‘It’s fun, educational, balanced and will appeal to both TradFi and DeFi crowds’ - nice 10-second review of our new book (coming out Tuesday) from @NateGeraci That is exactly what we were going for so good to hear. @JSeyff

NEW: Here's an updated look at Bitcoin's price compared to the average cost basis for US ETF Holders. We estimate the cost bases to be just under $82,000. Bitcoin has been dancing around that level since the end of August.

Nice look at how the % of total flows made up by equity ETF is higher in SPX down weeks. Another data point that shows how ETF investors are GOAT dip buyers. And it just paid off once again. Via @psarafagis and @SirYappityyapp

Ok so it wasn't a dream.. At midnight last night a robot lady voice comes on loud speaking in my Tokyo hotel room and is like "prepare for an Earthquake. An earthquake is about to happen" 4x in a row. but that's it. I was like wtf. So I went down to lobby and the guy was like 'it's only a 2 don't worry about it' Phew. That was first tho and hopefully a last

Wrote about BTAL today and how it is arguably a good ETF hedge for AI bubble burst periods or return of breadth as it goes short high beta stocks and long low beta stocks. This fund has long been a fav of critics/strategists but not popular with gen public- the ETF equiv of a Jim Jarmusch movie. Check it out on BI ETF.

Nice turnout at ETFs in Depth Asia which is in Tokyo this year. ETF market growing here just like everywhere else but BoJ still owns 80% of the ETFs. They have vanilla but now looking at buffers, spot crypto and private co-spiked ETFs, similar to US. Big dif tho bt US and rest of world is fee-based advisors/RIAs. Most still in bank/broker/MF commission system like US 40yrs ago (= high fees, MF stickiness).

If you're in Philly, James and I will be doing a book chat next Monday 11/2 after work at Bitcoin Jawn, which takes place in this oversized real deal Chinese restaurant on Washington Ave. Come for the discussion and noodles, stay for the karaoke.

Trump Accounts may soon be expanded even more to anyone under 40yrs old. That would be another 100 million people, on top of the 70 million kids and 3.5mil babies born each year. This according to Brad Gerstner who is the main guy spearheading efforts on this. He also said Elon is 'tip of iceberg' Nice scoop and piece on it from @LydiaMoynihan @nypost

My first official book intv w/ Natalie who got early copy. Covered a lot of ground. Main thrust: Bitcoin is in a transition period, like most 18yr olds. Huge feat to make it this far, penetrate Wall Street, the govt, get ETF-ized, attract Boomers and become legit asset class. Some things that will help it grow from here IMO: decreasing volatility and correlation, fighting harder to 'own' the messaging as solution to affordability problem (which is only going to get worse) and fending off any quantum/AI threats and/or replacement networks. This is why we almost called the book Bitcoin Grows Up.

The Stock Market Is Currently Out of Breadth But It's No Reason to Worry.. new from me on the latest worry being hurled at investors from the columnist class and what they aren't telling you: 1) over past 100 years only 4% of stocks generated all net US market-wealth creation w/ half of cos lagging treasuries = lack of breadth has always been a thing 2) The big cos doing all the heavy lifting are not normal big cos, they are like small countries- each of them having acquired hundreds of companies. Microsoft and Google have each acquired 270(!) companies. I don't think they enforce anti-trust laws anymore. So you have prob should think about the Mag 7 as the Mag 700. In that sense, there are hundreds of companies leading the 'breadthless' S&P 500 right now. Read the full note on BI ETF.

Wrote about CLO ETFs today and why their immunity to rising rates (which is wreaking havoc on 85% of bond ETFs) is likely going to increase their juggernaut growth. The trade-off is that as rates rise, borrowers behind these loans face higher funding costs, which could increase their credit risk. For now tho, the US economy remains relatively firm, and JAAA holds the highest-quality CLO tranches. Here's $JAAA vs 10yr yield vs $AGG. Full note incl tale of the tape of the CLO ETFs on BI ETF

Cinthia went deep on IQ with multi-factor ETFs (remember those?) which are crushing the flows (semi-shock) and why to look at buyback ETFs in an AI Capex free for all era. Love when guests bring non-obv topics like this. Good hit.