Morgan Stanley’s ETF Move

Good Morning,

Here's a quick preview of today's content: Crypto hacks hit record high as losses top $1B, Morgan Stanley launches Ether and Solana ETPs, Myanmar approves life sentence for crypto fraud, Kraken opens Jersey Mike's IPO to investors, Crypto exchange Luno cuts 20% of global staff, and so much more

Happy Wednesday - Let's dive in.

Market Snapshot

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• Bitcoin dips below $63,000 as Senate shelves the Clarity Act and rate fears mount

  • BTC slides -2% after the US close as an Asia chip-stock crash spreads to Wall Street

  • XRP slides, though crypto climbs off its worst levels as the stock selloff stays contained to AI

  • Ethereum L2 ecosystem loses momentum as TVL drops to a 2-year low

• Robinhood Chain tops Solana in tokenized stock volume, though deposits climb while volume and users fade

Prediction Markets

• Bettors on Polymarket are predicting Solana price in July?

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

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

• Claude Mythos cracks post-quantum cryptography (DC)

• Morgan Stanley launches Ether and Solana ETPs (DC)

• Teacher arrested for clapping at AI data center hearing (DC)

• SEC Chair committed to helping advance Clarity Act (BM)

• Crypto exchange Luno cuts 20% of global staff (BBG)

• Judge blocks Minnesota prediction market ban (DC)

• Dubai-based Emirates Airlines adds crypto payments (BM)

• Apple faces lawsuit over $1.8M Bitcoin wallet app losses (CD)

• Kraken opens Jersey Mike's IPO to investors (CT)

• Binance makes fighting crypto crime more difficult (CD)

• Franklin Templeton backs Clarity Act (TD)

• Visa outlines stablecoin strategy in earnings call (CT)

• Core Scientific and AMD sign infrastructure deal (TB)

• Galaxy Digital buys 500 acres for data center campus (TB)

• Ionic Digital expands bitcoin mining assets (TB)

• Nansen CEO says AI will overtake human traders (TB)

• Zcash miner Fortitude powers Nebraska facility (DC)

• Hyperscale grows bitcoin stash to 1,106 BTC (BM)

• AmericanFortress proposes quantum-safe crypto wallet (CT)

Venture Capital

• Canton Network, a crypto startup, raises $355M led by a16z Crypto with participation from Shinhan Securities (GT)

Access the complete VC deal flow on Fundable.

Launches

• Zcash activates Ironwood upgrade (DC)

• Ondo shifts to offchain execution network (CT)

• 1inch's liquidity layer goes live (DC)

Regulation

• Myanmar approves life sentence for crypto fraud (DC)

• Russia drafts rules for crypto trading (TB)

• Hungary drops national crypto rules (FM)

Cybersecurity

• Crypto hacks hit record high as losses top $1B (TB)

• Founder of crypto fund Translunar gets 37 months in tax case (BBG)

Extra Reads

• DeFi projects that survived Terra, FTX, and the 2022 bear market are shutting down en masse in 2026, but the popular explanation is backwards: the data shows capital is fragmenting, not concentrating - Here's the real reason DeFi projects are dying now

• No issuer, no earnings, no dividends, a digital commodity behaves more like gold than a stock, and that one distinction determines whether the SEC or the CFTC gets to police it - Here's what a digital commodity actually is

• The biggest derivatives exchange in America is at war with the agency that regulates it, a single-person CFTC cleared crypto perps in a day, and a court case could decide the future of a $60T market - Here's inside the fight over onchain perpetual futures

Chart of the Day

The average Bitcoin ETF buyer is down -22%

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