Good Morning,

Here's a quick preview of today’s content: White House reaches tentative crypto regulatory agreement, Coinbase launches stock perp futures for Mag 7, CoinDCX co-founders arrested for crypto investment fraud, Winklevosses say job cuts at Gemini reach 30%, SBF tries to get on Trump’s good side by backing Iran strikes, and so much more

Happy Monday - Let’s dive in.

Market Snapshot

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• Bitcoin struggles to hold $70,000 as war-driven inflation fears build and Trump issues 48-hour Iran ultimatum

  • Crypto liquidations near $400M after BTC dips to $68K despite relatively low ETF outflows

  • BTC mining difficulty drops -7.8% as miner exodus accelerates, losing $19,000 on every BTC produced

  • Altcoin volume slumps -80% amid tighter monetary conditions as ETH and XRP lag

• Iran war volatility drives oil trading boom on Hyperliquid as macro pressures build

Prediction Markets

• Bettors on Polymarket are predicting Nothing Ever Happens: Crypto Edition

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

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

• Morgan Stanley prepares Bitcoin ETF for NYSE Arca (DC)

• MLB signs exclusive Polymarket deal (DC)

• Winklevosses say job cuts at Gemini reach 30% (BBG)

• White House reaches tentative crypto regulatory agreement (BM)

• Dorsey’s Block laid off 4K employees last month, some are already back (CT)

• UK dissolves exchange accused of aiding Iranian sanctions evasion (DC)

• Crypto.com slashes workforce by -12% in AI pivot (DC)

• Rideshare driver charged with using $2M in COVID funds to buy crypto (DC)

• SBF tries to get on Trump’s good side by backing Iran strikes (CD)

• Gemini faces class-action over prediction market pivot (DC)

• ‘Hawk Tuah’ girl Hailey Welsh says memecoin implosion ‘traumatized’ her (CT)

• NYSE exchanges remove crypto ETF option caps (TB)

• Grayscale files for ETF tracking Hyperliquid (TB)

• BlackRock staked Ethereum fund tops $250M (DC)

• Vivek Ramaswamy's Strive adds 317 BTC (TB)

• Coinbase's bitcoin yield fund goes onchain (CD)

• Solana treasury Forward Industries uses loan to buy back shares (DC)

• Evernorth files S-4 registration for $1B SPAC deal (TB)

• DeFi risk management firm Gauntlet sees $380M exit (CD)

• Cantor among investment banks pitching FalconX for its IPO (CD)

• Ledger appoints former Circle exec as CFO (TB)

• Gold Council proposes shared infrastructure for tokenized gold (TD)

• IMC Trading hires Alex Casimo as CCO for crypto business (CD)

• Tokeny taps Polygon for tokenization platform (TB)

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Venture Capital

• Prediction market Kalshi raises $1B to double valuation to $22B (DC)

• Decentralized social network Bluesky discloses $100M Series B led by Bain Capital Crypto (TB)

• Blockchain firm Eightco invests another $40M in OpenAI (DC)

• Prediction market Myriad closes a seed round led by MoonPay Ventures, Auros, EVG, Side Door Ventures, and more (DC)

• Web3 company Animoca Brands makes a strategic investment in Ava Labs (CT)

Access the complete VC deal flow on Fundable.

M&A Announcements

• Browser maker Opera seeks 160M CELO stake (CD)

Launches

• Coinbase launches stock perp futures for Mag 7 (TB)

• World Liberty Financial launches toolkit for AI agents (TD)

• Asset manager Amundi debuts $100M tokenized fund (TB)

• ETP firm opens 24/7 liquidity for tokenized stocks (CD)

• Quantum-ready Bitcoin prototype debuts (DC)

• Market maker Flow enters tokenized assets (TB)

• Bybit launches yield-bearing tokenized gold (CT)

Regulation

• Nevada becomes first state to ban Kalshi (DC)

• North Carolina lawmakers propose state Bitcoin reserve (BM)

• Canada revokes 47 crypto money licenses (CT)

• Kentucky urged to strip wallet provision from crypto bill (DC)

• South Korean lawmakers push to abolish 22% crypto tax (TB)

• Fidelity urges SEC to move further on crypto activity by broker-dealers (CT)

Cybersecurity

• Man uses AI to generate $8M in fraudulent music royalties (DC)

• CoinDCX co-founders arrested for crypto investment fraud (TB)

• Fake FBI crypto tokens used to threaten Tron users (DC)

• Hong Kong retiree loses $840K in crypto scam (CT)

• Resolv's stablecoin depegs after attacker mints 80M tokens (TB)

• Apple malware targets crypto apps on unpatched iPhones (DC)

Extra Reads

• A 70% oil spike could nearly double US inflation, slash rate-cut hopes, and deepen downside risks for Bitcoin prices in the coming months - Here’s what happens to Bitcoin if oil hits $180 per barrel

Chart of the Day

Bitcoin-to-gold price correlation hits lowest levels since Nov 2022

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.