Joining us this morning with some thoughts, Bob Griffeld, managing partner at Cornerstone Financial Technology Management, of course, former CEO of NASDAQ. Bob, good to see you again. Thanks for joining us.>> Glad to be here. >> Sounds like you think this is kind of Nvidia's moving up the stack a little bit. >> Exactly.When you think about him talking about CPUs versus GPUs, we understand that CPUs were commoditized. So basically, I would state that over time hardware consistently has been commoditized. So ...

Market Analysis & Key Events - Crypto market has been under pressure since October 10th due to a significant deleveraging event [2][3] - A stablecoin, Athena's USDE on Binance, experienced a flash crash to $0.65 on October 10th, triggering automatic liquidations [9][10][11] - Approximately 2 million crypto accounts were wiped out due to cascading liquidations across exchanges [12] Technical Issues & Market Maker Impact - Tom Lee attributes the crypto crash to a "bug" or code error in automated liquidation processes (ADL) [1][7][14] - Market makers, crucial for providing liquidity, were crippled by the October 10th event, leading to reduced trading and further selling [3][4][5] - The ADL systems relied on single exchange price feeds instead of aggregating across multiple exchanges, exacerbating the liquidations [20] Recovery & Future Outlook - The current situation is compared to the Terra Luna collapse in 2022, suggesting a potentially prolonged recovery period [5] - The industry learned from past events like the 1987 portfolio insurance crash and the subprime mortgage crisis [16] - The underlying technology of cryptocurrencies like Bitcoin and Ethereum is functioning as intended; the issue lies in the processes of traders and market makers [19] - The current market conditions present a potential buying opportunity, as nothing is fundamentally wrong with the underlying technology [21][22]

Crypto Market Analysis - Crypto market has been struggling since October 10th due to a negative shock, resembling the stock market's situation on the same date [2][3] - Market makers in crypto, acting as a central bank, were crippled by a significant liquidation on October 10th, impacting liquidity [3][4] - The recent decline in crypto prices reflects this market maker impairment, with a recovery potentially taking 8 weeks, similar to the situation in 2022 [4][5] - Bitcoin and Ethereum are seen as leading indicators for equities due to the unwind and weakened liquidity [6] Liquidation Event Details - On October 6th or 7th, Bitcoin reached $125,000, later dropping to around $120,000, and is now at approximately $86,000 [7] - An automatic liquidation feature (ADL) was triggered on a specific exchange when a stable coin's price deviated from $1 to $0.65 due to liquidity issues [8] - This ADL resulted in the liquidation of almost 2 million crypto accounts, even those that were previously profitable [9] - The error was essentially a code bug, as the pricing for the stable coin should have been pulled from across exchanges rather than relying on internal quotes [10] Regulatory and Risk Perspective - The ADL code and the way prices are pulled will likely be revised to prevent recurrence [13] - Investors should avoid excessive leverage in crypto due to the inherent risks associated with DeFi and potential code errors [14]

Core Insights - Ether and Bitcoin experienced mixed movements as the Federal Reserve's two-day meeting commenced, with Bitcoin slightly declining to $114,600 and Ether dropping nearly 2% to $4,96 [1][2] - Securitize, a platform linked to BlackRock, is set to go public through a merger with a special purpose acquisition company, valuing Securitize at $1.25 billion in pre-money equity [3][5] - Circle's CEO announced the launch of a new blockchain business called Ark, which aims to facilitate economic activity on-chain, with participation from major firms like Goldman Sachs and Mastercard [6][8] - A partnership between Crypto.com and Truth Social was announced, focusing on launching prediction markets, which has led to a rise in Trump Media shares [9][10] - Michael Sailor discussed the rise of digital asset treasuries and the significance of S&P granting a credit rating to a Bitcoin-focused company, indicating institutional adoption of Bitcoin-backed credit [11][12][13] Company Developments - Securitize will merge with a blank check firm sponsored by Caner Fitzgerald, trading under the ticker CPT, and will subsequently trade on NASDAQ as SECZ [4] - Circle's Ark aims to create an open layer 1 blockchain network, enhancing the financial system's infrastructure [6][8] - The partnership between Crypto.com and Truth Social will allow users to convert rewards into Crypto.com's Kronos token, facilitating new market opportunities [10] Market Trends - The digital asset treasury sector is rapidly expanding, with the number of companies involved increasing from 1 in 2020 to an expected 500 to 5,000 in the future, reflecting a digital transformation in capital markets [15][16] - Stablecoins are projected to grow significantly, potentially reaching a market size of $10 trillion, with Bitcoin expected to appreciate in value and serve as a capital asset in the digital economy [20][22] - Bitcoin's price is anticipated to rise to $150,000 by the end of the year, with long-term forecasts suggesting it could reach $20 million over the next 20 years [26][27]

