Good Morning,

Here's a quick preview of today’s content: Tether is building a massive tokenized gold treasury, Walmart-owned consumer financial services platform to launch BTC and ETH trading, SEC facing a huge list of ETF deadlines, massive gaming platform Unity in hot water over crypto hacks, and so much more

Grab a cup of coffee you won’t want to miss today’s letter ☕️

Happy Monday - Let’s dive in.

Market Snapshot

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• Bitcoin breaks above $125,000 for the first time in its 17-year history as markets continue their "Uptober" momentum

  • Total mcap of stablecoins surpasses $300B for the first time

  • U.S. BTC ETFs inflows reach $3.2B, second-highest since launch, as balance on exchanges falls to six-year low

  • BNB reached an ATH over $1,114

• Market data says recent price action may be linked to an accumulation phase

Market Predictions

• Bettors on Kalshi are predicting TIME’s Person of the Year for 2025?

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

• Tether co-founder says all currencies will be stablecoins by 2030 (CT)

• Sam Bankman-Fried says his biggest mistake was handing FTX to new CEO (CT)

• Kraken enables stock lending for U.S. users (FM)

• Bitwise exec predicts Solana will become Wall Street’s preferred stablecoin network - see full statements here

• AI activist ends his 30-day hunger strike outside Anthropic HQ (DC)

• Samsung and Coinbase to let U.S. users fund their Coinbase accounts with Samsung Pay (TB)

• California judge rules that Bored Ape Yacht Club NFTs are not securities (DC)

• The UK pressures Apple to backdoor its iCloud services, threatening crypto wallet security (CT)

• Daily inflow streak for BlackRock’s IBIT surpasses $1B (TB)

• DeFi market hits a record $219B in assets (CD)

• Pudgy Penguins NFT creator joins DexCheck as lead creative (CD)

• Coinbase seeks a national trust company charter from the OCC (TB)

• Standard Chartered says Bitcoin could reach $135K ‘soon’ (DC)

• VanEck registers Ethereum ETF trust in Delaware (CD)

• Hyperliquid’s share of perp DEX volume falls from 45% to 8% (CD)

• Strategy’s Bitcoin treasury reaches $77.4B (CT)

• Ethereum Foundation swaps $4.5M in ETH for stablecoins (TB)

• CME open interest for SOL hits a record $2.16B (CT)

• REX-Osprey and Defiance file 27 crypto ETFs (CS)

• DeFiLlama to delist Aster perp volume data over integrity concerns (CT)

• Marathon Holdings produces 736 BTC in September (CD)

• Plasma, the newly launched Layer 1 blockchain built with a focus on stablecoins, partners with Chainlink and Aave to strengthen its DeFi ecosystem (TD)

Venture Capital

• Tether seeks $200M for tokenized gold crypto treasury (TB)

• Galaxy Research reports crypto and blockchain startups raised $1.97B across 378 deals in Q2 (CT)

Launches

• Walmart-owned OnePay to launch BTC and ETH trading (TB)

• MetaMask rolls out rewards program to distribute $30M in LINEA (TB)

• Laser Digital plans to expand its crypto offering in Japan (CD)

• SWIFT develops a platform to support stablecoin and tokenized asset transfers (CD)

• Asset manager Defiance proposes 3X leveraged exposure on crypto (DC)

• Moonbirds to launch BIRB token on Solana (TD)

• Brazilian crypto exchange Mercado Bitcoin to build financial super app (CD)

• DeFi ecosystem 1inch unveils new 1inch.com domain (DC)

Regulation

• SEC faces deadlines on 16 crypto ETFs in October (CT)

• FDIC to review rule that may shape banks’ crypto relationships (CT)

• EU regulators call for policy action on stablecoin safeguards (DC)

• UK’s FCA to reverse a ban on crypto ETNs (CT)

Cybersecurity

• Unity gaming platform flaw allows third parties to drain crypto wallets (CT)

• Crypto hack losses dropped 37% in Q3 to $509M (CT)

• Shibarium devs restart platform and plan user refunds after $4M exploit (TB)

• Suspected crypto scammer linked to $580M in stolen funds arrested in Bangkok (DC)

• Hacker steals $1.8M from Defi lending protocol Abracadabra’s stablecoin (TB)

Extra Reads

• Traditional investment firms all have the same mantras, but today, it’s a sure strategy for getting steamrolled by forces most of these firms refuse to acknowledge - Here’s why speculative retail trading is actually good for markets

• Wall Street capital is flowing into late-stage, IPO-ready crypto firms, signaling new dynamics at play - Here’s why Wall Street’s next crypto play may be IPO-ready firms

• Recent reforms are a step toward improving Chile’s pension system, but without embracing tokenization, the system may continue to lag - Here’s how tokenization could revitalize Chile’s pension system

Chart of the Day

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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.