With a DCA Bitcoin Plan every month is a perfect month.

Absolutely agree! It's an incredible feeling.

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.

nope.

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.

Saturday thought: your Bitcoin doesn't have to sit there doing nothing just because you need cash for something. Bitcoin-backed loans let you unlock liquidity without selling a single sat. No taxable event, no giving up your position.

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.

Happy Friday! Today at 12:30 ET, topic: Bitcoin Community. Our guest is Alex (@alex_heatbit), founder of @heatbit_com, makers of the Heatbit Bitair, a home air purifier with a built-in Bitcoin miner. Yes, really. Come hang out for this one. 🙃

🚨 Bitget got hit for roughly $350 million, and it's already the biggest exchange hack of 2026. The exchange detected unauthorized transfers from parts of its hot and warm wallets on September 24th. Total affected: around $351.6 million. Here's the part worth actually understanding. CEO Gracy Chen says no private keys were stolen, not on hot, warm, or cold wallets. Instead, attackers reportedly broke into a backend system and forged transfer instructions that then passed through Bitget's own authorization process. Basically, they didn't pick the lock, they faked the paperwork that says the door should open. On attribution: Chen pointed to IP addresses matching VPNs previously tied to a North Korea-linked hacking group. That's preliminary, not confirmed by any government agency yet. But there's a second data point worth noting: an independent onchain researcher traced some of the stolen funds to a wallet previously connected to another hack, one already attributed to TraderTraitor, a group linked to North Korea's Lazarus network. Two separate threads pointing the same direction. Bitget says customer funds are safe. Their User Protection Fund holds over $464 million, more than enough to cover the loss outright. Withdrawals are paused for now. Trading and deposits are still running. Chen says reopening early risks a second hit, so it'll stay closed until the backend issue is fully locked down, likely hours, not weeks. A full incident report is expected soon.

Oil dropped 3% in four minutes, and Bitcoin and stocks both ticked up on the same news. The trigger: Reuters reports US and Iranian negotiators are in New York discussing a phased path out of the war. The core of it: Iran reopens the Strait of Hormuz, the US lifts its economic blockade on Iran. The market's reacting to the possibility, not a done deal. Nothing's signed. Both sides know giving up leverage first means losing negotiating power, so there's a real standoff over who moves first. One detail worth knowing: Iran is reportedly willing to drop its demand for transit fees through the strait from the main deal, just shelving it in a side agreement instead, since ending the blockade matters more to them right now. Would be genuinely great if this one actually holds and doesn't fall apart the way these things sometimes do.

BlackRock and Ondo Finance launched something that didn't exist yesterday: portfolios you can hold entirely onchain. Here's how it works. BlackRock designed three different portfolio strategies, ranging from income-focused to growth-focused. Ondo turns each one into a single tradable token, built on top of underlying assets like stock, bond, and Bitcoin ETFs. One thing worth being clear about: buying the token doesn't give you direct ownership of the underlying ETFs. Ondo issues the token. BlackRock just designs the strategy behind it. It's economic exposure to the portfolio, not a direct claim on the assets inside it. Also worth noting, this is live for eligible non-US investors in permitted jurisdictions, not a US retail product. Still, step back for a second. The world's largest asset manager just built portfolio strategies specifically designed to live onchain. That's not a small experiment, that's BlackRock treating tokenized products as a real distribution channel, not a side project.

Today at 12:30 ET: Robin Seyr (@RobinSeyr) joins us, Austrian Bitcoin & MSTR podcaster with a genuinely sharp take on both. You'll want to catch this one live. See you later! 🫡

Foreign demand for short-term US Treasury bills has taken a real hit. Foreign investors bought roughly $250 billion in T-Bills over the 12 months through July 2025. A year later, that number was down to about $49 billion, a drop of nearly 80%. Even more notable: foreign government institutions flipped from net buyers to net sellers over that stretch, swinging from +$138 billion to -$56 billion. Here's why this actually matters right now. This is happening at the exact moment US bond yields have been climbing sharply. If foreign demand keeps fading while Washington's borrowing needs keep growing, that's a direct setup for yields to climb even further from here.

Live in a few hours. 12:30 ET. 🧡 @pameelaposada sits down with Dr. Cristina Llamas (@drcristinallama). Cristina is the co-founder of Women of Bitcoin (@BitcoinWomen21), the community bringing women together across the UK and Europe to organize Bitcoin events and meetups.

