but still within its tight recent range

  • XRP is nearly flat at $3.02 (-0.03%), while SOL eases to $235 (-1.3%)

  • BNB outperforms peers, up +0.4% to $954, while DOGE lags, falling -1.9%

• Institutional flows continue to lean positive, but low realized and implied volatility suggest caution for breakout expectations

Market Predictions

• Bettors on Kalshi are predicting if the Government will shutdown on Oct 1, 2025

• 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}}

• Brian Armstrong says that Coinbase’s long-term goal is to be a financial “super app” (CD)

• Consensys CEO confirms that MetaMask’s native asset MASK is coming soon - see full statements here

• NBA star Kevin Durant has regained access to his Bitcoin holdings which he purchased in 2016 (CD)

• MetaMask prepares to embed perpetual futures trading into its interface (CS)

• Former SEC chair Gary Gensler says he had no regrets about his approach to crypto enforcement (CT)

• FTX's bankruptcy estate will release $1.6B to creditors on Sept 30 (CD)

• Bitcoin’s mining difficulty rises to a new ATH of 142.3T (DC)

• The Bank of Japan plans to sell $2.2B worth of ETFs annually (CD)

• REX-Osprey XRP ETF records the highest debut volume of any ETF this year, surpassing $37M (CD)

• Solana co-founder warns that advances in quantum computing could threaten the foundations of crypto security (FM)

• Tokenized RWAs cross $30B in on-chain value (TD)

• The Royal Government of Bhutan transfers more than $100M worth of Bitcoin (CT)

• Grayscale’s GDLC ETF records $22M in trading volume during its debut (CS)

• Social media platform X says it's taking legal action against some banned accounts (DC)

• Crypto custodian BitGo files an S-1 registration statement with the SEC (CD)

• Aave reaches $30.5B in active loans (CS)

• Kraken partners with Trust Wallet (CT)

• YZi Labs expands its holding in Ethena Labs, the protocol behind USDe (BW)

Venture Capital

• Elon Musk’s AI startup xAI purses $10B in funding at a $200B valuation (CS)

• Cannabis firm Flora Growth secures $401M in cash and tokens to launch a digital asset treasury led by DeFi Development Corp. (TB)

• Grvt, a DEX, closes a $19M Series A co-led by ZKsync, Further Ventures, EigenCloud and 500 Global (CD)

• DAT firms pull in over $20B in VC funding so far this year (TB)

M&A Announcements

• IG Group agrees to acquire Australian crypto exchange Independent Reserve for an EV of $117M (TB)

Launches

• The Warsaw Stock Exchange officially lists the Bitcoin BETA ETF (BM)

• Circle launches native USDC on Hyperliquid’s Layer 1 blockchain (TD)

• The first Chinese CNH stablecoin meant for foreign exchange markets launches (CT)

• Enosys launches Enosys Loans, a CDP protocol on the Flare blockchain (FM)

• Phemex launches of On-chain Earn, a staking service that integrates PoS rewards (CD)

• Ethereum devs confirm Fusaka upgrade will activate in December (BW)

• KuCoin Futures introduces a series of system enhancements to boost execution efficiency (CD)

Regulation

• The Bank of Canada's calls for federal stablecoin regulation (DC)

• A formal effort to turn the GENIUS Act into stablecoin regulations begins at the Treasury Department (CD)

• The EU plans further oversight that could reach crypto as part of broader efforts to revive momentum (DC)

• The Bank of Italy warns that multi-issuance stablecoins pose risks to EU financial stability (CT)

• Senate Democrats release a statement pressing their Republican colleagues to agree to a process for the crypto market structure legislation (TB)

• Michigan's Bitcoin Reserve Bill advances to a second reading in the state House of Representatives (CD)

• The CFTC appoints new members to its GMAC and subcommittees, adding several crypto industry leaders (CT)

• The EU looks to block Russian crypto transactions (CT)

Cybersecurity

• Crypto scammers allegedly tried to bribe X employees for account reinstatement (TB)

• The trial of the alleged mastermind of a $7B cross-border investment fraud is set to begin in London (DC)

• A teenage hacker manages to gain access to a Crypto.com employee’s account (TB)

Extra Reads

• A new paper suggests that LLMs are already better at picking winners than most early-stage investors - Why AI Is Now Way Better at Predicting Startup Success Than VCs

• The rapid decline of the U.S. dollar has reignited dreams of “hyperbitcoinization” among Bitcoin proponents - Here’s why the dollar dying doesn’t make Bitcoin win

• Forex has always been the playground of macro-news junkies, meanwhile crypto is the wild child that never closes and never asks permission - The Advantages and Risks of Using Crypto in Forex Trading

Chart of the Day

The Total Crypto Market Cap lost $60B since the rate cut

Meme Dump

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