Good Morning,

Here's a quick preview of today’s content: Tennessee becomes second state to outlaw crypto ATMs, Wisconsin sues prediction markets over sports betting, Michael Saylor says the bitcoin winter is over, Mike Tyson among speakers at Trump's exclusive crypto conference, JPMorgan says tokenization will drive change across entire industry, and so much more

Happy Monday - Let’s dive in.

Market Snapshot

Click here to learn more about the Gannon’s portfolios and subscribe to the strategies on Autopilot.* Since inception (7/7/25), Gannon’s Crypto Portfolio is up +16.78%

• Bitcoin reclaims $79,000 as $10B of options settle on Deribit, with IBIT options open interest topping exchange

  • BTC ETFs draw $2B net inflows over 9 day positive streak despite short-term holders selling

  • XRP risks -40% decline vs BTC despite ETF inflow streak as major altcoins trade sideways

• Bitcoin and dollar move in near-perfect opposition after Trump orders Navy to fire on Iranian mine-laying boats

Prediction Markets

• Bettors on Polymarket are predicting best AI model end of May?

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

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

• Crypto faithful wins memecoin lunch with Trump for $500 (BBG)

• Musk vies to turn X into super app with banking tool near launch (BBG)

• JPMorgan says tokenization will drive change across entire industry (TB)

• Trump defends crypto legislation at private event (CD)

• 22-year-old sentenced for money laundering tied to $263M crypto syndicate (TB)

• CFTC sues New York over prediction market crackdown (TB)

• Michael Saylor says the bitcoin winter is over (CD)

• Mike Tyson among speakers at Trump's exclusive crypto conference (CD)

• Morgan Stanley targets BlackRock with fund for stablecoin issuers (DC)

• 3% of traders drive prediction markets' accuracy (CD)

• Market conditions force 1 in 3 crypto traders to cut spending (CT)

• Tom Lee's BitMine buys another $23M in ETH (DC)

• Metaplanet issues $50M in bonds to buy more bitcoin (TB)

• Quantum cryptographer wins 1 BTC in hacking challenge (BL)

• Grok most likely among AI models to reinforce delusions (DC)

• Coinbase’s Pollak says AI is the next wave for crypto payments (CD)

• Alchemy CEO says crypto is built for AI agents (CD)

• Ethereum Foundation unstakes 17K ETH (CT)

• Amazon Web Services adds Chainlink crypto services (DC)

• Aurelion allocates $48M in tokenized gold to new protocol (CT)

Venture Capital

• Zcash, a privacy-focused crypto, raises $25M from Paradigm, Andreessen Horowitz, and Coinbase Ventures (AI)

• Nava, a blockchain startup, raises $8.3M led by Polychain Capital and Archetype (FM)

• Cluster Protocol, an AI and Web3 company, raises $5M led by dao5 (PA)

• VORAN, a decentralized computer platform, raises $3M from IBC Group, CGV, All In Club, and more (WX)

Access the complete VC deal flow on Fundable.

Launches

• Fluent launches Ethereum Layer 2 mainnet (TB)

• Nakamoto launches Bitcoin derivatives program (BM)

• UTXO launches digital credit income fund (BM)

• Lighter unveils multi-asset margin (TD)

• Succinct launches app to cryptographically verify photos (CT)

Regulation

• Tennessee becomes second state to outlaw crypto ATMs (DC)

• Brazil issues ban against prediction market platforms (DC)

• Wisconsin sues prediction markets over sports betting (DC)

• DeFi Education Fund presses SEC on broker guidance (TB)

• US sanctions Iran-linked crypto wallets (TB)

• Crypto PAC Fellowship halts ads in Texas Senate race (CT)

• ECB signs deal to cut digital euro integration costs (CT)

Cybersecurity

• Aave raises 80% of the $200M needed to cover by Kelp exploit (CD)

• Litecoin undos its first major privacy-layer exploit (TB)

Extra Reads

• A $292M exploit and $13B TVL drop looks catastrophic on the surface, but the data tells a different story - Here’s why DeFi isn’t dead despite exploits

• DeFi leaders say that AI will arm both attackers and defenders, and widen the gap between projects that prioritize security and those that do not - Here’s how Anthropic is forcing the industry to rethink everything

Chart of the Day

Bitcoin appears to track US liquidity rather than global liquidity

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.