Good Morning,

Here's a quick preview of today’s content: New York’s crypto watchdog teams with EU to police stablecoins, SEC makes crypto strategic priority through 2030, Robinhood acquires Toronto crypto services firm, Senators urge labor department to drop crypto 401K plan, CME's crypto derivatives sees $50M in opening weekend, and so much more

Happy Wednesday – Let’s dive in.

Market Snapshot

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  • Bitcoin crashes to $67,000 range, down -13% in a week as crypto liquidations top $1B

    • BTC’s biggest ETF selloff yet hits $3.4B as spot funds extend negative streak

    • NEAR and WORLD post double-digit gains as AI tokens buck the trend

    • BTC’s slide may have more to do with AI as divergence from equities widens

  • Crypto derivatives activity slumps to late-2023 levels and treasury inflows fall to lowest since 2024

Prediction Markets

  • Bettors on Polymarket are predicting World Cup Winner?

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

Headline Roundup
The major headlines driving crypto markets

  • US sanctions Iran’s top crypto exchange in push for deal (BBG)

  • Strategy shares fall for second straight day (DC)

  • Senators urge labor department to drop crypto 401K plan (DC)

  • Premier League clubs could face legal action over deals with crypto firms (FT)

  • Tom Lee predicts ether will hit $250,000 (CD)

  • Charles Schwab sets 2027 for crypto trading (BM)

  • CME's crypto derivatives sees $50M in opening weekend (TB)

  • Justin Drake puts quantum odds at 50% by 2032 (BL)

  • Mt. Gox moves $739M in Bitcoin (DC)

  • Capital B seeks $122B funding to buy more Bitcoin (CT)

  • Strive adds $185M in Bitcoin (BM)

  • Hyperliquid predicts 80% of oil move before exchanges (CD)

  • CFTC claims Gemini case was politically motivated (CT)

  • Bitcoin miner Hive reports revenue surge (DC)

  • OpenSea teases Hyperliquid perps launch (TD)

  • Polymarket books first on-chain trade (TD)

  • Ethena taps Anchorage in lending push (TB)

  • Insurance giant WTW moves into crypto recovery (CT)

  • DeFi protocol Radiant winds down (CT)

Venture Capital

  • Coinbase invests in Ethena via open market purchase (TB)

  • Coinbase invests into stablecoin reserves ETF by ProShares (TB)

Access the complete VC deal flow on Fundable.

M&A Announcements

  • Robinhood acquires Toronto crypto services firm WonderFi (TB)

  • Andrew Yang's Noble Mobile acquires crypto cell service Helium Mobile (DC)

  • Crypto data platform Kaiko acquires data provider Amberdata (CT)

Launches

  • Franklin Templeton brings tokenized fund to MoonPay (TB)

  • MoneyGram debuts stablecoin (TB)

  • Galaxy Digital opens prediction market trading (TB)

  • Backpack launches platform blending tokenized trading (TB)

  • Hamilton Lane's tokenized fund launches on Tron (TB)

Regulation

  • SEC makes crypto strategic priority through 2030 (CT)

  • UK calls on BoE to reconsider stablecoin restrictions (CD)

  • Crypto PACs pour $3M into Maryland races (CT)

Cybersecurity

  • New York’s crypto watchdog teams with EU to police stablecoins (DC)

  • Georgia targets illegal crypto mining in crackdown (CT)

Extra Reads

Chart of the Day

Total market cap of tokenized stocks hits record $1.6B

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.