JUST IN: SEC clarifies wrapped Bitcoin & crypto status as non-security deposit receipt. • Receipt confers ownership without extra yield. • Custodians banned from lending underlying funds.

Too much nervousness around Oracle's Jupiter force majeure declaration. Looking at every datacenter project in the country, there is no evidence that delays/cancellations are expanding broadly. Jupiter represents ~1% of capacity under construction.

JUST IN: 🇺🇸 CFTC releases updated guidance for Bitcoin, crypto, and blockchain technology.

Today, the @CFTC took an important step toward bringing regulated onchain markets to the United States: firms can now keep required records on a public blockchain without being required to maintain a separate offchain copy. The CFTC also clarified that firms can invest customer funds in tokenized versions of investments that are already permitted. That matters because a regulated firm can now use a public blockchain as its system of record, where every entry is transparent, tamper-evident, and verifiable by anyone. Those are the assurances the CFTC’s recordkeeping rules exist to provide, and public blockchains deliver them by design. In July, HPC and @phantom asked the CFTC to provide this clarity. Today, the CFTC delivered.

Bitcoin ETF Flows since 10/10 are inching closer to erasing the outflows that started in October. Last four days of flows have been +$160, $433, $999, and $715 million for a total net inflow of over $2.3 billion bitcoin:native

On the AI front, the trade has been dead money for more than 3 months now. The metrics I am following (token expenditures and GPU lease rates) are all flat to down. The price of memory (DRAM) seems to be the only thing that is still going up. 🧵(1/2)

Instructive to see a post like this get so much traction. B200 rental rates up 30% YTD. Hyperscaler cloud revenues tracking along. Remember: GPU rental rates and token prices were supposed to fall over time. The demand metrics this year have beaten all informed expectations.

Hyperliquid has not only regained all the OI since the washout on 10/10 but is even making new ATHs! This is even more impressive when you look at where other exchanges are at relative to their 10/10 level. Binance is ~20% under while Bybit ~50%.

FIXING A HOLE: Bitcoin ETFs' YTD flows are now positive after a $4.6b tsunami of cash came in over the past month ever since Bessent said it would increase bond buying which reminded everyone that the train has no brake pedal, only gas. Chart, story via @sidcoins

Open interest reached an all-time high of $18B on Hyperliquid

Our latest research paper explores the growing connection between AI and digital assets and explains why broad AI adoption may drive new demand, utility and applications across the digital asset economy. blackrock.com/us/individual/…

$BTC has flashed the momentum signal that started the last two bull markets. MVRV has crossed back above its 365-day average. This is the same cross that we saw in 2019 and 2023 at the beginning of each bull market.

Bitcoin ETFs with +$1b in flows, biggest one day flow haul since the good old days of last Oct. $IBIT led w $381m (4th overall) while $ARKB & $FBTC had over $200m each, but all of the Big Six contributed. Also keep in mind these flows are prob mostly from Fri's action not yest, so look for more tonight.

US Spot Bitcoin ETFs had about $4.5 billion in trading volume today. Which isn't all that high considering the move in BTC itself. Even this past Friday was a slightly bigger day at $4.6 billion

Seems like there's more room in this move over the coming 2-4 weeks before it's overbought and needs cool down. PS. the recent cool off in this oscillator (late Aug to mid Sep) while price remained strong was a sign that buying demand was winning over short term profit takers.

Semis + Mag7/Hyperscalers up together today. This has been a rarity this year (semi vs hyperscaler correlation at an all-time low). The recipe for new S&P 500 highs is hypers + semis rallying together.

NEW: The average Bitcoin ETF Holder is back above water for the first time since January. The rally this morning has bitcoin:native above our estimated ETF cost basis of $81,722 per coin. h/t @EricBalchunas

BREAKING: US Treasury Secretary Bessent says all Iranian airlines will be "shut down" around the world on September 23rd. Bessent says any airport or company that provides Iranian airlines with fuel, landing services, ticket sales, or other assistance will be "knocked out" of the US Dollar system.

*BESSENT: JUST RAISED BUYBACK SIZE AS WERE IN ILLIQUID PERIOD

FED’S GOOLSBEE: RATE CUTS POSSIBLE IF INFLATION HEADS TO 2% Fed’s Goolsbee remains optimistic inflation can return to the 2% target, provided demand does not overheat. He says the Fed currently has an inflation problem, not an employment problem, and wants convincing evidence that price pressures are fading. If inflation is clearly heading back toward 2%, Goolsbee says he would have “no problem” with interest rates coming down.