Good Morning,

Here's a quick preview of today’s content: Are you feeling bullish?? New All Time Highs, the MVRV Z-Score suggests BTC has more room to run, IRS finally gets rid of tax broker rule, Coinbase partners with a massive AI company, a crypto theft gets 12 more years, Pump.fun makes a big acquisition, Fidelity releases an entire report on crypto, and so much more

What a great way to end the week 🟢

ALL TIME HIGHS - Let’s dive in.

Market Snapshot

• Bitcoin surged to fresh highs on early Friday morning, topping $118,000, propelled by robust institutional interest and crypto-friendly policies under U.S. President Donald Trump

  • BTC up +6.1% to $118,310.8 as of 01:54 ET and was set for its third consecutive weekly gain

• Over $1.13B in crypto positions were liquidated in 24 hours, with $1.01B from short sellers

Market Predictions

• Bettors on Kalshi are predicting if Bitcoin, Ripple, or Ethereum will have the best performance for 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}}

• IBIT is now the third highest revenue-generating ETF for BlackRock across all its ETF products holding 700k BTC (CD)

• Head of SEC’s crypto task force says ‘tokenized’ stocks are securities (NYT)

• Chinese payments giant Ant Group is set to adopt Circle’s USDC stablecoin as part of its blockchain platform (BBG)

• Coinbase partners with Perplexity AI on real-time crypto data service (TB)

• President Nayib Bukele said El Salvador’s sovereign Bitcoin reserve is now worth about $691M, giving the country an unrealized gain of nearly $400M (TD)

• Japanese real estate firm GATES to tokenize $75M in Tokyo Property on Oasys blockchain (CD)

• US judge recommends dismissing Logan Paul’s former assistant Danielle Strobel from a class action suit over the failed CryptoZoo project (DC)

• DWF Labs’ stablecoin stumbled below $1 as users pulled liquidity and doubts mounted over its reserves (TD)

• Bhutan government moves over $23M in BTC to Binance (TB)

• Australia's central bank advances Project Acacia to test CBDCs, tokenized asset settlement (TB)

• NRW.BANK issued its first €100M blockchain-based bond on the Polygon network (CD)

• Trump's Truth Social teases 'utility token' tied to user engagement with streaming subscription (TB)

• Bitcoin investors have now splashed over $50B on US spot ETFs (CT)

• Snoop Dogg’s telegram NFT drop sold out in half an hour (DC)

• Cardano Foundation said it invested $22.1M into adoption, operational resilience, and education last year (CD)

• Avalanche surpasses all-time high activity, driven by gaming and DEXs (TD)

• Solana Policy Institute wants to see more equities issued onchain (BW)

• KULR Technology increased its Bitcoin holdings to 1,021 BTC, reporting a 291% BTC yield year to date (BM)

Venture Capital

• Agora raised $50M from Paradigm and Dragonfly to expand AUSD, its programmable stablecoin (DC)

• K Wave Media Inc. has announced a $500M convertible note agreement with Anson Funds to support its Bitcoin treasury strategy (BM)

M&A Announcements

• Pump.fun acquires wallet tracker Kolscan (BW)

Launches

• Video streaming platform Rumble partners with MoonPay for crypto wallet ahead of Q3 launch (CD)

Regulation

• IRS formally removes anti-DeFi broker rule from tax code (DC)

• Senate confirms former blockchain executive Jonathan Gould to lead OCC (TB)

• Europe’s financial watchdog probes Malta over fast-track MiCA authorizations (CD)

• Senator Moreno calls crypto debate a ‘generational’, not party, divide - see full statements here

Cybersecurity

• SIM Swapper who stole $20M in crypto resentenced to 12 years in prison (TB)

• Crypto exchange GMX drained of Bitcoin, Ethereum in $40M exploit - a ‘white-hat bounty’ is announced (CT)

Extra Reads

• Fidelity is valuing ETH as money in its newest valuation model - A breakdown of the entire report here

Chart of the Day

On-chain data suggests that bitcoin has more room to run when compared to previous cycle highs. One useful metric in this analysis is the MVRV Z-Score, which helps evaluate whether bitcoin is overvalued or undervalued relative to what could be considered its fair value.

The MVRV Z-Score is defined as the ratio between the difference of market cap and realized cap, and the standard deviation of market cap, expressed as [market cap minus realized cap] divided by the standard deviation of market cap.

Meme Dump

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