Micron is showing a clean breakout, with the $1,000 level broken and $1,055 breached. The next target being discussed is $1,200 before earnings. Watch the full podcast now: piped.video/iU-RIpN6L1M

The Fed doesn’t actually set market rates. They set policy rates — but Treasury yields ultimately tell you where the market thinks rates are going. “Rates lead the Fed.” And if that’s true, what does it mean for Bitcoin? 👀 Watch the full podcast now: piped.video/auo2Wh-IYmg

Bitcoin broke out to start the week, and now comes the hard part. 👀 After that strong push, BTC's basically stuck in a short-term tug of war. Profit-taking on one side, a wall of sidelined capital waiting to buy the next dip on the other. Here's the interesting part: the last two big moves both look like they were kicked off by large investors, not retail. We're digging into that more in today's update. Meanwhile, negative spot demand is fading, and the futures market is waking back up too. So the real question: is there still enough momentum left for another leg up, or are we just catching our breath here? Either way, if you're just stacking a little every week regardless of what the chart's doing, none of this really changes your plan. That's kind of the whole point.

Today, 12:30 ET: @pameelaposada sits down with Dr. Cristina Llamas (@drcristinallama), co-founder of Women of Bitcoin. Don't miss it.

Good morning, everyone. Today is all about the markets, what’s moving, what matters, and what we’re watching right now. Just a good conversation and the signals worth paying attention to. Daily Stack goes live at 12:30 ET. See you there. 🫡

We think the drop's already happened, and Bitcoin won't be putting in a new bear market low in this environment. Beyond the technicals and how professional investors are positioned, a lot of this comes down to psychology. So many people spent months waiting for an October bottom. Now they're sitting on cash, watching this move without them, kicking themselves. Those are exactly the people who end up buying every dip from here, and that buying is what cushions sharp pullbacks like the one we just saw. That said, a 10-20% correction is still very much on the table, especially if demand stays as weak as it's been structurally. But our bet is that most dips over the next few weeks and months get bought fast. Curious what you think, drop it in the comments.👇

This might be one of the wildest stock market moments ever. 🤯 Anthropic is reportedly targeting a $2 trillion valuation for an IPO as early as this October. The company already filed confidentially back in June. Last private valuation: $965 billion in May. If this holds, the valuation would more than double in under six months. And Anthropic is just one piece of this. SpaceX already went public in June at $1.77 trillion. OpenAI is targeting its own IPO for 2027 and is currently in talks for a private round at $1.2 trillion or more. Add those three together and you're looking at nearly $5 trillion combined. For context: every tech company that IPO'd between 1980 and 2025, all 3,365 of them, was worth $4.1 trillion combined at the time they went public. Three companies, potentially worth more than 45 years of tech IPOs put together. The scale of this AI cycle is genuinely hard to process.

New week, kicking off with Macro & Institutional. Today at 12:30 ET. Nicholas (@JFDI) and Joey Rockets (@joeysolitro) join us to break down what's actually moving this week. Come start the week with us.

🚨 Strategy bought again. 950 BTC for $75.7M last week, average price $79,670. Total stack now: 846,000 BTC. Total cost: $63.8B. Average buy price: $75,416. Same week, they also bought back 1.77M STRC shares for $174M. Nearly $250M deployed across both moves. And they didn't sell a single new share through the ATM to fund it. Still sitting on $5.04B in the USD Reserve, plus $1.05B in extra cash on top.

Big week coming up. Here's what's actually on the calendar, and what's already moving markets before the week even starts. Tuesday: US ADP jobs data, the OECD's new Economic Outlook, and the UN General Assembly debate kicks off. Wednesday: US Manufacturing and Services PMIs. Thursday: jobless claims, new home sales. Friday: durable goods orders, Michigan consumer sentiment. At least 8 Fed officials are speaking this week too. After the first rate hike in years, every word from them right now matters for where rates go next. Trump's also hosting Xi Jinping for a state visit. Trade, Taiwan, semiconductors, the AI race, all likely on the table. But honestly, none of that is the real story right now. Over the weekend, the Houthis hit Riyadh and an Aramco facility in Yanbu with missiles and drones. Saudi Arabia confirmed intercepting at least one ballistic missile aimed at the capital, first time Riyadh itself has been targeted in this whole escalation. Smoke was visible near the airport. Trump cut his Camp David weekend short because of it. The Strait of Hormuz is still heavily restricted for shipping. If this keeps escalating, oil could spike hard right out of the gate this week, and that flows straight into inflation, bond yields, and risk assets, Bitcoin included. Loaded data week. 👀

happy sunday!

