Institutions are coming to Ethereum. ETH's price just hasn't caught up yet @davidduong, new head of US at Ethereum Institutional: "The price follows the usage with a bit of a lag" "Ethereum is now where everyone's coming to shop"

The bear case on $LIT was that Robinhood picked Bitstamp over Lighter for US perps @Lighter_xyz responded by announcing it plans to file for its own CFTC derivatives license in November, aiming to be the first CFTC-approved on-chain perp DEX @citrini gave it a 10% weight in their portfolio. I was late getting into position on $LIT, but I still beat them to it. Let's unpack the bear FUD first. At @RobinhoodApp's Sept 29th summit, it said US perps would run through Bitstamp, and LIT fell 14-20% I, personally, lost several trillion imaginary dollars in the great nothing-burger panic that day. Then came Lighter's Q3 gigachad investor call on Oct 21st. The team said it plans to submit the application in November. The CFTC should respond within 180 days. When I had Lighter's Head of Growth, Trevor King @trevor_flipper on @MilkRoadDaily in September, he told me the team was "spending a lot of time with the CFTC trying to get US licensing." Founder Vladimir Novakovski says the team has been talking with regulators for about 11 months. (Translation: they've hashed things out) LIT jumped about 19% after the investor call, to $3.94 I, personally, made several trillion imaginary dollars that day of days. The license matters because of how Lighter makes money. Retail trades for ZERO fees, and Lighter earns from premium tiers sold to market makers and API traders King's pitch: "Zero fees makes us a really good dance partner because we can share economics really well." A US license lets Lighter pitch that to US brokers directly Robinhood already took the deal outside the US. Lighter runs the perps in Robinhood's wallet on a 50/50 revenue split Lighter buys $LIT with that revenue and burns it: 15.64M on Jul 10 and 2.45M on Oct 11, over 7% of circulating supply Across both instances, Lighter now carries about $1.6B of open interest and did about $2.9B of volume in the last 24 hours (from whenever I last checked before writing all this at two in the morning) The product keeps shipping too, and this, to me, is the huge thing everyone is overlooking. Lighter isn't going after just perps. They are coming for every trading market they can reach. - BTC and ETH binary options went live this week (prediction markets) - Lighter Core passed 1M accounts - King told me a full options suite is coming by the end of the year - all your trade are belong to us Alright, now a dose of reality. They still don't have the actual license yet, and King told me the CFTC gets a 180-day window to answer an application. So it could be a bit. The team and investor cliff also ends Dec 27 per Tokenomist, and @m0xt_ estimates about $50M of tokens a month could unlock from January against about $3M a month of buybacks Lighter's Founder and CEO @vnovakovski addressed these concerns in the Q3 gigachad investor call as well, but the concerns remain for the time being. Supply of LIT and demand for all of its products are going to battle it out on the charts for a while, perhaps, but ultimately, this market is huge, and Lighter is extremely well positioned. They have an amazing team, bold strategy, and proven results. I think it's pretty $LIT CoinGecko lists Lighter's Robinhood Chain instance alone at about $421M of open interest. I am also openly interested. Disclosure: I hold $LIT in my Milk Road PRO portfolio. We were early to $UNI (+54.8%), $AERO (+93.7%), and $SOL (+39.1%) Try Milk Road PRO for $1 for 7 days, link in bio: @BitcoinJesusETH

I've been looking forward to having my friend @CalebFranzen back on @milkroaddaily for months, and he definitely delivered. We break down why he's not worried about macro, why he flipped bullish on Bitcoin, where he's looking to accumulate on this dip, and how his strategy for altcoins is different than bitcoin:native . Absolutely, loved this one. Full of great insight and charts. Glad to talk to my buddy again. WE'RE BACK!! 🚀

🚨 JORDI VISSER ON WHY TOKENIZATION IS THE MOST IMPORTANT TREND NOBODY IS FULLY PRICING IN: "You're gonna get more movement. You should be able to tokenize IP. There will be tokens attached to intellectual property. Everything that GDP doesn't measure and doesn't know how to measure that's digital will become part of the economy." On the size of what is at stake: "Fiat assets trade at about 10 times the value of all of the currency ever produced in the world. That's what the fractional reserve banking system is. When you get all mad and say 'this house of cards is gonna crumble down,' it's not. Governments can't allow it because then we have the Great Depression." On what happens instead: "The choice they've made is to inflate assets to make sure the entire market becomes financialized. Money supply will keep growing, the fiat assets will not, and the money will move into things that are going up in value." His conclusion: "I believe that will be crypto through tokenization. Tokenization is the bridge between these two worlds."

🚨 $BMNR CHAIRMAN TOM LEE ON WHERE THE ETH/BTC RATIO GOES: "I think that ratio is going to go way beyond .08. Maybe it even goes to .25. Maybe it even goes to 1. That means Ethereum is hugely undervalued." On what BitMine has built: "We've been a consistent bid. We've taken out essentially 5% of the supply of Ethereum. That is a sinkhole of liquidity that we've absorbed." On why they keep buying every week: "This is quite a lot of ETH that can be used to seed and fund and encourage a lot of DeFi future opportunities. In the next crypto cycle, there's going to be multiple tens of billions of dollars of companies stood up that are part of this new crypto financial rails system. We have an opportunity to help seed those, be involved with them, even create those."

Pomp and I have been doing these weeklies now for 18 months now. As the AI crypto merge hits the agentic swarms, we cover Why Now in crypto and what to expect from here as traditional investors are forced to understand the next leg of the digital economy and its impact on everything we know today from history. The world is changing quickly.

This will be the winning institutional thesis. Institutions invest in infrastructure. The biggest infrastructure layer for tokenization today is Ethereum. Owning and staking ETH to secure the network will be strategic for institutions and governments. This is not priced in.

Ethereum's "special chain" thesis explained in one clean idea. ETHLabs thinks Ethereum is the best place to issue assets because when you issue on Ethereum, those assets "can move seamlessly from Ethereum to any other L2 and even other L1's such as Solana." Faster finality and the fast confirmation rule would make Ethereum the only chain that can settle fast AND stay truly trustless. FT @_julianMA @binji_x @decentrek

It's pretty much destined that ETH becomes the most valuable global asset. - powers foundation for future finance - reserve curreny of onchain AI economy which addresses a $400T mcap (global wealth) - zero counterparty risks - soon private - highly liquid - most permissionless collateral for Defi - realyielding 2.2%+, longterm 4%+ - longterm deflationary It's all there and will be obvious soon.

Swapping Twitter clout for a fraction of a Rembrandt is the kind of market tokenization could make possible, according to John Gillen. That's the more expansive version of what Vlad Tenev calls the "tokenization super cycle," where things we couldn't previously trade become assets people can buy and sell. Add AI agents conducting commerce, and Gillen's Ethereum thesis comes into focus: smart contracts could help humans supervise an economy where software increasingly transacts on their behalf. Feat. @BitcoinJesusETH @andyyy @therollupco

"hoPe Ur tAkEin pRofIts" Bitcoin hasn't even confirmed a new bull market yet the entire asset class is going higher for at least the next year stfu and long your longs, you paperhanded ninnies For God's sake, be bullish for once in your life