ArkStream portfolio surging $ENA $BIO $SOON More to come!

<401k: Crypto Seizes $8.7 Trillion in Pension Funds> Yesterday, Trump signed an executive order requiring the DOL and SEC to reassess the restrictions on alternative assets in retirement accounts like 401(k)s, covering private equity, physical, and digital assets. This means that digital assets have officially taken the stage in the design of the U.S. pension system for the first time, clarifying the gray area from "Can we enter?" to "How to comply?" Behind this is the initial opening of the door to $8.7 trillion in long-term funds. History tells us that once pension funds enter the market, they will inevitably drive liquidity and valuation leaps in assets, as evidenced by U.S. stocks, REITs, and emerging markets. Crypto assets are now standing on this path. The core of this executive order is to transform crypto from a "legal risk" into a "system controllable + auditable." It requires a redefinition of the compliance boundaries for alternative assets set by the 1974 ERISA, establishing safe harbor provisions to reduce litigation risks for trustees, and clarifying standards for valuation, liquidity, and fee disclosures, providing a framework for pension trustees to follow. Looking back at 2022, Fidelity and ForUsAll attempted to allow Bitcoin into 401(k) accounts, only to face risk warnings and a wave of lawsuits from the DOL, leading to a rapid closure of channels. At that time, it was individual institutions testing the policy edges; now, the White House is directly promoting cross-departmental compliance design, shifting the regulatory tone from "risk prevention" to "promoting institutional implementation." The 401(k) fund pool is massive, with assets exceeding $8.7 trillion by Q1 2025 and over 90 million participants. These are not speculative funds, but rather steadfast funds that continuously contribute, hold long-term, and passively adjust their positions. Even if crypto only accounts for 1%, that still means hundreds of billions in stable buying power each year. This resilience is enough to reshape the funding structure and volatility characteristics of the crypto market. What does this mean for BTC and ETH? Stable and long-term pension funds will serve as a cushion for prices, reducing short-term crashes and severe volatility, while also promoting institutional recognition and holdings. This executive order is not a signal of an explosion; it is expected to open a 12–18 month window. By then, Bitcoin and Ethereum will greatly benefit, and the market has already shown strong gains yesterday. - ArkStream Daily Alpha 8.8

As the Fed's interest rate meeting approaches on July 30, the market is almost locked in "no interest rate cuts", with a probability of 97%. The next four FOMC meetings are generally expected to have a rate cut in September and October, and December is not yet widely favored. But if the latest dot plot only releases a signal of one rate cut this year, the market may be under pressure and volatile. Investors need at least two rate cut expectations to stabilize their risk appetite. The slow rise of the Nasdaq reflects expectations of interest rate cuts, and sentiment is at a high level. Once the "no interest rate cut" is cashed out, funds may withdraw quickly, and both the Nasdaq and Bitcoin may adjust. On the contrary, as long as the Fed hints at future interest rate cuts, the market can mostly remain stable or even rebound slightly. Under the tense macro environment, structural opportunities in the currency circle are gradually emerging. After the ETH/BTC exchange rate corrected, Ethereum performed strongly, and there were obvious signs of capital exchange. Wall Street has increased its weight on Ethereum, and the short-term trend remains steady. The macro pullback has become a layout window. If Ethereum can break through $4,000, the altcoin season may usher in a new wave of explosion. — ArkStream Daily Alpha 7.28