There's a real contradiction playing out in AI right now, and it's not theoretical, it's in the numbers. Token prices are crashing. Silicon Data tracks what users actually pay per million AI tokens, and it went from over $2 in May to under $1 now. Cut in half in a few months. Great if you're using AI. Not so great if you're the one paying for the infrastructure behind it. Take OpenAI. The FT just got hold of internal projections showing $278 billion in negative free cash flow between 2026 and 2030. Compute and infrastructure alone: $856 billion. Here's the number that actually stopped me. OpenAI raised $122 billion in March. At current spending, that money could be gone by 2028, two years before their own revenue is even supposed to peak in 2030. And revenue really is growing fast, from $36 billion this year to a projected $350 billion in 2030. But spending is still outrunning it. So that's where things stand: usage is exploding, prices keep falling, and the companies building the infrastructure are burning through cash faster than even massive revenue growth can keep up with. Good deal for users. Brutal math for whoever's paying the bills. The real question for the next few years was never "will people use AI." It's who actually survives on outside funding long enough to still be around once the economics finally work out.

Bitcoin broke back above $80,000 in the last 24 hours. At the same time, nearly 40,000 BTC, worth over $3 billion, just flowed onto exchanges. That's real profit-taking right into the pump. But here's what's actually interesting: the structure of this breakout doesn't look weak so far, despite the selling pressure hitting it head-on. The next few days decide everything. Does demand absorb this supply, or does it crack under it? What's your guess? 👇

thanks for the vacay boys!

🚨 Today at 12:30 PM ET, The Daily Stack is teaming up with @ZoroTrading to watch real traders navigate the market LIVE. Real setups. Real trades. Real-time decisions. No hindsight. No cherry-picked screenshots. See you at 12:30 PM ET. 📈⚡

happy friday.

🤝🤗

Two days after the CLARITY Act died in the Senate, the SEC just did something arguably bigger on its own. The SEC just approved the "Innovation Exemption," opening the door for tokenized US stocks to trade directly onchain. Here's what it actually allows. Qualifying platforms, called Tokenized Securities Venues (TSVs), can now let tokenized versions of US-listed stocks trade through automated market makers and liquidity pools on public blockchains, without registering as a traditional national securities exchange. Liquidity providers on these platforms also get relief from dealer registration requirements. The guardrails matter here: These must be real tokenized stocks carrying full shareholder rights, dividends, voting, the works. Synthetic tokens that just track the price, the kind already popular on offshore platforms, are explicitly excluded. Companies get the right to object if they don't want their stock tokenized. Trading is capped by symbol count and volume limits, calibrated to limit-up/limit-down tiers, so this isn't unrestricted from day one. The exemption is live immediately and runs for up to 5 years. Who moves first: expect the highest-liquidity large caps, think Apple, Microsoft, Nvidia, Tesla, names with deep enough markets that arbitrage keeps the token price tightly pegged to the real share price. Here's the timing that makes this genuinely interesting. This landed just 48 hours after the CLARITY Act failed its Senate cloture vote. While Congress stays gridlocked on comprehensive crypto legislation, the SEC just moved unilaterally to push Wall Street onchain anyway. SEC officials themselves are framing this as a temporary bridge, not a permanent fix, something to hold the space until formal rulemaking or future legislation catches up. The bigger picture: this could put DeFi platforms and onchain liquidity pools in direct competition with traditional exchanges for the first time, operating under real regulatory cover instead of a gray area. Wall Street and crypto just got a lot closer to sharing the same rails.

