Good Morning,

Here's a quick preview of today’s content: Crypto cards are being offered at record pace, Ray Dalio thinks we are on the brink of destruction, bitcoin supply hits 7 year low on exchanges, Trump brought an absurd amount of new capital on-chain with one announcement, Arizona nears final decision for state reserve, Monero jumps with news of potential $330M hack, and so much more.

Happy Tuesday – Keep. On. HODLing. Let’s dive in.

Market Snapshot

  • During to the day Bitcoin dipped -0.4% to $93,700, while Ether dropped -2% to $1760. XRP gained +2%, while SOL slipped -2% to $146 over the past 24 hours

    • Market sentiment weakened as investors grew cautious ahead of earnings and Fed rate decisions.

  • Crypto-related stocks, including Coinbase and MicroStrategy, also fell in line with broader tech weakness

    • Tech stocks declined ahead of major earnings reports from Microsoft, Alphabet, and Tesla

Headline Roundup
The major headlines driving crypto markets

  • Saylor’s Strategy loads up on another $1.4B BTC buy (BL)

  • Crypto investigator ZachXBT discovers suspicious $330M transfer causing Monero coin to surge +40% – see the full investigation here

  • Nike faces $5M class action lawsuit from NFT purchasers related to RTFKT business unit (BF)

  • Ray Dalio says global monetary order ‘on the brink’ of breakdown – read his full statements here

  • The FTX Estate has sued token issuers NFT Stars and Delysium, alleging they failed to deliver tokens owed under investment agreements with Alameda Ventures (DC)

  • TRUMP memecoin dinner announcement caused $2.4B on-chain TRUMP coin frenzy (TB)

  • World Liberty Financial signs letter-of-intent to support Pakistan Crypto Council (CT)

  • Bitcoin ETF demand surges with $3B inflow last week, the largest weekly flow of 2025 (CS)

  • Bitcoin exchange supply reaches 7 year low suggesting traders are HODL’ing like never before (DT)

  • Coinbase attempts to restore U.S. crypto staking as $90M denied to a handful of holders (NB)

  • MasterCard announces end-to-end stablecoin capabilities thanks to OKX partnership (CD)

  • Crypto lender Nexo finds its way back to the U.S. due to pro-crypto White House (CD)

  • Ethereum developers plan for Q4 Fusaka upgrade (CT)

  • EVM Object Format to be removed in upcoming Fusaka fork (BW)

  • Ledger Live users can now access stablecoin yield directly from self-custody solutions (TB)

  • Ndax crypto trading platform lands partnership with NHL for playoffs (SP)

  • Layer 1 Dymension releases new effortless rollup tool for any blockchain called Beyond (CD)

  • Sky Mavis accuses Ronin of making back-door deal with other blockchain (BW)

  • MoonPay shows off new U.S. HQ in New York City (NYP)

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Venture Capital

  • Next Web Capital underwrites $1.25M round for web3 entertainment company YOAKE (BI)

  • WineFi closes £1.5M seed financing from Coterie, Founders Capital, and others for fractional blockchain-based wine investments (CI)

  • Ika announces strategic backing from SUI Foundation, totaling $21M of capital raised ahead of launch (TB)

  • Founders Factory teams up with Coinbase for crypto and AI accelerator in the UK (SF)

  • Crypto venture firm DCG must proceed with claims from NYAG about defrauding investors (BT)

  • Venture firm Pantera Capital brings on former Kraken Chief Legal Officer as general partner (CD)

Launches

  • Coinbase Bitcoin Yield Fund launches this week with goal of 4%-8% annual returns (CD)

  • MetaMask looks to launch a self-custody crypto card with MasterCard (CT)

  • BloFin exchange launches BloFin crypto card for secure and effortless crypto payments (GN)

Regulation

  • Coinbase writes to new SEC Chair Paul Atkins about roadblock of SEC staff unable to hold crypto (CT)

  • Arizona lawmakers pass bitcoin reserve legislature onto governor’s desk for final decision (CT)

  • A change in Switzerland surveillance laws could affect national crypto and blockchain adoption (CT)

Cybersecurity

  • LoopScale hacker is negotiating bounty to return $5.8M stolen funds (CT)

  • Phantom Technologies handed lawsuit from former BigLaw attorney over $500k hack (BT)

  • Coinbase UX error causes false 2FA security alerts (DT)

Extra Reads

Chart of the Day

A comparison of ‘haven asset’ returns since Donald Trump’s return to office

Meme Dump

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