Good Morning,

Here's a quick preview of today’s content: Morgan Stanley Bitcoin ETF launches, FDIC reveals proposed rules for stablecoin issuers, American losses to crypto scams rise to over $11B, Demand for crypto pay surges but payroll systems fall behind, Schwab says 1% crypto allocation can reshape portfolio risk, and so much more

Happy Wednesday - Let’s dive in.

Market Snapshot

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• Bitcoin touches $72,000 as ETFs record $471M inflows, largest single day in six weeks

  • XRP leads $224M weekly rebound with interest concentrated in mostly one country

  • BTC whale moves $20M to Binance amid broader selling pressure

  • ETH stablecoin supply hits $180B ATH as crypto media traffic drops -33% despite DEX trading increasing

• Bitcoin pulls away from software stocks as Iran war and AI reshape market dynamics

Prediction Markets

• Bettors on Polymarket are predicting IPOs before 2027?

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

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

• CZ says SBF asked for billions 'like a Bologna sandwich' as FTX collapsed (CD)

• MrBeast’s digital push runs into a skeptical Elizabeth Warren (BBG)

• Trump-linked World Liberty faces scrutiny over ties to sanctioned network (CD)

• Solana Foundation helps secure protocols following Drift hack (DC)

• Bitcoin miners face new rival as Anthropic signs multi-gigawatt deal (CD)

• American losses to crypto scams rise to over $11B (CD)

• Schwab says 1% crypto allocation can reshape portfolio risk (CD)

• GSR partners with Libeara supporting its investment bank strategy (TB)

• Binance.US plots comeback with derivatives and prediction markets (CD)

• Morgan Stanley Bitcoin ETF launches (TD)

• Nobel prize physicist says crypto quantum threat is closer than it looks (CD)

• JPMorgan projects tokenized RWA market could reach $13T (TD)

• Argentine banks test JPMorgan’s coin to speed up settlements (CT)

• BlackRock's BUIDL token surpasses $1M market cap (TD)

• Polymarket bags 97% onchain market fees after pricing overhaul (CT)

• Fox integrates Kalshi data in news broadcasts (TB)

• Demand for crypto pay surges but payroll systems fall behind (BM)

• Figure monthly loan volume tops $1B for first time (TB)

• Split Capital founder shuts down the crypto hedge fund (TB)

• DeFi lending's risk-reward ratio sparks debate (TD)

• Proposed Ether standard helps AI agents execute DeFi trades (DC)

• Polygon activates Giugliano hardfork for faster finality (TB)

Venture Capital

• INXY Payments, a stablecoin infrastructure, raises $7M seed round led by Flashpoint (LI)

• GoSats, an asset rewards company, raises $5M Series A led by Konvoy Ventures, Y Combinator, and Taisu Ventures (YS)

Access the complete VC deal flow on Fundable.

Launches

• CME launches Avalanche and Sui futures (DC)

• Binance adds trading guardrails to limit abnormal executions (CT)

• Actress Milla Jovovich reveals AI memory tool MemPalace (DC)

• Jupiter launches token verification for launchpads (TD)

• Sky Protocol proposes upgrades to strengthen protection (TD)

Regulation

• FDIC reveals proposed rules for stablecoin issuers (DC)

• Democrats press CFTC on oversight of prediction market war bets (TB)

• SEC close to putting out 'reg crypto' for fundraising questions (CD)

• DOJ rejects Tornado Cash developer’s newest dismissal (DC)

Cybersecurity

• North Korean agents embed in 40+ platforms for a decade (TD)

• Phantom reports temporary service outage affecting balances (TB)

• Stabble exchange warns users to pull liquidity after hacker scare (DC)

• Onchain evidence helps convict 3 terrorist financiers (CT)

Extra Reads

• Despite billions in purchases, MSTR demand is being outweighed by long term holder positioning and broader capital flows - Here’s why Saylor's bitcoin buys aren’t moving the needle anymore

• For years, the DeFi industry has treated security as a technical problem, something that could be solved with better code, but the Drift incident suggests something far more complex - Here’s how North Korea’s espionage has the community rethinking security

Chart of the Day

Active BTC addresses hits its lowest level in 8 years

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.