Bitcoin self-custody isn’t as simple as it used to be. Hardware wallets still matter—but so do the code, firmware, crypto libraries, and security model behind them. For some, that could mean custodial Bitcoin or ETFs. For others, multisig may be the answer. Watch the full podcast now: piped.video/Mgv1xD1sZxU

🚨🇺🇸 The Fed's new economic projections just came in far more hawkish than expected. The central bank now projects: * Higher growth: 2.3% in 2026, 2.4% in 2027 * Lower unemployment: down to 4.1% through 2029 * Higher core inflation: 3.4% in 2026 * One more 25bp rate hike before year-end 2026 The long-term rate path is the real headline, though. The Fed now sees rates at 4.1% in 2027, 3.9% in 2028, and still 3.6% in 2029. Compare that to June: back then, projections for 2027 and 2028 sat at just 3.6% and 3.4%. That's not a small revision. Each year got pushed roughly 50 basis points higher. Worth knowing: this rate hike, delivered unanimously to 3.75%-4.00%, is the Fed's first since 2023. And the committee isn't done. 16 of 18 officials still see more tightening ahead this year, only 2 think this was the last move. The message is unmistakable: the economy stays strong, inflation stays sticky, and rates stay elevated for much longer than markets had priced in.

This!

Today may be the real inflection point, not yesterday's headline. Short-term holders just sent roughly 23,200 BTC to exchanges in realized losses within 24 hours. That's the highest single-day figure in weeks, and it's a real signal of how much fear has built up in the market. Part of this traces back to yesterday's CLARITY Act disappointment, now stalled in the Senate. But that's not even today's main event. The Fed's rate decision lands today. And the decision itself might matter less than what Fed Chair Kevin Warsh says afterward. Markets have already priced in a series of additional rate hikes. If Warsh doesn't confirm that path clearly, expect sharp moves across the dollar, bond yields, and Bitcoin, in either direction. There's a second risk stacking on top of this one. The extreme short positioning on the yen has largely unwound already. That leaves the yen carry trade sitting there as a real source of instability, one that's caused violent global de-risking before. Two macro triggers, same day, both capable of moving markets hard.

Meta could be setting up for a major move. The thesis: a break above the upper trendline could send META toward $700–$720, with a longer-term $1,000 target in play. And Meta’s Muse could become its next major revenue driver. Watch the full podcast now: piped.video/vnSwRarGHSQ

same here...🤭

💯

BREAKING: The US Senate just voted AGAINST the CLARITY Act. The 60 votes needed never materialized. That's it.

24 hours ago, CLARITY Act odds jumped above 30%. Today they're at 18%. Here's the entire whiplash sequence, and why tonight's vote might not even matter as much as people think. Yesterday, Republicans dropped an updated bill incorporating over 120 Democratic demands, according to Senator Cynthia Lummis. The big headline: Trump agreed to 80% of a bipartisan ethics compromise, the single biggest sticking point all year. Markets reacted instantly. Polymarket odds of CLARITY becoming law this year jumped above 30%. Bitcoin rallied from under $77,000 to over $79,500. Then, overnight, it all reversed. Democratic senators met last night to plan their response, and reports say they're not satisfied with the updated version. They're preparing a counterproposal that reportedly targets not just ethics, but nearly every change Republicans made. One journalist covering this directly noted industry sources expect the counterproposal to challenge most, if not all, of last night's changes. That's a real problem, because Republicans had already called their version the "last, best, and final" offer. There's no obvious room left to negotiate without contradicting that framing. The result: Polymarket odds cratered back down to 18%. Bitcoin gave back the entire $2,500 move, right back to where it started. Here's the actual vote mechanics for tonight. 2:15 PM ET: cloture vote. This needs 60 votes just to begin formal debate, not final passage. Republicans hold 53 seats. That means at least 7 Democrats need to cross over. Here's the twist most coverage is missing: Democrats might let this pass anyway, not because they're satisfied, but as a strategic move. Politico reported that Senator Kirsten Gillibrand is privately urging colleagues to advance the bill now, then fight for their changes during subsequent debate rounds instead of blocking it outright. If that happens, tonight's vote succeeding doesn't mean CLARITY is close to done. It means the real fight just moves to the next stage. And Democrats have real leverage to play a long game here. November's midterms could flip the Senate. Polymarket gives Democrats an 88% chance of winning the House. Since the Senate version still needs to match the House's original 2025 bill before reaching Trump's desk, time pressure is actually working against Republicans, not for them. Now, the part that should recalibrate how much weight anyone puts on tonight's outcome. BlackRock's Robbie Mitchnick, head of digital assets, told CNBC in August that CLARITY matters far less for Bitcoin specifically than people assume. His words: "Bitcoin already has a high degree of acceptance and regulatory clarity... For the rest of the crypto market, especially DeFi, a lot more depends on this legislative process." He watches this bill through the lens of altcoins and DeFi, not Bitcoin. He also doesn't think Bitcoin needs CLARITY to keep climbing: "Markets view additional regulatory clarity as further potential upside. But they're not necessarily relying on it, and they're not factoring it into their base case." So here's the actual takeaway: Bitcoin's price is clearly reacting to every headline on this bill in real time. But the asset's long-term trajectory was never really riding on tonight's vote in the first place. 2:15 PM ET.

