The Wolf Of All Streets

Bitcoin is nearing a golden cross as ETF inflows and falling USDT dominance point to improving risk appetite. We also cover catastrophe bonds moving onchain, the Supreme Court fight over prediction-market regulation, Robinhood Chain speculation spilling into Nasdaq stocks, and Kraken delaying its IPO to 2027. Plus, BitGo CEO Mike Belshe joins to discuss crypto custody, institutional demand and the push to bring perpetual futures to U.S. markets.

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Bond markets are spiraling again, with U.S. 10-year yields back above 4.8%, UK yields at their highest since 2008, and oil near $95 reigniting inflation and Fed hike fears. Bitcoin is getting crushed alongside risk assets as markets now price roughly a 70% chance of a September rate hike. Meanwhile, major banks are teaming up on a new stablecoin, Hyperliquid Strategies expands its equity facility to $2.5 billion, and China’s collapsing credit impulse adds another warning sign for global liquidity.

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Bitcoin ETF buying is back after a brief pause, with assets hovering near $100 billion as institutional demand continues to build. Hyperliquid is working with Kraken parent Payward on a path into U.S. markets, while Robinhood Chain is seeing record activity and even outpacing Ethereum in daily revenue. Polymarket is also raising $1 billion at a $21 billion valuation, and GoPro stock surged after Markiplier became its largest shareholder.

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Bitcoin heads into September under pressure as renewed U.S.-Iran strikes push oil above $90 and markets sharply raise the odds of a Fed rate hike after Kevin Warsh’s hawkish Jackson Hole speech. Despite September’s historically weak reputation, midterm-year seasonality has often been much stronger, while gold is still coming off its best month since January.

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Tether is evolving far beyond its roots as a stablecoin issuer, building a broader financial and technology company around USDT, U.S. Treasuries, Bitcoin, gold and even farmland. The conversation covers how its new KPMG audit addresses years of criticism, why Tether is hedging its exposure to the dollar with scarce assets, and how it could eventually become one of the largest buyers of U.S. government debt.

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