Good Morning,

Here's a quick preview of today’s content: Stand With Crypto campaigns against banks, Japan's largest banks plan stablecoin launch, New documentary charts Bitcoin’s push into the NBA, World Series of Poker adds Solana payments, Strategy CEO says bitcoin sale was about market, and so much more

Happy Thursday - Let’s dive in.

Market Snapshot

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• Bitcoin hovers near cycle lows as 'intense capitulation' hits crypto with over 50% of supply underwater

  • 8M BTC and bulk of ETH supply sit at a loss as crypto resumes rebound

  • ZEC and HYPE lead losses while XRP holders sell at a loss

  • BTC and gold fall together with SpaceX IPO 4x oversubscribed, squeezing crypto and tech

• Bitcoin takes back seat to stablecoins and tokenization among financial advisors

Prediction Markets

• Bettors on Polymarket are predicting Presidential election winner 2028?

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

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

• DOJ threatens Trump over Ross Ulbricht commutation (BM)

• Anthropic CEO warns AI is too powerful (DC)

• Trial set for soldier accused of insider trading on Polymarket (DC)

• Man gets prison for laundering foreign fraud funds with crypto (DC)

• Strategy CEO says bitcoin sale was about market (BM)

• Kraken named official crypto exchange of World Cup (DC)

• Backpack US appoints former SEC chair to board (DC)

• BlackRock and Fidelity turn bitcoin ETFs into a two-firm market (CD)

• Binance converts stock holdings into tokens (TD)

• Arthur Hayes says bitcoin can’t rally until AI bursts (TD)

• Robinhood gains IPO underwriter status (TD)

• Wall Street will run entirely on blockchain by 2030 (CD)

• Securitize says tokenized stocks could unlock a $5T market (CD)

• CME processes 7,200 crypto contracts in first weekend (TD)

• Fold offloads $45M in BTC (DC)

• World Series of Poker adds Solana payments (DC)

• Myriad taps Chainlink for World Cup prediction markets (DC)

• OKX adds mag 7 stocks to perps lineup (TD)

• Lubin-labeled wallet adds 110,000 ETH (TD)

• Coinbase and Cardless unveil stablecoin credit card (CD)

• New documentary charts Bitcoin’s push into the NBA (BM)

• Trad.Fi targets $650M onchain private credit (CD)

• Botanix shuts down Layer-2 network (DC)

Venture Capital

• Tether, Nvidia and Amazon back robotics firm NEURA in $1.4B round (DC)

• Crypto lending protocol Morpho raises $175M co-led by Paradigm and a16z (DC)

• Decentralized futures exchange MNX raises $6.4M led by Village Global (TB)

Access the complete VC deal flow on Fundable.

M&A Announcements

• Crypto market maker GSR acquires broker-dealer Equilibrium Capital Services (TB)

• WhiteBit, a European crypto exchange, acquires stake in Dutch supercar maker Spyker Cars (FT)

• Solana infrastructure firm Helius acquires Light Protocol (TB)

Launches

• Mastercard enables AI payments with Coinbase (DC)

• Japan's largest banks plan stablecoin launch (DC)

• Circle debuts cirBTC on Ethereum (CD)

• Ripple launches toolkit for agentic payments (TB)

• Pyth launches 24/7 indices for US equities (TB)

• MEXC launches prediction contracts (FM)

Regulation

• CFTC unveils rule proposal for prediction markets (TB)

• Sen. Warren demands answers on prediction market oversight (DC)

• EU proposes sanctions on Russian crypto platforms (TB)

• Hyperliquid pushes back on stablecoin AML rule (DC)

• Stand With Crypto campaigns against banks (CD)

• Delaware advances bill to ban Bitcoin ATMs (DC)

Cybersecurity

• Humanity Protocol loses $36M in compromise (DC)

• Raydium hit with $1.34M exploit (DC)

Extra Reads

• From DeFi laundering loopholes to a sitting president's family selling stakes in the industry the bill governs, the Clarity Act has five gaps that could let bad actors exploit the system - Here's the five corruption gaps Congress must close

Chart of the Day

Data center construction overtakes office construction in the US

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.