Bitcoin’s volatility is falling — but it will never become as calm as the S&P. ETFs have tamed Bitcoin’s volatility, but the lack of passive investing means BTC will remain structurally more volatile. Watch the full podcast now: piped.video/xoKxpdeJ29o

Tomorrow the Senate votes on the CLARITY Act. Trump just agreed to ethics rules his own administration rejected for months. Here's exactly what changed, and why tomorrow's vote isn't even the real vote yet. Quick recap of how we got here. The House passed its version back in July 2025. The Senate Banking Committee passed its own version 15-9 in May 2026. Since then, negotiations dragged through the summer over DeFi rules, developer protections, and stablecoin yield. An attempt to force a vote before August recess failed. As recently as September 10th, reports said ethics and stablecoin language hadn't moved at all. Then, over the weekend, everything changed. Republicans dropped a new 635-page draft, calling it their "last, best, and final" offer before tomorrow's vote. Here's what actually shifted. The ethics fight was the single biggest blocker all summer. Trump has now agreed to roughly 80% of the Tillis-Gallego ethics compromise. Under the new text, senior officials and their spouses can't issue or sponsor digital assets for compensation, and can't hold significant stakes in crypto companies that make substantial revenue from issuing or sponsoring assets. The threshold: $15,000. And notably, "significant financial interest" now applies to corporate holdings, not to directly held Bitcoin itself. Big change: these holdings now must be sold or placed in a blind trust, not just optionally shielded under a "safe harbor" like the earlier draft allowed. But there's a carve-out worth knowing: this only applies to assets issued after the rules take effect. TRUMP and MELANIA tokens aren't covered retroactively. One more notable shift: the earlier draft had these ethics rules expiring in January 2029, right when Trump's term ends. That sunset clause is gone entirely in the final text. Enforcement got teeth too. State attorneys general, previously excluded entirely, now get real enforcement power alongside the DOJ. Penalties jumped from 10% of compensation (or $500K, whichever is lower) to 20% of compensation (or $500K, whichever is HIGHER). That's a meaningfully bigger stick. Beyond ethics, three more changes worth flagging: A new "circuit breaker" protects community banks under $10 billion in assets from mass deposit flight into stablecoins. If the Treasury Secretary determines this is happening at scale within 18 months, they're required to act to restrict stablecoin rewards. Developer protections got trimmed in one specific way: explicit criminal protection under the anti-money-transmission statute (18 U.S.C. § 1960) was removed. But protections were simultaneously expanded to explicitly cover miners and validators, activities like running nodes, validating transactions, providing compute. And stricter rules now target exchanges, brokers, and dealers around conflicts of interest and self-dealing. Now, the part everyone needs to understand before tomorrow: this is NOT the final vote. Tomorrow's vote just decides whether the Senate even begins formal debate on the bill (a "motion to proceed"). That alone needs 60 votes. Republicans hold 53 seats. Two Republicans have already said they're voting no. That means Republicans likely need 9 Democratic votes, not 7, to advance this. Sentiment has clearly shifted though. Polymarket's odds of CLARITY becoming law this year jumped from roughly 13% in early August to over 30% now. Even if tomorrow succeeds, the Senate version still differs from the House's July 2025 bill. Both chambers would eventually need to pass identical text before this reaches Trump's desk. Bitcoin already reacted to the weekend news, climbing back above $78,000 even while stocks, gold, and silver traded lower to start the week. That's the market pricing in what passage of CLARITY would actually mean for the entire industry. Tomorrow, 2:15 PM ET.

New week, clean slate. ☕ Kicking off today's show at 12:30 ET with Macro & Institutional, digging into what actually matters heading into this week. Come start the week with us.