< misaligned with ETH, Solana released a new positioning > for ICM Ethereum has firmly occupied the position of "global settlement layer", while Solana has chosen a different path: creating the default execution layer for on-chain capital markets. This is not just a matter of higher TPS, but a composable, programmable, and permissionless mechanism that rewrites the way the capital market operates. Just yesterday, @aeyakovenko pulled in core Solana participants such as @MaxResnick1, @Austin_Federa, and @KyleSamani to release the "Internet Capital Markets (ICM)" roadmap. This is not a narrative chasing RWA hotspots, but a fundamental reshaping of Solana's infrastructure role: from a high-performance public chain to an application-centric financial operating system. Traditional financial pain points vs. on-chain market opportunities The traditional capital market is dominated by intermediaries, with slow transactions, high thresholds, and fragmented liquidity. On-chain native marketplaces have natural advantages: composable, programmable, and round-the-clock. However, in reality, RWA projects often only put assets on the chain, and the real transactions and settlements are still completed off-chain. It is this misalignment that ICM (originally proposed by @akshaybd) wants to solve. Make the on-chain a place for transaction execution, not just an asset display layer. To achieve this, it is not just as simple as "issuing a token on the chain", but also requires underlying performance improvement, market structure liberalization, and synergy with the regulatory framework. Core Concept: Application-Controlled Execution (ACE) Currently, most on-chain transaction orders are uniformly scheduled by the consensus layer, and applications are passively received. ACE, on the other hand, proposes a paradigm shift: the right to rank is in the hands of the protocol, and the transaction rules are customized by the application. Protocols like Drift and Jito will receive design rights similar to market makers to optimize their own market microstructures. The ultimate goal is to tokenize mainstream assets such as stocks, bonds, foreign exchange, and IP on the chain by 2027, entering a market system without intermediaries, global flow, and on-chain native. The three modules of the roadmap: Application-led microstructure design: Developers can customize multiple key dimensions to achieve full control over the market operation logic: • Privacy vs transparency • Speed limit mechanism vs full open • Transaction inclusivity vs. strong finality • Centralized deployment vs decentralized execution •Maker-first vs Taker-first • Flexible architecture vs preset rules Jito's BAM is a prime example of moving from "speed is king" to "rule programmable," laying the first cornerstone of ACE's practice. Evolution of the execution path: • Short-term (1–3 months): Launched Jito BAM and Anza clients to optimize slot-level consistency and transaction latency. • In the medium term (3–9 months), :D oubleZero network will compress latency by 100ms, Alpenglow protocol will reduce finality to 150ms, and APE module will clean up the replay path; • Long-term (until 2027): Deploy a multi-concurrency leader mechanism and protocol-level ACE to support high-concurrency on-chain capital market infrastructure. RWA-driven fund on-ramp: This will significantly boost on-chain TVL, attract more RWA projects and TradFi capital influx, and normalize scenarios such as on-chain IPOs and bond issuances. However, regulatory uncertainty is still the main variable, and currently companies such as xStocks have attempted to issue securities based on the SEC framework, and the compliance path is still under construction. Once ACE is successfully deployed, institutional admission will no longer be a question of "if" but "when." ICM is a restart of Solana's narrative and a path statement: Solana is no longer just a "high-performance public chain", but is trying to become the underlying operating system of the on-chain capital market. - ArkStream Daily Alpha 7.25

Flywheel swinging between two portfolios More to come

Big step forward $ENA

Aped some $BTCM at $4.15 after SOL treasury announcement Nav expected: 300M MC at 4.15: 66M NAV/MC: ~5 And it skyrocketed to $10 in 30min! Meme summer back on US stock.

BREAKING: xAI announces Grok 4 "It can reason at a superhuman level!" Here is everything you need to know:

The project parties I talked about yesterday are worse than each other, and many friends resonate In the final analysis, you can't just blame each individual, it's a systemic disease Crypto's incentive model, which incentivizes founders to cash out instantly from the bottom, RUG retail investors/investors, and opposes long-term construction: - Easy to get on the exchange, no products, no profits, market capitalization from hundreds of millions - There are thousands of ways for the project team to hide chips and change the terms and conditions of the market - No SEC regulation, no disclosure obligations, and no legal costs Vitalik had called for a milestone-based token unlock, but no founder was willing to shackle his real money. I've personally heard two founders in the top 300 by market capitalization say that it's better to build for a few years than to sell it directly as BTC/ETH after raising funds in 17 years. When a bad actor gets the most generous gifts, it's hard for good actor to stand alone. So the people who still choose to build, all by conscience and faith, are the most respectable variable in this systemic failure. ArkStream has been fortunate to support several of them, and this is the motivation for us to keep investing.

Crypto has come to this day, and the project team is worse than each other, and someone should break the window in this matter. We invested in a project two years ago and went live on Binance last year. But just a week before the listing, the project party secretly issued an additional 60%, saying that it was an "ecological subsidy". It wasn't until this year that it was unlocked, and I was told that: We invest in FDV before the additional issuance, not FDV after the additional issuance of 60%. In other words: I don't recognize the terms of the agreement you voted for; I've been investing in crypto for 8 years and it's the first time I've encountered this kind of operation. We contacted more than a dozen investors in the project one by one, and found that all of them were very dissatisfied. I asked, "What are you going to do?" ” Most of the replies were: "No way, wait for the lead to see what to say." ” Waiting for the lead investment? This project is the lead incubation. Makes me laugh at it. So now, only our VC is still chasing progress, communicating with the project team every week, and asking for explanations. Nietzsche said, The will of the strong will be seen as a danger, The concession of the weak is defined by society as "rational, prudent, and consensus". Our generation of VCs is most afraid of "unsociables" - So we became "emotional" VCs, "not decent" outliers. And being silent, pretending not to see, and pushing the boat with the tide has become "mature", "strategic", and "understandable". But you and I both know that crypto has come to this day, and the project team is worse than each other, and someone should break the window in this matter. We don't pretend to be sleeping sheep.