Good Morning,

Here's a quick preview of today’s content: Unusual trading ahead of crypto-treasury deals draws scrutiny from U.S. regulators, Bubblemaps get acquired, two brothers get charged with kidnapping after holding a family at gunpoint to steal $8M in crypto, never a boring day in crypto

IT’S FINALLY FRIDAY - Let’s dive in 🚀

Market Snapshot

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• The crypto market is now deep in the red for September, shedding close to -5% in total value in 24 hours

  • Liquidations topped $1.1B, most of the them long positions

  • BTC fell below $109,000, marking its weakest price in nearly a month, nearly erasing gains from Wednesday’s rebound

  • ETH dropped -8% to approach $3,800, triggering large liquidations, including a multimillion dollar loss for one whale

  • Other major cryptocurrencies also dropped, as did Nasdaq and S&P 500 futures

• Technical indicators suggest market exhaustion, but prediction markets remain somewhat optimistic

Market Predictions

• Bettors on Kalshi are predicting when will Bitcoin hit $125k

• 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}}

• SEC Chair Atkins responds to crypto conflicts of interest, says agency will 'enforce laws where indicated' - see full statements here

• Unusual trading ahead of crypto-treasury deals draws scrutiny from U.S. regulators (WSJ)

• Citi bank sets its 2030 stablecoin forecast to $4T (CD)

• Brothers charged in armed kidnapping after $8M crypto heist in Minnesota (TB)

• Kevin O’Leary, aka “Mr Wonderful,” shares both his opinion and crypto investment thesis and how they’ve both changed over time (CD)

• An ETH whale takes a $45M loss on its bullish bet (CD)

• Sports betting app PrizePicks gets green light for prediction markets (DC)

• South Park singles out Polymarket and Kalshi in its latest episode (DC)

• 79% of people would pay higher fees on an exchange they trust according to a survey from Kraken (DC)

• Google’s DORA survey shows 90% of devs coded with AI in 2025 (DC)

• Nine European banks form a partnership to launch a euro-denominated stablecoin (BW)

• Perp trading volumes on DEXs surge to an ATH of $70B (CT)

• BNB chain active users reaches an ATH of 56.4M (TD)

• Google backstops a deal between AI compute company Fluidstack and Bitcoin miner Cipher (DC)

• REX-Osprey to launch the first ETH staking ETF in the U.S. (TB)

• SharpLink Gaming to tokenize its equity on the Ethereum blockchain (CD)

• The Hashdex Crypto Index ETF adds Stellar, XRP, and Solana (TB)

• ETHZilla will deploy $47M, about 10,600 ETH, to Puffer’s restaking protocol (TB)

• GSR Digital Asset Treasury Companies ETF invests 80% of its assets in firms that hold crypto (DC)

• PayPal and finance platform Spark launch an initiative to expand liquidity for PayPal USD (BW)

Venture Capital

• Fintech RedotPay closes a $47M fundraising round led by Coinbase Ventures, Galaxy Ventures, and Vertex Ventures (CD)

• M2 Capital commits $20M to Ethena’s governance token ENA (CD)

• Lending system Divine raises $6.6M in seed funding led by venture firm Paradigm (BW)

• Solana app Share raises $5M led by Coinbase Ventures, Collab+Currency, Palm Tree Crypto, and others (BW)

• Castle Island Ventures leads a $2.8M pre-seed round into RockSolid, a liquid vaults startup (TB)

M&A Announcements

• Korean search engine Naver acquires crypto exchange Upbit (BW)

• Honeycomb Protocol acquires GameShift from Solana Labs (BW)

Launches

• Bubblemaps, an on-chain intelligence platform, launches Intel Desk (CD)

• The Philippines launches a blockchain system to track public works spending (DC)

• RWA specialist Centrifuge debuts the first licensed S&P 500 index fund on blockchain (CD)

• Securitize expands its tokenized private credit offering to Sei, debuts the Apollo Diversified Credit Fund (CD)

• FalconX executes the first forward rate agreements tied to Ethereum staking yields (DC)

• Crypto intelligence platform Nansen rolls out an AI agent to assist crypto trading (CT)

• Cloudflare launches NET Dollar, a US dollar-backed stablecoin (BW)

• Peaq, a blockchain focused on the Machine Economy, launches the world’s first tokenized robo-farm (DC)

• Gate launches Gate Layer, a Layer 2 network built on OP Stack (CD)

• Plasma blockchain's native token, XPL, launches on exchanges (CD)

• BOS launches Grail Pro, a protocol to put dormant institutional Bitcoin to work (DC)

• Financial software Devexperts rolls out a new crypto wallet framework (FM)

Regulation

• The Hong Kong Monetary Authority warns investors that it has not approved any stablecoin issuers in Hong Kong (CD)

• The Australian treasury reveals a new draft proposal for crypto firms in the country (CD)

• South Korea establishes a Digital Asset Task Force to draft stablecoin and crypto legislation (DC)

• Ohio approves a vendor to process crypto payments for state fees and services (DC)

Cybersecurity

• Interpol seizes $97M worth of crypto in huge multinational crackdown (DC)

• A new phishing campaign targets the X accounts of crypto personalities (CT)

• KuCoin hit with $14M penalty for failing to comply with Canadian anti-money laundering policies (DC)

• Circle Internet examines ways to reverse its transactions to counter fraud (CD)

Extra Reads

• AUM surged 118% in 2025 to $35B, and crypto trading firms predict that the sector could nearly double again by 2026 - On-chain asset management is booming, here's where people are investing
  

• Programmable yield, automated compliance, and access to FedNow could bring DeFi into the financial mainstream - Wall Street wants in, here’s how to make it happen

Chart of the Day

Ethereum supply on exchanges hits a 9-year low of 14.8M ETH

Meme Dump

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