What's happening: Bitcoin ETF Custody Concentrates Power, Raising Systemic Risk
Spot Bitcoin exchange‑traded funds now hold over $54 billion, roughly 1.5 million BTC. The ETF structure places the underlying coins in a trust controlled by a handful of custodians, with Coinbase identified as the dominant custodian, creating a single point of operational failure.
Also developing:

US‑based tokenization platform Ondo Global Markets has secured approval from the Liechtenstein Financial Market Authority to launch tokenized stocks and ETFs across the European Economic Area, covering 30 countries and over 500 million investors. The approval leverages Liechtenstein’s passporting regime under the EU‑wide MiCA framework, allowing Ondo to operate within a unified, regulated European environment. The move follows a recent partnership with BX Digital to enable tokenized‑stock trading in Switzerland and comes as EU regulators debate central oversight of crypto‑asset service providers.
In today's Unchained Daily newsletter: ️ OCC greenlights banks using crypto for gas 里 Monad pushes back after sale disappointment Kraken lands $20B valuation Paxos drops USDG0 across new networks Don't miss out—read here & sign up for daily updates! https://lnkd.in/edqFXiaN
It's frustrating that the markets aren't showing any upwards momentum. It comes down to expectations. If people have a tremendous amount of expectations, then yes, you'll be negatively surprised. That's the case with #Altcoins, but that will also be the case with...

Democratic senators Elizabeth Warren and Jack Reed have urged the Justice Department and Treasury to investigate World Liberty Financial (WLFI), a crypto firm co‑founded by Donald Trump and his sons, over alleged sales of its governance tokens to wallets linked...

$BTC made a good bounce yesterday, but volatility remains high. All indications that the markets are a little overextended to the downside. However, reversals take time, I would assume we'll be ranging around this area for a little while to build up...

Hyperliquid has rolled out HIP-3 growth mode, a permissionless market‑deployment feature that cuts all‑in taker fees by more than 90% for new assets. Fees drop from the standard 0.045% to as low as 0.0045%‑0.009%, with further reductions for top‑tier stakers,...
Very interesting >Six LLMs were given $10k each to trade crypto with identical prompts and data. >Results show big differences: Some models did aggressive shorting, others had long-only bias, very different sizing and risk management. > Leveraging AI is important to increase productivity....

Tech researcher Jane Manchun Wong posted screenshots indicating that Coinbase is developing a prediction‑markets website under its Coinbase Financial Markets division, leveraging the existing Kalshi platform. The proposed service would allow users to trade USDC‑ or USD‑denominated event contracts across...

Nexus Mutual, the decentralized insurance protocol, announced a partnership with Symbiotic, a specialist in restaking services, to launch a new class of underwriting vaults. These Symbiotic vaults will act as a reinsurance layer, providing additional capital and risk mitigation for...

Bitcoin options on Deribit have swung from a bullish to a bearish stance as the cryptocurrency fell more than 25% to $91,000 since Oct. 8. Open interest in the $140,000 call dropped to $1.63 billion, while the $85,000 put surged to $2.05 billion,...

Strategy executive chairman Michael Saylor dismissed concerns that Wall Street’s entry has harmed Bitcoin, noting that volatility has fallen from about 80% annualized in 2020 to roughly 50% today despite a recent 12% price drop to $91,616. He predicts Bitcoin’s...

Senate Banking Committee Chair Tim Scott said the committee aims to mark up a crypto market‑structure bill in December, targeting a Senate floor vote early next year and a signature by President Donald Trump. The bill would align the Senate’s...
💭 My rough prediction for macro market outlook. I could obviously be way off but always worth sharing information and having a discussion so here it goes: From now until 2030 mostly choppy price action with some turmoil. Might be good...
Crypto's future may hinge on the Senate's new market structure draft. ⚖️ On Bits + Bips, Patrick Witt, executive Director of the President's Council of Advisors for Digital Assets at the White House, talks with the gang about: The Senate's new...

Crypto entrepreneur Mike Alfred told the Coin Stories podcast that the United States will only begin adding Bitcoin to its strategic reserve once other nations have already taken steps, citing "enough pressure externally" as the trigger. He noted that the...

I think that $STBL will be forming a nice formation here to reverse back upwards. Markets aren't great, but the volatility on this one is. Clear trigger is the breakout above the 20-Day MA, indicating that we're likely doing a 150-200%. https://t.co/QDomXHx29K
Great to see insurance coming to the forefront. DeFi needs back stop solutions for mass market adoption. @NexusMutual has been working on this problem since 2019. $billions protected. Reach out if you're building something.

Canaan Inc.’s shares jumped nearly 21% after the Bitcoin‑mining hardware maker reported third‑quarter revenue of $150.5 million, up 104% year‑over‑year, driven by $118.6 million in mining‑equipment sales, with North American customers accounting for 31% of the total. The company also saw mining...
The guy just rugged half the prediction market https://t.co/O7AtenTdwE
Volatility is a feature not a bug in crypto! When in doubt, zoom out! #HODL💍🙌

Blockstream CEO Adam Back warned that Bitcoin is unlikely to face a quantum‑computing attack on its signature scheme for the next 20‑40 years, but the network should not wait passively. He highlighted that the real vulnerability lies in ECDSA/Schnorr signatures,...

