Good Morning,

Here's a quick preview of today’s content: Tokenization of stocks is coming faster than ever, Crypto is moving fast with U.S. spot trading going live, tokenized stocks coming to Telegram, looser Treasury tax rules, celebrity traders taking big hits, Africans turning to stablecoins to fight inflation — and that’s just the start

Happy almost Friday - Let’s dive in 🔥

Market Snapshot

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• The much-anticipated "Uptober" has arrived, and the momentum is already building on the very first day of the month as investors shrug off the U.S. government shutdown

  • BTC rose +4.5% above $118,000, while ETH jumps +5.5% to $4,337

  • The total crypto market cap reached $4.12T, up +4.3%

  • U.S. BTC ETFs saw $950M in inflows to end Sept

  • $574M in crypto positions were liquidated in the past 24 hours

  • A sharp drop in the options skew shows traders are abandoning downside protection

• Analysts cited ETF flows, macro optimism, and a historically bullish fourth quarter trend as key drivers

Market Predictions

• Bettors on Kalshi are predicting Oscar nominations for Best Actor?

• 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}}

• Robinhood CEO predicts that tokenization frameworks will be in most major markets by 2030 - see his full statements here

• Bullish will launch crypto options trading on October 8, offering bitcoin options margined and settled in USDC (CD)

• The U.S. government has shut down with dozens of crypto ETFs waiting to get signed off by the SEC (TB)

• Bitcoin miners' market cap hits $50B valuation in September (CD)

• Tether will utilize streaming platform Rumble to promote USAT stablecoin (TB)

• Leaked messages tied to Bitcoin dev hint at network upgrade to censor illicit content from the blockchain (TD)

• Over $1B worth of on-chain loans have been originated by Coinbase using Bitcoin as collateral (TB)

• Ethereum NFT collection Doodles collabs with Kellogg's to put its characters on Froot Loops boxes (DC)

• Trump picks pro-crypto Travis Hill as chairman of FDIC (CD)

• Coinbase exec says AI agents need crypto to operate in financial markets (CT)

• Crypto tumbling protocol Tornado Cash’s co-founder seeks acquittal in trial (BW)

• Taiwanese music celebrity faces a $9M floating loss on his Hyperliquid account (CT)

• Prediction markets monthly volume reaches $4.26B in September (CS)

• Aptos collabs with the Trump family’s World Liberty Financial to deploy USD1 stablecoins (CT)

• Abu Dhabi investment firm ICH backs a new blockchain for a dirham-pegged stablecoin (TD)

• Canton Network, a financial blockchain, surpasses 500k daily transactions (CD)

• Telegram to let users trade tokenized U.S. stocks in Its crypto wallet (FM)

• Galaxy Digital says memecoins are a permanent fixture of crypto (CD)

• An Aptos influencer has officially joined the company as an advisor (DC)

• Crypto exchange LBank’s $100M Bonus Pro surpasses $50M claimed (CD)

• Polymarket set to reopen to U.S. users (DC)

Venture Capital

• MEXC Ventures invests $66M in the Ethena ecosystem (CD)

• Lava, a Bitcoin services startup, raises $17.5M in new funding led by Founders Fund and Khosla Ventures (BW)

M&A Announcements

• CoinShares, the European digital asset manager, acquires FCA-Regulated Bastion Asset Management (CD)

• Metaplanet acquires 5,288 BTC (CD)

• Tether acquires 8,888.889 BTC worth $1B (CD)

Launches

• Paxos Labs and the Aleo Network Foundation launch a stablecoin called USAD (CD)

• Injective launches on-chain private equity stock derivatives (TB)

• Swiss bank Sygnum launches BTC Alpha Fund with Starboard Digital (CD)

• Crypto exchange SimpleFX relaunches first deposit bonus (CD)

• VisionSys AI unveils a $2B treasury strategy focused on Solana (CD)

• Sui digital asset treasury company launches two stablecoins (TB)

• Circle's tokenized U.S. Treasury fund is now available on Solana (CD)

Regulation

• The SEC will not take action against advisors for using state-chartered as crypto custodians (DC)

• U.S. Treasury softens crypto tax rules associated with unrealized gains (BM)

• Bank of England governor says stablecoins could reduce reliance on banks (CT)

• Abu Dhabi agricultural regulator bans use of farmland for crypto mining (CT)

• The U.S. Senate Finance Committee holds a hearing to dig into the tax policies affecting the crypto industry (CD)

• The White House ends Brian Quintenz’s candidacy to lead the CFTC (DC)

• Gate Group announces Gate Technology Ltd received a MiCA license from MFSA (CD)

Cybersecurity

• Japan’s SBI Crypto suffers a $21M exploit with suspects linked to North Korean hackers (CD)

• UK government wants to keep $7B in stolen Bitcoin it has seized (DC)

• White hat hacker collective enables ethical hacking to defend user funds during live attacks (CT)

• Senator accuses crypto billionaire of dodging Puerto Rico tax evasion investigation (DC)

• Hack on BNB Chain's official X account results in $8k in losses (CD)

Extra Reads

• Over the past month, perpetual DEXs have increased in popularity, as most participants are focused on being early to the “next Hyperliquid” - Here’s why perps competition is heating up

• In Nairobi and Lagos, stablecoins like USDT and USDC help people fight inflation, cut costly remittances, and move money through mobile wallets - Here’s how Africans are using stablecoins to survive inflation

Chart of the Day

The crypto market has added $160B in market cap

Meme Dump

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