𝗕𝗶𝘁𝗰𝗼𝗶𝗻 𝗺𝗮𝗿𝗸𝗲𝘁 𝗰𝗮𝗽 💰 $1,658 billion 𝗖𝗶𝗿𝗰𝘂𝗹𝗮𝘁𝗶𝗻𝗴 𝘀𝘂𝗽𝗽𝗹𝘆 💎 ₿20.100 million (95.72% of max) 𝗔𝗻𝗻𝘂𝗮𝗹𝗶𝘇𝗲𝗱 𝘀𝘂𝗽𝗽𝗹𝘆 𝗶𝗻𝗳𝗹𝗮𝘁𝗶𝗼𝗻 💸 +0.82% 𝗕𝗶𝘁𝗰𝗼𝗶𝗻𝘀 𝗺𝗶𝗻𝗲𝗱 𝗱𝗮𝗶𝗹𝘆 ⛏️ +₿450 ($37.1 million) #SoundMoneyMonday

bitcoin:native is in the sweet spot of its four-year cycle but this one looks very different from prior cycles. @ThomasPerfumo of @krakenfx tells @RemyBlaireNews the drawdown is only 35% versus 75-85% historically, and Bitcoin ETF flows remaining at 91% of their all-time high suggest the cycle pattern should change dramatically going forward.

Joining @RemyBlaireNews this morning: - @SteveKalayjian (SK Trading) - ⁠@ThomasPerfumo (@krakenfx) - ⁠@Eric_Criscuolo (@NYSE) - @najkidwai (@C1_Fund) Live from the Big Board.

$BTC is rewriting the cycle playbook One year since its $125K ATH, Bitcoin’s drawdown remains shallower than in previous cycles But macro correlations are shifting @ThomasPerfumo connects the dots in this week’s Macro Minute ↓

𝗕𝗶𝘁𝗰𝗼𝗶𝗻 𝗺𝗮𝗿𝗸𝗲𝘁 𝗰𝗮𝗽 💰 $1,680 billion 𝗖𝗶𝗿𝗰𝘂𝗹𝗮𝘁𝗶𝗻𝗴 𝘀𝘂𝗽𝗽𝗹𝘆 💎 ₿20.097 million (95.70% of max) 𝗔𝗻𝗻𝘂𝗮𝗹𝗶𝘇𝗲𝗱 𝘀𝘂𝗽𝗽𝗹𝘆 𝗶𝗻𝗳𝗹𝗮𝘁𝗶𝗼𝗻 💸 +0.82% 𝗕𝗶𝘁𝗰𝗼𝗶𝗻𝘀 𝗺𝗶𝗻𝗲𝗱 𝗱𝗮𝗶𝗹𝘆 ⛏️ +₿450 ($37.6 million) #SoundMoneyMonday

$BTC gained 43% in Q3 while long-term yields climbed to generational highs At the same time, Bitcoin volatility remains unusually muted @ThomasPerfumo explains why that combination is worth watching Macro Minute ↓

𝗕𝗶𝘁𝗰𝗼𝗶𝗻 𝗺𝗮𝗿𝗸𝗲𝘁 𝗰𝗮𝗽 💰 $1,730 billion 𝗖𝗶𝗿𝗰𝘂𝗹𝗮𝘁𝗶𝗻𝗴 𝘀𝘂𝗽𝗽𝗹𝘆 💎 ₿20.094 million (95.68% of max) 𝗔𝗻𝗻𝘂𝗮𝗹𝗶𝘇𝗲𝗱 𝘀𝘂𝗽𝗽𝗹𝘆 𝗶𝗻𝗳𝗹𝗮𝘁𝗶𝗼𝗻 💸 +0.82% 𝗕𝗶𝘁𝗰𝗼𝗶𝗻𝘀 𝗺𝗶𝗻𝗲𝗱 𝗱𝗮𝗶𝗹𝘆 ⛏️ +₿450 ($38.7 million) #SoundMoneyMonday

This hasn't made rounds yet to my knowledge, but the Chairman Atkins at the @SECGov just published a statement including proposals that expand qualification criteria for accreditation. This is massively positive for future retail participation in earlier stage investment opportunities. Perhaps the most impactful is the proposal for FINRA to develop an exam that presumably anyone can sit in for, instead of the series license exams for which you often require sponsorship. New proposed qualifications include: (1) Passing an examination to be developed by FINRA; (2) Holding a license as a U.S. certified public accountant; (3) Holding a charter as a Chartered Financial Analyst; (4) Holding a certification as a Certified Financial Planner in the United States; (5) Holding a FINRA Investment Banking Representative license, and (6) Holding a FINRA Research Analyst license. sec.gov/newsroom/speeches-st…

