Robinhood vs. AMC | Who Actually Owns Your Tokenized Stock nitter.net/i/broadcasts/1DGleVqno…

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Bitcoin mining may become more resilient when the heat has a purpose. Miners who reuse their heat aren't only mining Bitcoin — they're getting value from the energy twice. Watch the full podcast now: piped.video/HPm9INWOLp4

Monday. New week. Macro & Institutional on today's show, 12:30 ET. Fed, yields, ETF flows, everything that's been moving the market lately, and what we think it actually means. Grab a coffee and come hang out. ☕

GM. Bitcoin's consolidating. Altcoins are going absolutely wild. And if I'm honest, it's making me uneasy. Greed is back, and it's back hard. Here's the thing though: greed will never disappear. Some people will always chase the next 100x, always gamble on whatever's pumping this week. That's not going away, ever. But don't let it pull your eyes off what actually matters. Block out the noise. Focus on the signal. The signal is Bitcoin. Happy Sunday.

US Bitcoin ETFs posted their best week of 2026. $2.39 billion in net inflows, green every single day. 🔥 But daily inflows actually fell hard, from $999 million Monday to just $135 million by Friday, an 87% drop. River's take: ETFs only added about 18,000 BTC in September, below their usual pace. Their read is that this rally is being driven more by shrinking supply than fresh buyers, backed by the fact that 81% of BTC's supply hasn't moved in 6+ months. Record headline number, more complicated story underneath.

Sobering reminder: self-custody comes with real-world physical risk, not just technical risk. 47.2% of the 305 crypto-related physical attacks studied by @Gart_io involved confirmed violence or torture. This case in the UK is the latest. Be mindful of who knows what you hold.

An SEC commissioner said something almost no regulator dares to say out loud: KYC, as it works today, is creating a security problem, not solving one. Hester Peirce gave a speech on September 23rd, in her second-to-last week as commissioner, and didn't hold back. Her comparison was simple but sharp: collecting names, addresses, birth dates, and financial data on millions of honest people is like building an ever-growing haystack. Not only does that make it harder to find the actual "needles," the real criminals, it also puts every innocent person whose data ends up in that pile at risk. Her exact words: "every additional piece of information the government collects and stores increases the risk that someone, inside or outside government, ends up misusing it." What's interesting is she's not calling for identity verification to disappear. She's calling for separating two things that currently get bundled together: the raw data itself, and the specific fact that actually needs verifying. Her proposal: use cryptographic proofs, zero-knowledge proofs, to confirm specific things without handing over everything behind them. Prove you're over 18. Prove you're a citizen of a certain country. Prove you're not on a sanctions list. All without disclosing your birth date, your address, or your income. She also floated something pretty logical: let companies rely on verification another regulated entity already did, instead of making you hand over the same documents over and over. Fewer copies of the same data floating around means fewer places for that data to leak from. Here's the part that hits close to home for anyone holding Bitcoin. This data is already leaking, and it's not theoretical. Chainalysis found that in 2025, violent "wrench attacks" led to roughly $58 million stolen from crypto holders, the highest figure ever recorded. So far in 2026, there are already 46 documented cases and over $30 million stolen. France is the starkest example right now: 30 physical attacks just through mid-year. Why? An employee at the French tax agency stole and sold information on wealthy crypto investors, names, addresses, holdings, all of it. On top of that, a separate leak hit 50,000 users of the French crypto tax service Waltio. This isn't just a France problem either. Similar incidents already hit Pocket Bitcoin and 21bitcoin in the German-speaking world. And while Peirce is pushing the US to collect less data, Europe is moving in exactly the opposite direction. The DAC8 directive requires exchanges to collect detailed user information and share it across borders. Bull Bitcoin already sued France over this. Its CEO, Francis Pouliot, put it bluntly: DAC8 turns "Know Your Customer" into "Kill Your Customer." And now Bull Bitcoin is also going after CARF, the similar framework the OECD is pushing globally. Bottom line: one SEC commissioner is saying "we're collecting too much data, and it's putting people in danger," while Europe keeps building massive databases that someone, sooner or later, is going to hack, leak, or sell.

Interest rates are on another planet right now. The 30-year Treasury yield just hit its highest level since 2004. Two decades. 🔥 At one point yesterday it touched nearly 5.5%, a level nobody locking up money for 30 years has seen in this generation.

🇺🇸 US companies are issuing new shares at a pace we haven't seen in years. Non-financial companies posted historically high net equity issuance in Q2 2026. That's a real reversal, for years the story was buybacks shrinking share supply, not this. Worth being fair about the number, though: a handful of massive individual deals are doing a lot of the heavy lifting this quarter. Relative to total US market cap, this isn't quite as extreme as the headline figure makes it look. Still, the pattern itself is worth watching. High valuations make issuing new equity genuinely attractive right now, and we saw something similar play out around the dot-com era. The obvious driver: AI's enormous appetite for capital. Data centers, chips, power infrastructure, new models, it's all incredibly expensive, and stretched valuations make raising equity the easy move. This isn't a crash signal on its own. But if net issuance keeps climbing over the next few quarters and the long-term trend actually flips positive, that's a real regime change worth paying attention to. Fine as long as margins hold and nothing in the system breaks.