House to Vote on Funding Bill Today

Find out our latest reports, listed below:

• Premia x Block Scholes: Introducing Kyan

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• Bybit x Block Scholes Quarterly Report: Rise of Perp DEXs — and how to catch the opportunity

• How did options markets react to the crypto selloff?

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• Metaplanet Is Selling Vol, Who Is Next?

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Market Snapshot: Overnight Moves

Daily Updates:

• Yesterday, a group of Senate Democrats joined Republicans on a January stopgap that omits ACA tax-credit extensions, reigniting the healthcare fight.
• Donald Trump celebrated the breakthrough as:

“a very big victory,” 

• adding: 

“We’re opening up our country. Should have never been closed, should have never been closed.”

• The spending package now moves to the House, where a vote could come as soon as today. Democratic leaders, led by Hakeem Jeffries, say they’ll oppose any bill that doesn’t address their demand for more healthcare funding, warning that ACA tax credits expire at year-end and could push premiums higher. That stance sets up a tight count for Speaker Mike Johnson, who has kept the chamber largely idle for weeks to pressure Senate Democrats, raising the odds of a late, contentious showdown over both funding and healthcare.

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• Stocks rise as the shutdown nears end, buoying risk appetite, with S&P 500 futures up ~0.3% this morning as investors grow more confident the government shutdown is about to end this week.
• Treasuries are in demand as the market reopens after the Veterans Day break, pushing yields lower across the curve, while the dollar and gold are little changed ahead of a House vote on a spending deal that could restart the flow of official data and sharpen the market’s view on the Fed’s next steps.
• Once Washington reopens, a backlog of releases, likely starting with the delayed September jobs report, should set the traction for the markets. 

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• Major cryptocurrencies fell on Wednesday morning. Bitcoin dropped to $103,000 this morning, before rebounding above $104,500. 
• Ether has increased from around $3,434 to above $3,400, XRP from about $2.40 to above $2.42, and Solana from roughly $154.8 to above $158.

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• Announced on Wednesday after months of testing, JPMorgan has officially rolled out its USD-denominated deposit JPM token JPMD into production for institutional clients on Coinbase’s Base (Ethereum L2).
• Framed as a representation of JPMorgan's existing bank deposits on a public blockchain, JPMD enables 24/7, near-instant, allowing institutional clients to send and receive the token on Base. Early test flows came from B2C2, Coinbase and Mastercard.
• A Wednesday Bloomberg report stated that JPMorgan plans to expand JPMD to additional blockchains, and Naveen Mallela, global co-head of Kinexys by JPMorgan, noted the bank has secured the “JPME” trademark. In a related move, DBS and Kinexys announced an interoperability framework to enable transfers of tokenised deposits across both public and permissioned blockchain networks.

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• Visa announced today that it now supports direct stablecoin payouts via Visa Direct, enabling U.S. businesses to fund disbursements in fiat while creators, freelancers and gig workers opt to receive in USDC to a compatible wallet for near-instant cross-border settlement.
• The programme retains full KYC/AML checks, builds on September’s pre-funding work. A broader rollout is targeted for the second half of 2026, with USDC the sole supported asset at launch.

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• Sonic Labs unveiled a streamlined tokenomics plan built around a fee-monetisation (FeeM) model that pays builders 15%–90% of fees (usage-tiered), allocates 10% to validators, and burns the rest to make the S token structurally deflationary.
• CEO Mitchell Demeter said that the proposal will go to an on-chain vote and sits alongside a governance-approved U.S. expansion. Sonic will also adopt select EIPs and introduce Sonic Improvement Proposals (SIPs) to boost developer usability and interoperability on its EVM-compatible Layer-1.

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• The first transaction of the Digital Dirham central bank digital currency (CBDC) was successfully carried out under the pilot phase by the UAE Ministry of Finance and Dubai’s Department of Finance.
• It was conducted via the mBridge government payment platform and the transaction was designed to assess the system’s technical connectivity and operational performance.

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• Canary Funds has submitted its Form 8-A filing, marking the final step before approval. Once Nasdaq confirms the listing, the XRP spot ETF is expected to debut at the next market open, which is anticipated to be on Thursday.

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Crypto’s Wildcard:

Little Pepe (LILPEPE)

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Little Pepe positions itself as an EVM Layer-2 “built for speed, security and ultra-low fees,” with LILPEPE as the ERC-20 token powering the ecosystem; per its website, the presale is at Stage 13 priced at $0.0022, showing about $27.5M raised and roughly 96.6% of this stage sold.

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This Week’s Calendar:

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Charts of the Day:

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