Good Morning,

Here's a quick preview of today’s content: Do Kwon sentenced to 15 years over $40B Terra collapse, Senate rolls toward last vote on crypto regulators, JPMorgan creates Solana-based USCP token, 65% of Bitcoin treasuries are underwater, Satoshi Nakamoto statue lands at NYSE, and so much more

It’s finally Friday - Let’s dive in.

Market Snapshot

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• Crypto markets slip as Fed’s “hawkish cut” and soft macro data weigh on sentiment

  • BTC rebounded to $93K off post-Fed lows but later slipped back under $90K as risk appetite faded

  • Altcoins remained under pressure as rising jobless claims and disappointing Oracle earnings dragged markets

  • XRP ETFs extended their hot streak, absorbing nearly $1B in 18 days

  • Total crypto market cap sits near $3.18T, down -2.7% on the day

• Traders note a “Santa rally” now looks unlikely as macro uncertainty and rate-path doubts linger

Prediction Markets

• Bettors on Polymarket are predicting how many Gold Cards will Trump sell in 2025?

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

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

• Do Kwon sentenced to 15 years over $40B Terra collapse (DC)

• Netflix teases movie about missing $35M crypto password (CT)

• Satoshi Nakamoto statue lands at NYSE (CT)

• Binance deepens ties to Trump-backed stablecoin (DC)

• Tether’s big bet on new Bitcoin era off to sour start (BBG)

• Binance API update hints at stock perp contracts (TB)

• Klarna teams with Stripe to build crypto wallet (DC)

• 65% of Bitcoin treasuries are underwater (BM)

• Bitcoin buying firms sell as losses pile up (DC)

• BitMine adds $112M ETH to treasury (TB)

• Coinbase ends USDC rewards for free users (DC)

• Anchorage snags another stablecoin issuance (TB)

• UK Bitcoin firm sells 579 BTC for $53.2M (CD)

• Xiaomi phones come with Sei wallets preinstalled (DC)

• Belarus blocks ByBit, Bitget, OKX on crypto clamp down (CT)

• Galaxy Digital borrows $50M using blockchain (BL)

• XRP transaction fees drop 89% (CT)

• Crypto trading volumes deteriorated last month (CD)

• Coinbase taps Chainlink to expand wrapped assets (TB)

• Hex issues wrapped XRP to expand DeFi utility (TB)

• Arbitrum DAO votes on $1.5M program (TD)

• El Salvador partners with Grok in AI-powered education (CD)

• ‘Cryptoqueen’ lawyer faces prosecution over threats (BBG)

• Stream files lawsuit against 0xlaw over $93M loss (TD)

Venture Capital

• Nyx Group deploys $100M into liquid markets while offering operational support to token-launching project founders (TB)

• Crypto toolkit startup LI.FI secures a $29M extension to its Series A, bringing total raised to $51.7M, with Multicoin joining as lead investor (TB)

• Stablecoin payments provider MetaComp raises $22M Pre-A round from Eastern Bell Capital, Noah Holdings, Sky9 Capital, Freshwave Fund and Beingboom Capital (FM)

• Cascade, a DeFi neo-brokerage for 24/7 perpetual futures, raises $15M seed co-led by Polychain and Variant (FF)

• Pheasant Network, an AI-powered cross-chain DeFi platform, raises $2M seed round with participation from individual investors, Ethereum Foundation, Optimism Foundation and Polygon (FM)

Access the complete VC deal flow on Fundable.

M&A Announcements

• Crypto firm Nexo purchases Agentina’s Buenbit in Latin America expansion (RT)

• Crypto investment firm Blockstream acquires TradFi hedge fund Corbiere Capital (CD)

Launches

• JPMorgan creates Solana-based USCP token (TB)

• A16z crypto launches South Korea office (TB)

• Binance launches feature for large spot and loan orders (TB)

• Coinbase opens Solana DEX access (CT)

• Spot trading rollout opens dYdX to US traders (TB)

• XRP ETF hits market with launch of 21Shares' TOXR (TB)

• Grayscale's Bittensor Trust hits public markets (TB)

• UAE telco giant taps stablecoin for payments pilot (CT)

• Revolut and Trust Wallet launch crypto buys in EU (CD)

• Save the Children launches Bitcoin fund (DC)

• Coinbase expands reach of stablecoin-based AI agent (CD)

• Binance expands USD1’s footprint across platform (BL)

• Hong Kong's OSL Group offers stablecoin (CD)

• Cardano gets privacy boost as NIGHT goes live (CD)

• Blockworks launches investor relations platform with Solana (BW)

• Keel launches $500M campaign for RWAs (CD)

• Marketnode and Lion Global bring gold fund on-chain (CD)

• BitMEX launches app for perps trading (CD)

• Rewards app Lolli enables Lightning withdrawals (TB)

• x402 payments protocol rolls out V2 (TB)

• Ticketing platform KYD launches TIX for financing (TD)

• HAI Group unveils CORE.3 platform (CD)

Regulation

• Senators make progress on crypto market bill (TB)

• Clearinghouse receives go ahead to initiate tokenization (BL)

• CFTC rolls back 2020 guidance focused on crypto delivery (TB)

• Senate rolls toward last vote on crypto regulators (CD)

• Disney targets Google over AI copyright violations (DC)

• UK financial authority prioritizes stablecoin payments (TB)

• FSOC erases crypto as potential hazard (CD)

• CFTC gives no-action leeway to Polymarket and Gemini (CD)

• UK lawmakers urge Reeves to challenge BOE on stablecoin plan (BBG)

• Australian regulator eases rules for stablecoins (CT)

• Pakistan’s minister says blockchain should form financial rail (CT)

• Norway’s central bank says CBDC ‘not warranted’ (CT)

• Poland resubmits vetoed crypto bill (CT)

Cybersecurity

• Spanish police dismantle network linked to ‘wrench attack’ murder (DC)

• DoJ indicts Ukrainian over Russia-linked cyberattack groups (DC)

• Bubblemaps challenges PEPE’s launch, alleges 30% supply bundled (CT)

Extra Reads

• A peer-to-peer crypto economy is now central to Venezuela’s economy, and should be considered as President Trump ratchets up tensions with the country - Here’s why it poses sanctions risks

• Analysts say the Fed’s rate cut was priced in, driving Bitcoin lower as risks like sticky inflation and the 2026 election cycle mount - Here’s why Bitcoin’s falling despite the cut

Chart of the Day

Bitcoin’s mined supply crosses 95% of its 21M cap

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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.