📉 Crypto revenue slumps as ETF outflows widen-New data showed revenue declines across exchanges and continued outflows from crypto ETFs, underscoring how fragile sentiment remains after November’s macro shocks. Retail hasn’t returned in force, and institutional flows are still cautious, waiting for cleaner signals from the Fed and markets. It’s not capitulation, but it’s definitely “let’s just get through Q4” energy. (Blockworks)

🧺 Cathie Wood goes shopping (again)-ARK Invest added to its positions in Google, Coinbase, Circle, and Bitcoin ETFs, doubling down on its long-term conviction themes despite a messy November. Cathie’s strategy remains consistent: when markets wobble, she buys. And while the timing is always debated, the commitment has been nothing but consistent. (Decrypt)

💳 Klarna flirts with launching its own stablecoin-Buy-now-pay-later giant Klarna is reportedly exploring a merchant-focused stablecoin, pushing deeper into payments at a moment when fintech and crypto rails are merging fast. The move would give merchants cheaper settlement, faster payouts, and fewer intermediaries, everything legacy payment networks still struggle to deliver. If Klarna follows through, it could become one of the first major consumer fintechs to issue its own digital dollar. (Blockworks)

🥊 Tether vs. S&P turns into an internet brawl-Tether got downgraded by S&P, and the reaction was… extremely on-brand. The company’s public response (“we wear your loathing with pride”) sparked an online battle about transparency, ratings agencies, and whether stablecoins should even care about TradFi opinions. Markets barely flinched, but the discourse was loud…and very crypto. (CoinDesk)

📈 Robinhood jumps on prediction-market momentum-Robinhood’s stock climbed this week on rising expectations that its prediction-markets platform could become a major new revenue stream. With retail engagement sliding in trading, turning opinions into tradable events is (apparently) the next logical pivot. If Robinhood nails the UX, we’re about to see “what do you think happens next?” become an actual business model. (Decrypt)

🎯 Polymarket gets the green light, Kalshi hits a wall-And speaking of prediction markets - there is a regulatory plot twist: Polymarket received a path forward from regulators, while competitor Kalshi hit new compliance obstacles. It’s a split decision that reshapes the landscape and solidifies Polymarket as the category’s frontrunner — at least for now. The hottest asset class of this cycle might just be “opinions with liquidity.” (Decrypt)