Bitcoin momentum is picking up. DeFi is breaking out. But macro risks remain. With energy markets and rate expectations in focus, all eyes turn to PCE. @ThomasPerfumo has the charts. Macro Minute ↓

𝗕𝗶𝘁𝗰𝗼𝗶𝗻 𝗺𝗮𝗿𝗸𝗲𝘁 𝗰𝗮𝗽 💰 $1,676 billion 𝗖𝗶𝗿𝗰𝘂𝗹𝗮𝘁𝗶𝗻𝗴 𝘀𝘂𝗽𝗽𝗹𝘆 💎 ₿20.091 million (95.67% of max) 𝗔𝗻𝗻𝘂𝗮𝗹𝗶𝘇𝗲𝗱 𝘀𝘂𝗽𝗽𝗹𝘆 𝗶𝗻𝗳𝗹𝗮𝘁𝗶𝗼𝗻 💸 +0.82% 𝗕𝗶𝘁𝗰𝗼𝗶𝗻𝘀 𝗺𝗶𝗻𝗲𝗱 𝗱𝗮𝗶𝗹𝘆 ⛏️ +₿450 ($37.5 million) #SoundMoneyMonday

𝗕𝗶𝘁𝗰𝗼𝗶𝗻 𝗺𝗮𝗿𝗸𝗲𝘁 𝗰𝗮𝗽 💰 $1,678 billion 𝗖𝗶𝗿𝗰𝘂𝗹𝗮𝘁𝗶𝗻𝗴 𝘀𝘂𝗽𝗽𝗹𝘆 💎 ₿20.087 million (95.65% of max) 𝗔𝗻𝗻𝘂𝗮𝗹𝗶𝘇𝗲𝗱 𝘀𝘂𝗽𝗽𝗹𝘆 𝗶𝗻𝗳𝗹𝗮𝘁𝗶𝗼𝗻 💸 +0.82% 𝗕𝗶𝘁𝗰𝗼𝗶𝗻𝘀 𝗺𝗶𝗻𝗲𝗱 𝗱𝗮𝗶𝗹𝘆 ⛏️ +₿450 ($37.6 million) #SoundMoneyMonday

𝗕𝗶𝘁𝗰𝗼𝗶𝗻 𝗺𝗮𝗿𝗸𝗲𝘁 𝗰𝗮𝗽 💰 $1,559 billion 𝗖𝗶𝗿𝗰𝘂𝗹𝗮𝘁𝗶𝗻𝗴 𝘀𝘂𝗽𝗽𝗹𝘆 💎 ₿20.084 million (95.64% of max) 𝗔𝗻𝗻𝘂𝗮𝗹𝗶𝘇𝗲𝗱 𝘀𝘂𝗽𝗽𝗹𝘆 𝗶𝗻𝗳𝗹𝗮𝘁𝗶𝗼𝗻 💸 +0.82% 𝗕𝗶𝘁𝗰𝗼𝗶𝗻𝘀 𝗺𝗶𝗻𝗲𝗱 𝗱𝗮𝗶𝗹𝘆 ⛏️ +₿450 ($34.9 million) #SoundMoneyMonday

At every step of the way during the Clarity Act negotiations, the White House and Senate Republicans have been responsive to Democrats’ stated policy objectives. After more than a year’s worth of negotiations, it’s time to pass this bipartisan bill.

🚨NEWS: Senate Republicans have released new Clarity Act text featuring a revised ethics proposal agreed to by President Trump. The text also contains changes to the sections on the Blockchain Regulatory Certainty Act (BRCA), stablecoin yield, and the so-called “Ag title.” Republicans are calling it their “last, best and final” offer to Democrats ahead of Tuesday’s cloture vote. Some high-level details.👇🏼 On BRCA: The provision has been narrowed to the Bank Secrecy Act and civil enforcement. Specific language extending its protections to criminal cases, including prosecutions under Section 1960, has been removed. On ethics: Trump has agreed to what a GOP aide describes as “80%” of the Tillis-Gallego ethics proposal including to either divest “substantial” crypto-related financial interests or place them in a blind trust. It would also allow a role for state attorneys general to enforce ethics provisions, something which the White House had previously balked at. On yield: Added “circuit breaker” language (floated by Tillis in July) that would effectively act as a backstop by allowing federal regulators to intervene if there was evidence of widespread deposit flight from community banks to stablecoins. The federal regulator that will be the arbiter of this: Treasury Secretary Scott Bessent. On Ag: The updated text adds tighter guardrails around vertical integration, including affiliate trading and conflicts of interest involving digital commodity exchanges, brokers and dealers. It also clarifies that state consumer protection laws still apply and that developer protections do not create exemptions from derivatives laws or impact prediction markets. More to come in the @CryptoAmerica_ newsletter tomorrow AM.

