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Good Morning,

Here's a quick preview of today’s content: BNB makes another all time high, Citi to launch crypto custody services next year, Bitcoin-miner Canaan converts natural gas into power for Bitcoin mining, Crypto fundraising reaches a weekly all-time high of $3.5B, insider trading suspicions rise as whales who shorted Friday take new positions, crypto derivatives funding rates fall to lowest levels since 2022, and so much more

Happy Tuesday - Let’s dive in.

Market Snapshot

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• The crypto market stages a recovery following the weekend's $500B bloodbath

  • Crypto ETPs log $3.17B in net inflows globally last week

  • BTC open interest recovers to $26B and 3-month annualized basis is back to +6-7%

  • Average weekly stablecoin senders on ETH hits 720k

  • BNB hits a new all-time high of $1,370

  • TAO, MNT, WLF, ASTER, DOGE and BNB are among the altcoins leading the post-crash recovery, with gains up to +30%

  • XRP rebounds +66%, adding $75B to its market cap

• The ‘Uptober’ sentiment might have been dented but perhaps not derailed

Market Predictions

• Bettors on Kalshi are predicting what will Powell say during his speech?

• Trade your predictions on a range of events, only on Kalshi

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

• BlackRock CEO Larry Fink says crypto ‘serves the same purpose as gold’ - see the clip here

• JPMorgan re-affirms the bank will allow clients to trade Bitcoin (BM)

• Crypto just saw its largest liquidation event in history with 1.6 MILLION traders liquidated on Friday - here’s what happened

• Crypto derivatives funding rates fall to lowest levels since 2022 bear market (CT)

• Steak ‘n Shake retracts the idea of accepting Ether for payment (CT)

• Strategy purchases another 220 BTC for $27.2M (TB)

• Trader who profited $192M last week takes a new $163M short position on Bitcoin (CD)

• Crypto community mourns passing of RTFKT co-founder Benoit Pagotto (DC)

• Binance Wallet and Trust Wallet experience display issues after market crash (CT)

• Tom Lee's BitMine adds $838M more in Ethereum (DC)

• Hyperliquid founder says some CEXs underreport liquidation data (TB)

• Story written by Nobel Prize novelist calls crypto the “best proof” that money is virtual (DC)

• Kazakhstan purchases BNB for its state-backed fund (CT)

• Whale that earned $200M by shorting BTC and ETH on Friday shorts another $127M BTC (DC)

• The memecoin market cap nears $69B (DC)

• MARA Holdings purchases 400 BTC worth $46.29M from liquidity provider FalconX (DC)

• Brazil’s OranjeBTC purchases an additional 16 BTC for $1.94M (BM)

• MetaDAO rejects proposal to mint and sell $6M META tokens to VC firms (TD)

• Bybit, Digift, and UBS uMint partner for investors to use shares of tokenized money market fund as collateral (CD)

• Decentralized project, Akash, to deprecate its chain and migrate to a different network (TB)

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Venture Capital

• Crypto fundraising reaches a weekly all-time high of $3.5B across 28 funding rounds (CT)

• Chinese investment bank China Renaissance to raise $600M for a BNB treasury company with participation from YZi Labs (TB)

• Jiuzi Holdings raises 100 BTC via a private placement to jumpstart its crypto treasury (CD)

• Eightco Holdings announces a strategic investment into Web3 Mythical Games Series D financing, participating in a deal led by ARK Invest and World Foundation (CD)

M&A Announcements

• The House of Doge, Dogecoin Foundation's corporate arm, to go public via merger with esports company Brag House Holdings (TB)

Launches

• Citi to launch crypto custody services in 2026 (CD)

• BNB Chain launches $45M airdrop compensating users who suffered losses during market crash (CT)

• Bitcoin-miner Canaan launches project converting natural gas into power for Bitcoin mining (BM)

• Bitcoin Core launches its major v30 update (CT)

• Hyperliquid actives HIP-3 in its network upgrade (TB)

• Touareg Group establishes a US subsidiary to develop blockchain infrastructure (CD)

• Crypto broker Project 0 integrates Solana-based Kamino to unlock cross-margin lending (TB)

• BTC mining pool, ViaBTC, upgrades its crypto loan offerings (CD)

• Ripple and Immunefi launch 'Attackathon' that searches for bugs in XRP Ledger protocol (TB)

• Crypto exchange Phemex announces its Halloween Futures Trading Festival (CD)

Regulation

• TD Cowen states the crypto market structure bill may need to wait until after midterms (TB)

• China considers allowing RMB-pegged stablecoins and pushing policy changes in Hong Kong (FM)

• Crypto.com receives approval from the UAE to operate under an SVF license (FM)

• California enacts first US rules for AI 'companion' chatbots (DC)

• Reform UK leader Nigel Farage says Britain needs better crypto regulation (DC)

Cybersecurity

• Hacker-linked wallets dumped and rebought ETH during market wipeout losing $5.5M (TB)

• Singapore court approves restructuring plan allowing WazirX to reopen after $234M hack (CD)

• Uniswap Labs’ front-end blocks Ukraine-based IP addresses (BW)

• Crypto crime research group SEAL unveils new way to report potential phishing sites (TB)

• Tornado Cash users maintain anonymity by using new blacklist (TB)

Extra Reads

• A combination of factors converged into a perfect storm on Friday, triggering the crypto industry’s largest liquidation event in history and briefly sending Bitcoin below $110k - Was the crypto market crash leverage, China tariffs, or both?

• Solana DEXs dominate volume through memecoins but lack liquidity depth for sustainable growth, while Bitcoin and stablecoins offer resilience beyond speculation - Here’s why Solana DEXs must focus on building resilient markets

• With cash-rich giants circling startups, there’s never been a hotter window to sell in the stablecoin space - Here’s why it’s selling time for stablecoin companies

Chart of the Day

Bitcoin and Ethereum open interest is down, equivalent to -77K BTC and -1.67M ETH

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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.