It's Monday, Rob. The legend is back. Some people have some sniffles because it's that time of the year and the market is still controlled by the institutions. Where do we go next? That's the trillion dollar question as to what's happening. But before we jump in, links below for all these legends and we're all streaming to our own places. Rob, welcome back. How are you? >> I'm good. Thanks for having me back. Always a pleasure to come on. See you guys. >> Always. And we chat every day anyway about other thi ...

Something that I have been tracking around the XRP ledger is simply just the overall growth of the ecosystem. I think this breakdown from bank XRP perfectly puts it when we think about just how big the XRP ledger is becoming, especially if we just go back a couple years ago. I mean, if we go back to 2023, 2024, I mean, the XRP ledger, yes, it was growing, but not nearly as much as it did in 2025.We have here the XRP ledger ecosystem is exploding in 2026. RWA tokenized 2,200% in 2025. 2,200% growth in one ye ...

Core Viewpoint - Ethereum is showing strong potential for growth in 2026, with a 10% increase at the start of the year and a narrative suggesting it may outperform Bitcoin this year [1] Group 1: Blockchain Activity - There has been a significant surge in blockchain activity, with Ethereum's transaction activity increasing by 31% since mid-December, indicating the positive impact of recent upgrades like the Fusaka upgrade [2] - Ethereum is at the center of major trends in the decentralized finance (DeFi) sector, particularly the rise of stablecoins and real-world asset (RWA) tokenization, which are expected to drive substantial growth [3] - The stablecoin market cap grew by 49% in 2025, highlighting the rapid expansion in this area [3] Group 2: Asset Tokenization - Asset tokenization is experiencing significant growth, with major Wall Street firms embracing it, leading to comparisons of this moment to the pivotal shift away from the gold standard in the 1970s [4] - Consulting firms are identifying asset tokenization as a potential multitrillion-dollar market opportunity, suggesting that the leading blockchain in this space will see a substantial increase in value [5] Group 3: Regulatory Environment - The pro-crypto regulatory environment under the Trump administration is expected to benefit Ethereum, as supportive legislation continues to emerge [6] - Ethereum's dominance in decentralized finance provides it with an early-mover advantage in the growing markets of stablecoins and asset tokenization [6]

Core Insights - The global remittance market sees approximately $900 billion sent annually, with stablecoins emerging as a cost-effective alternative to traditional transfer systems, which can charge fees as high as 6% [1][3] Group 1: Stablecoin Adoption - Stablecoins, previously utilized mainly by experienced crypto traders, are now being adopted by millions of ordinary users through digital wallets, raising questions about which companies will benefit most from this trend [2] - The stablecoin industry presents opportunities for both legacy remittance companies like Western Union and newer fintech entrants, each facing unique advantages and challenges [2] Group 2: Remittance System Challenges - The remittance system is characterized by high fees, with the World Bank reporting an average cost of over 6% for sending money internationally, which disproportionately affects low-income immigrants [3] - High remittance costs impact the financial well-being of vulnerable populations, as intermediaries take significant portions of the funds sent home [4] Group 3: Regulatory Developments - The Genius Act, signed by President Trump, established a regulatory framework for stablecoins, prompting major remittance players like Western Union and PayPal to develop their own stablecoin offerings [5] Group 4: Competitive Landscape - Traditional remittance companies like Western Union have the advantage of an established global customer base and decades of regulatory compliance, positioning them favorably for the adoption of stablecoins [6]

Hello everybody. Welcome to the Friday evening live stream. We got a lot of things to go over so let's just jump right into it.So today, just like the thumbnail and title suggest, I feeling pretty bearish with a splash of bullishness and there's a couple of reasons why. I think we should go over that because we need a temporary expectations about what's happening right now. Now everything I talk about, things could change to drop a dime.We can get some magnificent news that the Bitcoin strategic reserve is ...

Core Insights - Ethereum is leading the "institutional race" to modernize global financial systems, with major financial players like BlackRock, Fidelity, and JPMorgan favoring it for on-chain activities [1] - Institutions are focused on upgrading markets fundamentally rather than engaging in speculative activities, which is supported by Ethereum's reliability and established presence as a smart contract platform [2] Regulatory Developments - The U.S. regulatory landscape is shifting, with the GENIUS Act legitimizing the use of public blockchains for stablecoins, despite delays in the market structure bill [3] - The GENIUS Act has reduced legal risks for banks and broker-dealers, enabling traditional finance to move significant amounts of tokenized assets onto Ethereum [4] Institutional Adoption - BlackRock's BUIDL fund, which started on Ethereum, has grown to over $2 billion in assets and expanded to other networks [5] - JPMorgan Chase has launched its first tokenized money-market fund on Ethereum, starting with an investment of $100 million [5] Market Predictions - Ethereum's price is projected to reach $15,000 by the end of 2026, with a potential market cap expansion from hundreds of billions to multi-trillions [6] - This optimistic outlook is based on a fivefold increase in the stablecoin market, a similar growth in tokenized real-world assets, and Ethereum's role as a "productive store of value" [7]

Core Viewpoint - Bank of America CEO Brian Moynihan warns that up to $6 trillion in deposits, approximately 30% to 35% of total U.S. commercial bank deposits, could shift to stablecoins, potentially disrupting the banking system [1][2][4]. Group 1: Stablecoin Impact on Banking - Moynihan's projection is based on studies from the U.S. Treasury Department, highlighting the ongoing tensions among lawmakers, regulators, and financial institutions regarding the implications of interest-bearing stablecoins [2]. - He compares stablecoins to money market mutual funds, noting that reserves are typically held in short-term instruments like U.S. Treasurys, which do not contribute to traditional lending [3]. - A significant outflow of deposits to stablecoins could hinder banks' ability to issue credit, which is essential for U.S. economic activity [4]. Group 2: Legislative Developments - The latest Senate crypto market structure bill includes provisions that would prohibit digital asset service providers from offering interest or yield on stablecoin holdings [5]. - The draft legislation allows for "activity-based" rewards, such as incentives related to staking or liquidity provision, amidst intense lobbying from both the crypto and banking sectors [6]. - Concerns have been raised about the bill potentially expanding financial surveillance powers, with a report from Galaxy Research indicating it could grant the Treasury Department extensive authority over digital asset transactions [6][7].