Nasdaq Ventures is investing $100M in Payward as we advance tokenization together with the @Nasdaq Equity Token (NET) framework. Equities on-chain only works if it's built to institutional standard from day one. We're building it with the company that's run public market infrastructure for decades. → payward.com/press-release/pa…

PPI today. CPI tomorrow. CLARITY and FOMC next week. Four major catalysts with the potential to reshape rate expectations and move markets. @follis_ and @ThomasPerfumo break down how to think about the volatility on today’s episode of The Breakdown. 🎙️ Live at 12:30 PM ET

This theory that these tokenized shares are "creating" shares of the underlying stock is akin to claiming ETFs "create" shares of the underlying stock. It's a really weak argument, in my view.

$BTC had its strongest month since November 2024. Now comes the real test. CPI this week. CLARITY on Sep 15. The Fed on Sep 16. @ThomasPerfumo on the catalysts that could shape what comes next. Macro Minute ↓

𝗕𝗶𝘁𝗰𝗼𝗶𝗻 𝗺𝗮𝗿𝗸𝗲𝘁 𝗰𝗮𝗽 💰 $1,600 billion 𝗖𝗶𝗿𝗰𝘂𝗹𝗮𝘁𝗶𝗻𝗴 𝘀𝘂𝗽𝗽𝗹𝘆 💎 ₿20.081 million (95.62% of max) 𝗔𝗻𝗻𝘂𝗮𝗹𝗶𝘇𝗲𝗱 𝘀𝘂𝗽𝗽𝗹𝘆 𝗶𝗻𝗳𝗹𝗮𝘁𝗶𝗼𝗻 💸 +0.82% 𝗕𝗶𝘁𝗰𝗼𝗶𝗻𝘀 𝗺𝗶𝗻𝗲𝗱 𝗱𝗮𝗶𝗹𝘆 ⛏️ +₿450 ($35.8 million) #SoundMoneyMonday

The discussions about tokenized equities stemming from the debate between @CEOAdam, @vladtenev, and @dangallagher is electric. I've studied tokenized equity structures for half a decade now, the good, the bad, the ugly. Here are my thoughts: (1) The world is bigger than just the US. Yes, the US is the most important and the largest financial market in the world. The tokenized equities issued by entities like @RobinhoodCrypto and @xStocksFi are not US securities, they're not offered to US persons, and no one is advertising them as US securities. The tokens are registered under a European prospectus. They are structured in reference to the Swiss DLT Act, which is more than half a decade old and recognizes securities in token format. Criticizing offshore securities for existing offshore and targeting offshore investors is silly. (2) Unsponsored securities are everywhere. The original $MEME ETF issued by Roundhill ***in the US*** held $AMC. In general, ETFs act as unsponsored proxies for their underlying securities. ETFs do not require, nor is it practical that they would, issuer "approval" to buy and hold publicly traded shares. If an issuer doesn't like it, then perhaps they should consider delisting and managing their cap table as a private company. That's always a choice. Instead, we see the opposite: issuers actively court ETF inclusion because it's relevant to the growth in their investor base. To suggest that a security is illegitimate because it exists without the issuer's approval is a weak argument. (3) Voting rights are important, but do not in of itself define whether a security is "legitimate." Easy counterfactual: all of the tech companies with super voting shares where your vote as a common equity holder is substantively meaningless. Or how about ADRs listed in US markets that own interests in VIEs where it's not even clear you have economic rights, let alone voting rights. The goal of this post isn't to strike up a least dirty shirt contest. It's meant to highlight that blanket assertions about the legitimacy of a security -- particularly one marketed outside of the US -- are vacuous, because you can find plenty of examples of the same criticisms in the US market, too. And no one bats an eye. At the end of it all, what matters is that an issuer is meeting the obligations under their prospectus and that investors are able to become well informed of the objectives and the risks of that particular security. These 1:1 backed tokenized securities that I've referenced above, on balance, are delivering on that.