BULLISH 🚨 BILLIONAIRE JACK DORSEY SAYS BITCOIN WILL ONE DAY REPLACE THE US DOLLAR! https://t.co/PrfJe4DJrG
HUGE NEWS for Defi App! Mobile is where the users are! Have you tried it yet? What are you waiting for?

Bitcoin’s recent slide is tied to broader U.S. economic stress, but analysts expect a rebound as the Federal Reserve’s balance‑sheet ceiling and new repo operations should improve liquidity for risk assets. While the market awaits the Fed’s December rate decision—split...
GOOOD MORNING CRYPTO!!!! ☕️☕️🌞🌞🌞 CRYPTO WINTER IS HERE - ITS GONNA BE WINTER WONDERLAND - WE WILL MAKE MILLIONS WATCH THIS ASAP FOR THE PLAN: https://t.co/hwOQesRfQr
ETHEREUM JUST DROPPED BELOW $3,000 TOM LEE IS SWEETING RIGHT NOW AND CHARLES HOSKINSON WANTS TRUMP TO LEAVE CRYPTO ALONE! https://t.co/HY0akm4foN

The post reports that activist hedge fund Glazer Capital has disclosed a 7.7% stake in the SPAC slated to merge with ProCap Financial, positioning it to challenge the current terms of Anthony Pompliano’s Bitcoin DAT. Glazer argues the existing deal...
Good morning everyone, The one day bull market has continued in a new bear market! $BTC at $90,000. Volatility will remain high this week. Liquidity remains low and Bitcoin needs to find a base.

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UPDATE 🚨 $BTC is on track for its worst November since 2019, putting the “strongest month” reputation into question! https://t.co/yR4hj5Dv2b
Liquidity Drives Markets, not logic Every bull market extreme is born from excess money, not excess genius

Sometimes a new competitor pops up, talking a big game about dethroning Uniswap We welcome the competition, the arena gets boring without it Maybe they're right, maybe this time its different But I doubt it https://t.co/6UHhBIJ2Wr
Cool! Proposal to develop bootstrapped and deterministic builds of Zcash software: https://t.co/ro9ColppCn
The US Treasury is about to inject liquidity into the market. Will it flow into Bitcoin and crypto soon? h/t @negentropic_ https://t.co/usi7laxv14
Bitcoin and Main Street https://t.co/1msoLddpNd
COINBASE CEO BRIAN ARMSTRONG SAYS HE’S “NEVER BEEN MORE BULLISH ON MARKET STRUCTURE GETTING PASSED!” https://t.co/Ba5W4kOLog
Back in DC pushing for market structure legislation. There's been lots of great progress since I was last here which is great to see. Hoping for a mark up of the CLARITY bill in December, and for it to be...
I love that in-person @walletofsatoshi payment experience so much. It's such a satisfying UX.

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Crypto X might be in a bear market, but Crypto Facebook is most certainly not. To all the brands, companies, and creators: retail is very active on Facebook, and monetization is almost 4x higher than on X with minimal bots. https://t.co/492t3J1p9O
The Hashgraph Group has launched HashCare, the world’s first enterprise-grade DLT helpdesk for the Hedera ecosystem, powered by Agentic AI. It provides multi-tier tech support, automated triaging, and 24/7 AI-assisted issue resolution to help enterprises manage Hedera-based applications. Source: The Hashgraph Group

$SEI (per request) No changes. Rejected our key resistance and broke down from consolidation to continue bear trend. Ugly chart. https://t.co/JwYs3W2n75

Crypto bros: "I think Bitcoin is going to bounce from here." Bitcoin: https://t.co/djnb1o97Vd
I can’t think of any better validation that a product is valuable for the Ethereum ecosystem Than having the EF set a roadmap to build it Ethereum Interop Layer live now. Called Espresso!
What is Espresso? It is the Ethereum Interop Layer It supports all of this today, live, in production, for hundreds of millions of value on Ethereum’s rollups
SAUCE, a fantastic Hedera ecosystem project, is now listed on Coinbase! Congrats @SaucerSwapLabs
Someone on Polymarket made $400k today 🤯 Blood on the streets but the opportunities are still here
Oh this is so good. I read the entire thing with growing appreciation. These are the kinds of updates you see when software is maturing. Way to go, Zcash Foundation folks!!

UPDATE 🚨 The U.S. administration is eyeing ways to give out the $2,000 stimulus checks without congressional approval This would be massively bullish for Bitcoin and crypto! 🚀 https://t.co/j2rTsdVE4l
One interesting fact about Intents stats - there is no arbs bots as you get best price across (almost) all venues. It's all pure retail order flow right now. 540k monthly retail users on @near_intents done almost $3b of volume in...