The mood in crypto markets shifted overnight, and not in a fun way.

Oil prices are surging past $116 a barrel, dragging risk appetite down with them.

Meanwhile, legacy finance keeps building digital rails like nothing happened.

Robinhood is quietly betting millions on AI, and Phantom just added prediction markets.

Today's newsletter covers what's breaking and what's being built anyway.

Bitcoin ETFs suffer $636M outflow reversal amid market weakness

BlackRock's IBIT bled $254M in a single session, leading a $635M ETF exodus.

The rout reversed days of steady inflows across spot Bitcoin funds.

Bitcoin now trades below the average ETF cost basis of $82K, putting institutional holders underwater.

Get the full story →

Markets

Oil spike fuels risk-off mood across markets

Brent crude topped $116 for the first time since April, rattling equities and crypto alike.

University of Michigan data kept one-year inflation expectations pinned at 5%, giving rate-cut hopes little room to breathe.

BTC hovered near $81K, ETH sat around $2,400, SOL held at $104, and XRP slipped to $1.31.

Keep reading →

HSBC rolls out HKD stablecoin through PayMe wallet

HSBC's RedCoin stablecoin is live, pegged one-to-one to the Hong Kong dollar.

Users can send money and pay merchants directly through PayMe under a central bank licence.

Tokenized investment products are next on the roadmap, blurring the line between banking and DeFi.

Read the full breakdown →

Phantom brings Kalshi prediction markets to US users

Solana's most popular wallet now lets Americans trade event contracts without leaving the app.

The Kalshi integration covers politics, sports, economics, and crypto outcomes.

State regulators are already challenging Kalshi's federal licence, so the legal ground here is shifting fast.

Read the full breakdown →

Robinhood Ventures backs AI coding startup Cognition

Robinhood put $10M into Cognition AI, the company behind autonomous software engineer Devin.

The bet came after Robinhood's venture fund already committed $75M to OpenAI.

A brokerage building an AI portfolio signals that fintech's next frontier isn't just trading anymore.

Read the full breakdown →

On Our Radar

Sui's RPC problem: developers now have options beyond the official node.*

Defense Department crackdown: Pentagon employees can't trade on prediction markets using classified intel

Big tech flexing: Oracle's dropping a billion dollars to juice up AI across its partner ecosystem.

_*sponsored

ICYMI

Wall Street Hasn't Connected the Dots on This $5 Stock

Elon Musk's rockets, satellites and robots all run on metals America can't get enough of, and much of it is still processed in China. One small company sits on that supply and trades around $5. Our free report names it, and we'll text you the ticker.

Get the $5 Stock Report

Meme of the Day

That’s a wrap.

Estéfano