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Market Trends & Tokenization - Sharplink Gaming plans to tokenize its equity, joining the stock tokenization trend [1][5] - Forward Industries closed a deal to launch its Salana treasury of more than $1.5 billion [5] - Nine European banks are partnering to launch a euro-denominated stable coin, expected in the second half of 2026 [7][8] Regulatory Landscape - The US and UK are forming a joint task force to align crypto rules and improve cooperation on crypto assets [9][10] - The task force aims to explore short-term to medium-term collaboration on digital assets while regulatory regimes are developing [10] - The Genius Act, a stable coin bill, was signed into law in July, providing a sense of comfort in the industry [17][18] - The House passed the Clarity Act in July, and the Senate is working on its version of a market structure bill [21][22] - SEC Chair Paul Atkins called on lawmakers to accelerate efforts to pass a crypto market structure bill [23] Company Specifics (Hideera & Forward Industries) - Forward Industries shares dropped more than 9% [5] - Sharplink shares slid more than 5% [6] - Hideera sees the Genius Act as energizing for the next phase of digital asset regulation in the US [19] - Hideera believes a market structure bill would provide comfort and clarity for companies building on its network [27]

Partnerships & Integrations - Avalanche ($AVAX) 2025 年合作包括丰田、国际足联 (FIFA) [1] - Avalanche 与 Vaneck ETF、Greyscale ETF、Bitwise ETF 等 ETF 合作 [1] - Avalanche 与 Janus Henderson 和 Sky Bridge 建立合作关系 [1] Talent Acquisition - Avalanche 聘用了 Voh [1] - Avalanche 聘用了 Chris Holmes [1] - Avalanche 聘用了 Arielle Pennington [1] Funding & Investments - Hivemind 和 Dragonfly 向 Avalanche 投资了 10 亿美元 (1 billion USD) [1] - Grove Finance 与 Centrifuge 正在进行中 [1] Stablecoin Initiatives - Avalanche 正在推进日本稳定币和韩国稳定币项目 [1]

Market Trends & Investment Opportunities - The Federal Reserve cut interest rates by 25 basis points, signaling a potential shift towards a cutting cycle, which is generally favorable for crypto assets [1][2] - US Bitcoin ETFs are actively accumulating Bitcoin, holding a record 13 million Bitcoin worth $152 billion, indicating strong institutional interest [3] - Bitcoin is increasingly viewed as a modern-day gold and a hedge against traditional assets like real estate, attracting investment from various entities including Fortune 500 companies and sovereign wealth funds [8] - Tokenized stocks and ETFs are emerging as a significant trend, potentially rivaling stable coins in market size, as platforms like Ando Global Markets tokenize traditional assets [24][26] Technological Advancements & Platform Performance - Blockchain technology offers the potential to improve financial processes by making them faster, more transparent, and more efficient compared to traditional banking systems [5] - Solana is gaining traction as a preferred blockchain for token projects, with 85 million tokens residing on Solana, and app revenues for Solana reached $1935 million in August, up 126% year-over-year [15][16] - Companies are exploring the tokenization of their stock on Solana, including dividends, governance, and operational aspects like payroll and vendor payments [20][21] Industry Dynamics & Competitive Landscape - Embracing crypto and blockchain technology is seen as crucial for survival and success in the evolving financial landscape [1][12] - Traditional financial systems are perceived as antiquated, slow, and costly, driving the need for modern financial solutions [4][5][13] - Crypto exchanges and wallets are expected to list tokenized stocks, expanding access to a global audience that lacks traditional brokerage accounts [28] - Gaming crypto projects are partnering with platforms like Twitch, creating new interactive experiences for players and viewers [28][29]

Market Trends & Investment - Bitcoin climbed following an encouraging inflation reading, and the S&P 500 jumped to a new record after a reading on wholesale prices unexpectedly dropped [1][2] - Institutional interest has been shifting towards Salana, with Soul Strategies uplisting its shares to the NASDAQ [3] - Forward Industries announced a more than $15 billion private investment led by Galaxy Digital, Jump Crypto, and Multicoin Capital [3] - NASDAQ plans to invest $50 million in Gemini, allowing the stock exchange to offer Gemini's custodial services to financial institutions [4] - Gemini aims to sell more than 165 million shares priced between $24 and $26 each in its IPO [5] - Binance is teaming up with Franklin Templeton to develop digital asset products [6] Regulatory Landscape - The SEC crypto task force has been holding meetings with industry participants since early this year, showing a shift towards an open-door policy [10] - The Clarity Act passed by the House was a great first start and a strong signal that Congress can move quickly in this space [8][12] - The Senate is using the Clarity Act as a baseline for its version of a market structure bill, with hopes of having a bill on the president's desk by Christmas [14] - A group of Senate Democrats came out with a set of market structure principles, signaling bipartisan willingness to participate in the process [16] - The Genius Act passage showed that regulation can stimulate innovation, leading to a flood of partnership and new project announcements in the stable coin space [18][20] Future Considerations - Tax policy is the next big area that requires discussion, including topics like minimum dimminimous thresholds for transacting and the treatment of staking rewards [23][24] - The industry is excited to see where the discourse goes as it relates to DeFi, especially if DeFi is not comprehensively covered in market structure [25][26]

What's going on here. If you want to know what's really going on in crypto, you have to look at the exchanges. The trouble is, most exchanges are private and don't exactly share their secrets.But a select few are publicly traded, meaning they're required to open their books. And one of the biggest of them just dropped an earnings report packed with revealing insights into the state of the crypto market. So today, we'll unpack those earnings, highlight the biggest surprises, and tell you exactly what they me ...