Transformative week in crypto

Had May/June true payroll figures been reflected in real time, Fed would’ve telegraphed a coming cut in June, as inflation was also soft then, and followed through in July. Fed is most def behind the curve, with this downward adjustment being the largest outside of Covid era.

1/ 🚨 Jobs Numbers Plunge: Implications for Markets - 73k July nonfarm payrolls missed expectations by 30% - 89% cumulative downward jobs revisions from May and June reports - Sept rate cut odds have jumped to 81% per CME Fed Watch Tool - Asset Performance: - BTC: -1.4% - SPY: -1.5% - Gold: +1.8% - US Agg Bonds: +0.8%

You’re telling me that MSTR beat Wall Street’s EPS consensus estimate by 46,671% and the stock is down 6% today? Take Friday off anons, you’re not worthy to trade this gem.

Printer is coming

Q1 2025 What people spent on Apple products: ~$125 billion What people spent using stablecoins: ~$6 trillion Almost 50x. Stablecoins are not “going to be” huge. They already are.

What an epic week. Was just reviewing the @CastleIslandVC newsletter. A few highlights: 1) Paul Atkins announces "Project Crypto" in landmark speech >>> Every asset will be tokenized. 2) White House releases 160-page Digital Assets Report >>> A full and positive regulatory environment is en route. 3) SEC approves in-kind creations/redemptions on crypto ETPs >>> Crypto is being normalized. We'll have more liquidity and better trading for crypto ETPs. 4) CBOE/NASDAQ/NYSE file for Generic Listing Standards for crypto ETPs >>> Get ready 50 new crypto ETPs. 5) JPMorgan partners with Coinbase >>>The lines between TradFi and Crypto are disappearing That's one week!

July 2025 was the end of the beginning for crypto. A new chapter is starting now— crypto will start to show up everywhere as a mainstream asset class and technology over the next 12-24 months. What started as an Executive Order from the President months ago, has now advanced with the Genius Act, likely soon the Clarity Act, and today, this historic speech from the Chairman of the SEC, Paul Atkins: "I would like the world to go on notice that under my leadership, the SEC will not stand idly by and watch innovations develop overseas while our capital markets remain stagnant. To achieve President Trump’s vision of making America the crypto capital of the world, the SEC must holistically consider the potential benefits and risks of moving our markets from an off-chain environment to an on-chain one. ... We are at the threshold of a new era in the history of our markets. As I mentioned earlier, today I am announcing the launch of “Project Crypto”—a Commission-wide initiative to modernize the securities rules and regulations to enable America’s financial markets to move on-chain. ... As we advance these priorities, I look forward to working with my counterparts across the Administration to make the United States the crypto capital of the world. This represents more than a regulatory shift—it is a generational opportunity." Change is officially coming to U.S. capital markets. As ever, all of us at @BitwiseInvest are excited to get to be part of it alongside our clients and the incredible people in this space. Onward —

Bank of America: - $350 billion market cap - 210,000 employees - Q2 profit: $6.8 billion Strategy: - $110 billion market cap - 3,000 employees - Q2 profit: $10 billion Probably nothing.

Q2 2025 Income Strategy: $10.0 billion Goldman Sachs: $3.7 billion