That sounds you hear is the best talent on Wall Street coming into crypto.

Why is the four-year cycle dead? 1) The forces that have created prior four-year cycles are weaker: i) The halving is half as important every four years; ii) The interest rate cycle is positive for crypto, not negative (as it was in 2018 and 2022); iii) Blow-up risk is attenuated, due to improving regulation and the institutionalization of the space; The biggest emergent cyclical-style risk is the rise of Treasury companies, which bears watching and is significant. 2) There are bigger forces moving on timelines that don't sync with the prior four-year cycle: i) The movement of assets into ETFs is a 5-10 year trend. It started in 2024; ii) Broader institutional adoption is just getting started (ETFs still being approved on national account platforms, pensions and endowments just now considering crypto, etc.) iii) Regulatory progress began in earnest in January 2025 and will run for multiple years; iv) Wall Street is just now starting to build on crypto, and will invest billions in the quarters and years to come. This started in earnest with the passage of the Genius Act this month. All this suggests to me that the long-term pro-crypto forces will overwhelm the classic "four-year cycle" forces, to the extent those exist, and that 2026 will be a good year. I could be wrong, and I'm certain there will be significant volatility. And I think it's more "sustained steady boom" than super-cycle. But I broadly think we're in for a good few years. Great convo with @kyle_chasse

Anyone who thinks we're at peak Treasury company is wrong.

Really enjoyed this one. Recommended!

ETH ETF Flows July 2024 - June 2025: $4.2 billion July 2025: $4.4 billion 👀

The Ethereum Demand Shock A thread on why ETH's price is rising and why it will continue to rise in the months ahead. 🧵

The giants of finance are telling you something. Position accordingly. "If it can be tokenized, it will be tokenized." - SEC Chairman Paul Atkins "Every stock, every bond, every fund - every asset - can be tokenized. And if they are, it will revolutionize investing." - BlackRock CEO Larry Fink "Tokenization is the biggest innovation in the past decade." - Robinhood CEO Vlad Tenev

Folks need to stop making careless comparisons between stablecoins and the “free-banking era” of the 1830s. In the free-banking era, local banks were able to issue notes in far-flung territories of the United States. They ran into trouble when the notes were backed by weak collateral, like low-grade railroad bonds and remote land bonds. The system was drastically inefficient, in part because redemptions required you to physically return to the local bank. This meant some notes traded at steep discounts depending on their distance from the issuing point, and merchants needed to maintain giant books of reference pricing across thousands of non-standardized individual notes. None of these things apply to stablecoins. In the Genius Act, there are strict limits on the assets they hold, redemptions can be made daily from anywhere, and stablecoin prices will trade on exchanges allowing instant convertibility and price discovery. State-regulated stablecoins are size limited ($10b cap), which means they’ll be a vanishing fraction of the market, and are generally subject to the same asset holding and redemption provisions as the federally regulated stablecoins that will make up 95%+ of the market. I like analogies. They can be helpful in understanding things. But they have to be reasonable. Comparisons to the free-banking era -- which started 188 years ago, when letters moved on horseback and Samuel Morse was still tinkering with the telegraph in the lab -- are not reasonable.

The CLARITY Act and generic listing standards for crypto ETPs will create an "on-the-run / off-the-run" valuation element in crypto. You can already see it happening if you look at the YTD heatmap (below, h/t @tradingview), with the majors dramatically outperforming the minors.

Massive wins for crypto in the House: GENIUS Act passes 307-122. CLARITY Act passes 294-134. 💪🚀🇺🇸