Market Overview - Bitcoin is currently holding near $95,000 after a volatile rally, with traders anticipating a test of $100,000 but not a decisive breakout beyond that level [1] - Prediction markets indicate a 54% probability that Bitcoin will reach $100,000 in January, with significantly lower odds for higher targets, suggesting traders expect short-term momentum rather than sustained growth [2] - Recent market movements have been characterized as mechanical, driven by a "violent short squeeze" and significant inflows into ETFs, totaling over $800 million, the highest in three months [3] Market Dynamics - The surge in Bitcoin's price is framed as an order-flow event, with tactical positioning favored over long-term directional bets, as highlighted by Enflux [4] - Ether has shown relative strength, maintaining a price near $3,300, supported by yield demand and stable funding rates, reinforcing the view that $100,000 for Bitcoin is a level to be tested rather than surpassed [5] Market Movements - Bitcoin briefly exceeded $97,000 during U.S. trading hours before retreating to around $95,000 due to profit-taking and resistance [6] - Ether outperformed Bitcoin, remaining near $3,300 amid broader market volatility [6] - Gold and silver prices declined as geopolitical fears eased, while Japan's Nikkei 225 index fell 0.52%, underperforming other mixed Asia-Pacific markets [6]

Core Viewpoint - The banking sector, traditionally stable and unexciting, is experiencing significant changes due to regulatory rollbacks and advancements in technology such as artificial intelligence, fintech, and stablecoins, leading to increased volatility in bank stocks [1] Group 1: Industry Changes - Regulatory rollbacks are creating a more dynamic environment for banks, allowing for greater flexibility and innovation [1] - The emergence of cutting-edge trends like artificial intelligence and fintech is pushing banks into new operational frontiers [1] - The introduction of stablecoins is adding both opportunities and risks to the banking industry [1] Group 2: Market Dynamics - Bank stocks have shifted from being stable to becoming fast movers in the market, reflecting the changing landscape [1] - The combination of traditional banking practices with modern technological advancements is reshaping investor perceptions and strategies [1]

Core Insights - Circle Internet Group (CRCL) and Coinbase Global Inc. (COIN) serve distinct but complementary roles in the crypto-financial infrastructure, with Circle focusing on blockchain payments and stablecoin issuance, while Coinbase operates the largest U.S. crypto exchange [1][2] Group 1: Circle Internet Group (CRCL) - Circle has established itself as a key player in crypto infrastructure, primarily through its USD Coin (USDC), which is one of the largest regulated stablecoin networks globally [3] - As of September 30, 2025, USDC circulation reached $73.7 billion, more than doubling year-over-year, and increasing market share to 29%, with USDC accounting for nearly 40% of stablecoin transactions [4][7] - Circle's revenue and reserve income grew by 66%, with adjusted EBITDA rising 78% and margins expanding to 57%, driven by increased use of its Circle Payments Network (CPN) and Cross-Chain Transfer Protocol (CCTP) [4][7] - The company is expanding its infrastructure through Arc, a Layer-1 blockchain, which aims to serve as an "economic OS for the Internet," although this introduces potential execution and regulatory risks [5] - The Zacks Consensus Estimate for CRCL's 2026 revenues indicates an 18.6% increase, with earnings expected at 90 cents per share, a significant turnaround from a loss of 87 cents per share [6] Group 2: Coinbase Global Inc. (COIN) - Coinbase remains highly exposed to the volatility of digital asset markets, with revenues closely tied to crypto prices and trading volumes, making it vulnerable during market downturns [9] - Rising operational costs are a concern for Coinbase, with expenses increasing due to headcount expansion and higher USDC reward payouts, which pressure margins [9][10] - Regulatory and competitive pressures are impacting Coinbase's outlook, with ongoing uncertainty in various jurisdictions and rising competition from decentralized platforms [10] - Despite these challenges, Coinbase is positioning itself as an "Everything Exchange," covering nearly 90% of the crypto market cap, with significant growth in U.S. derivatives and institutional revenue [11] - The Zacks Consensus Estimate for COIN's 2026 earnings is pegged at $5.82 per share, reflecting a 26.7% year-over-year decline, raising concerns about earnings volatility [12] Group 3: Comparative Analysis - Over the past month, CRCL outperformed COIN, rising 10.6% compared to COIN's 0.9% increase, attributed to Circle's shift towards platform-driven revenues [14] - Both companies are currently considered overvalued, with CRCL trading at a forward Price/Sales ratio of 6.02X, lower than COIN's 8.19X, indicating relatively lower valuation risk for Circle [15] - From a performance perspective, Circle is viewed as the stronger crypto-infrastructure play, with a more stable revenue mix and lower earnings volatility compared to Coinbase [18]