OpenAI Calls ETH False

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Good Morning,

Here's a quick preview of today's content: Missouri man admits role in failed bitcoin kidnapping, McDonald's McRib doesn't boost bitcoin's price, CFTC sues Utah over prediction markets, Galaxy Digital swings $323M profit, Crypto election spending reaches $176M, and so much more

Polymarket recently launched Polymarket Institutional Research, a publication exploring the intersection of prediction markets with the global financial system. It's proprietary research straight from their institutional desk with super valuable insights for public market investors. Your firm can request access here.

Happy Wednesday - 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 (7/3/25), Gannon's Crypto Portfolio is up +28.5% Gannon's AI Fund is up +54.8%

• Bitcoin rests near $80,500 as the Fed meeting begins and U.S. midterms loom

  • BTC ETFs claw back $110M after a $774M exit as flows stay choppy

  • USDC overtakes USDT in euro stablecoin trading as the market share shifts

• Old coins turn dormant with the AI buildout drawing investor attention and capital

Prediction Markets

• How high will ETH get this week?

• Deposit $10 and get a $20 bonus with code LIT on signup, only on the Polymarket US app

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

• OpenAI proves ETH is false (DC)

• Intel, Oracle, IBM join objections to tokenized stocks (DC)

• Crypto election spending reaches $176M (BM)

• Polymarket investigates dozens of election bets (DC)

• Robinhood Chain brings in $26M (TB)

• SoFi crypto revenue hits $162M (TB)

• Galaxy Digital swings $323M profit (TB)

• Robinhood taps Ripple's RLUSD stablecoin (CD)

• Majority of Americans want candidates who support fintech (CT)

• Ripple and BNY explore using XRP Ledger (TB)

• CF Benchmarks brings Wall Street pricing onchain (CD)

• Ark Invest buys $5.2M of Circle shares (TB)

• Anchorage positions itself for US-Mexico stablecoin corridor (DC)

• RedotPay weighs IPO by year-end (CT)

• 425 Los Angeles merchants accept Bitcoin (BM)

• Brazilian companies turn to stablecoins on election day (CD)

A Message from Polymarket

Polymarket Institutional Research is a new publication exploring the intersection of Polymarket with the global financial system - original analysis built directly on our markets, written by the Institutional Desk. From Anthropic's valuation strip, to the Hormuz reopening gap, to the future of Lagarde at the ECB.

If your financial institution is looking to engage with event contracts, the Polymarket Institutional Desk is scaling up. For information on block trades, market making, and commercial data sales on either our US or international exchanges, reach out below.

What's inside:

• Weekly market briefings

• Deep dives on forecast scenarios and LP opportunities

• Quarterly liquidity & microstructure reports with full depth data

• Direct access to our research team via dedicated Slack

Request access to Polymarket Institutional Research.

Venture Capital

• Bitcoin mining firm Luxor raises $16M led by CMT Digital (DC)

• Trading platform Cancore raises $7.2M led by Paper Ventures and dao5 (TB)

Access the complete VC deal flow on Fundable.

Launches

• Janus Henderson and Centrifuge launch licensed fund (CD)

• Crypto.com and OG.com launch crypto perps (TB)

• Polymarket adds five-minute crypto contracts (TD)

• VanEck launches wealth builder ETF (BM)

• Ondo brings stock tokens to Robinhood Chain (TD)

Regulation

• CFTC sues Utah over prediction markets (TD)

• Binance files for Brazil crypto license (CT)

• CFTC probes Polymarket (BM)

• Japan's yen stablecoin falls short of its target (CD)

Cybersecurity

• US charges six in NFT wallet-draining scheme (TD)

• Keystone destroys 19k devices after security breach (CD)

• Missouri man admits role in failed bitcoin kidnapping (BM)

• Bloom bot hackers loot $953K (CT)

Extra Reads

• Every time McDonald's brings back the McRib, crypto traders joke that a Bitcoin rally must be coming, but someone finally checked, and the sandwich lined up with a clear price gain only 3 of the last 10 times, often preceding drops instead - Here's why the McRib doesn't actually move Bitcoin's price

Chart of the Day

Stablecoins surpass 300M addresses worldwide

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.