IEA'S BIROL: EXCELLENT MEETING WITH CANADIAN PRIME MINISTER MARK CARNEY

Flows & Market Activity - Global crypto ETP inflow streak extends to five weeks, masking sharp intraweek reversal: CoinShares - US spot bitcoin ETFs draw $532 million as inflows extend to a third day, led by BlackRock and Fidelity Corporate & Strategy - Coinbase cuts 14% of staff as it navigates downturn, shifts to AI-native operations - Bullish to acquire Equiniti in $4.2 billion deal combining transfer agent and tokenization stack Investment & Funding - a16z crypto raises $2.2 billion for fifth fund, promotes CTO to general partner Institutional Adoption & Products - FalconX and Sygnum partner to launch tokenized credit offering for institutional clients - Coinbase Australia launches crypto support for self-directed retirement funds Policy & Regulation - Bank of Italy calls for EU to explore tokenized SEPA payments

INDIA AND RUSSIA HAVE TAKEN THEIR DEFENSE TIES TO A NEW HIGH IN THE FORM OF A NEW PACT UNDER WHICH THEY CAN SHARE MILITARY BASES, PORTS AND AIRFIELDS, AND STATION UP TO 3,000 TROOPS IN EACH OTHER'S TERRITORY