Cuomo Joins OKX Board

Good Morning,

Here's a quick preview of today's content: South Korea probes 40 cases of crypto manipulation, Russia's first crypto law close to passing, Hyperliquid adds decentralized prediction markets, $200M in unusual bets hit prediction markets, Exodus cuts 25% of workforce, and so much more

Happy Tuesday - Let's dive in.

Market Snapshot

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• Bitcoin hits a one-month high of $65,700 before pulling back with stocks

  • BTC ETFs draw cash again for a second week, though inflows remain 'peanuts' relative to the recent exodus

  • Oil hits a one-month high and the AI selloff lingers, with stocks battling a 'record' tech sell-off

• Crypto market slips as equities advance, while HYPE ETFs log first weekly outflow since May

Prediction Markets

• Bettors on Polymarket are predicting Presidential winner 2028?

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

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

• Former NY Governor Cuomo joins OKX board (TB)

• Trump's crypto stance leaves Clarity Act in limbo (TB)

• $200M in unusual bets hit prediction markets (BBG)

• Coinbase says Clarity Act has tremendous momentum (BM)

• Strategy pads cash reserve by $225M (DC)

• Hut 8 and IREN land billions in new contracts (CD)

• Grayscale files for Worldcoin ETF (TB)

• Tom Lee's Bitmine taps brakes on ETH buys (DC)

• Armstrong says his X posts are not endorsements (TD)

• Kalshi and Polymarket open interest falls 20% (TB)

• Exodus cuts 25% of workforce (TB)

• Strive adds 21 BTC to treasury (BM)

• AI hacking outpaces traditional code reviews (TB)

• Vitalik Buterin vibe-codes billboard demo (TB)

• Peter Brandt predicts the day Bitcoin's bear market will be over (CT)

• Cardano triggers hard fork (DC)

• Capital B approves reverse stock split (CT)

• Bitcoin Japan plans to scoop up coins (BM)

• Lighter makes stock tokens collateral (TD)

• Japanese firm uses stablecoin to fight labor shortages (TB)

Launches

• Hyperliquid adds decentralized prediction markets (CD)

Regulation

• Russia's first crypto law close to passing (DC)

• Bank of Korea scales up CBDC pilot (DC)

• Brazil's sets task force for tokenization proposal (CD)

• Vietnam sets crypto trading fines (TB)

Cybersecurity

• South Korea probes 40 cases of crypto manipulation (CT)

• SEC sues Mining Automatic over $22M mining scheme (CT)

• Allbridge pauses protocol after $1.65M attack (DC)

• Zilliqa pauses transfers after wallet theft (CT)

Extra Reads

• Bitcoin ETFs are green again, but the recovery has recouped just 3 cents on every dollar lost since May, a reminder that two good weeks don't undo the worst outflow streak in these funds' history - Here's why the Bitcoin ETF rebound is smaller than it looks

• Compliant stablecoins are legally banned from paying interest, because if a digital dollar paid 4% while checking accounts paid less, money would drain out of banks fast - Here's how stablecoins stack up against traditional banking

Chart of the Day

Total stablecoin market cap surpasses $300B

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