95.7% of all the bitcoin that will ever exist has already been mined. There were 20.10M BTC in circulation on Oct 28. That leaves about 895K still to come, spread out until around 2140. Half of all bitcoin, 10.5M, was mined before the first halving in November 2012. Since the fourth halving in April 2024, miners get 3.125 BTC a block, or about 450 a day. The next halving, expected in 2028, cuts that to about 225. New supply now adds about 0.8% a year to the pile, and that rate only shrinks from here. How many of those 20.1M coins are lost for good?

Franklin Templeton launched two ETFs this week that turn stock dividends into Bitcoin. @FranklnTempletn listed $FBEQ and $FIBT on Nasdaq on Thursday. FBEQ tracks about 500 of the largest U.S. companies for 0.09%. FIBT tracks the 100 largest non-financial Nasdaq names for 0.19%. Both started at 95% stocks and 5% $BTC. Every dividend the stocks pay gets reinvested into Bitcoin at the market open the day after the ex-date. No one decides when to buy. The fund does it automatically. That makes it a small, rules-based Bitcoin buyer inside a plain index fund. The catch is the rebalance: each quarter, if Bitcoin is above 5% of the fund, it gets cut back to 4.5%. If it ever tops 20% between rebalances, it gets cut to 4.5% within two business days. So the fund buys Bitcoin every time a dividend lands, and sells some back into stocks every quarter Bitcoin runs.

Bitcoin's hashrate is up 15% from its July low, even as five big listed miners hand their power to AI. The 30-day average reached 1,028 EH/s on Oct 28, about 7% below the 1,110 EH/s record from Nov 12, 2025. IREN, Core Scientific, Bitfarms, TeraWulf and Cipher mined 47% less bitcoin from Jan 1 to Oct 19 than a year earlier. Between them they've signed more than $50B of AI and computing contracts. Other miners are filling the gap. Bitdeer more than doubled the hashrate in its own data centers in a year, to about 82 EH/s at the end of September. So the AI exit is changing who mines bitcoin more than how much gets mined. The miners who stayed are still squeezed. BTC closed Oct 28 at $81.2K, 28% lower than a year earlier, so every coin they mine is worth less. How long can the rest keep adding machines at that price?

95.7% of all the bitcoin that will ever exist has already been mined. There were 20.10M BTC in circulation on Oct 28. That leaves about 895K still to come, spread out until around 2140. Half of all bitcoin, 10.5M, was mined before the first halving in November 2012. Since the fourth halving in April 2024, miners get 3.125 BTC a block, or about 450 a day. The next halving, expected in 2028, cuts that to about 225. New supply now adds about 0.8% a year to the pile, and that rate only shrinks from here. How many of those 20.1M coins are lost for good?

Franklin Templeton launched two ETFs this week that turn stock dividends into Bitcoin. @FranklnTempletn listed $FBEQ and $FIBT on Nasdaq on Thursday. FBEQ tracks about 500 of the largest U.S. companies for 0.09%. FIBT tracks the 100 largest non-financial Nasdaq names for 0.19%. Both started at 95% stocks and 5% $BTC. Every dividend the stocks pay gets reinvested into Bitcoin at the market open the day after the ex-date. No one decides when to buy. The fund does it automatically. That makes it a small, rules-based Bitcoin buyer inside a plain index fund. The catch is the rebalance: each quarter, if Bitcoin is above 5% of the fund, it gets cut back to 4.5%. If it ever tops 20% between rebalances, it gets cut to 4.5% within two business days. So the fund buys Bitcoin every time a dividend lands, and sells some back into stocks every quarter Bitcoin runs.

@VitalikButerin keeps 92.9% of his tracked crypto in $ETH, about 251K coins. Nearly everything else is stablecoins, lent out on @aave: $GHO (Aave's own stablecoin): 1.86% $USDtb (Ethena): 1.58% $USDT: 0.84% $USDC: 0.78% $EURC (Circle's euro coin): 0.63% $PYUSD (PayPal): 0.62% $LUSD (Liquity): 0.28% That's about $42M across seven stablecoins on Aave, plus about $2M of USDC in Yearn. His most recent swaps were on May 1, when he traded dozens of small memecoins into ETH, including tokens named after him. He holds 304 different tokens in all, but 284 of them are each under 0.001% of the portfolio. We track 39 Insider Portfolios, including Arthur Hayes, Justin Sun and Ansem. Get an alert every time they trade 👇

Google wants to hold a piece of your bank's crypto keys, but never the whole thing. @googlecloud showcased its Multi-Party Compute service at a New York event this week. It's in private preview, with general availability planned for early 2027 and no pricing yet. The service splits a wallet's private key into shares. One sits with Google Cloud, one in the bank's own hardware and one can sit with a rival cloud. No single party, Google included, ever sees the full key. Signing takes a threshold of shares, like 2-of-3 or 5-of-7. A policy engine checks every transaction against rules such as spending caps and approved wallets before anything gets signed. Alphabet already uses it for its own $ETH and $SOL, and unnamed banks are testing it. That puts Google up against custody specialists like @FireblocksHQ and @BitGo. Would you trust a bank that splits its keys with Google?

Bitcoin's hashrate is up 15% from its July low, even as five big listed miners hand their power to AI. The 30-day average reached 1,028 EH/s on Oct 28, about 7% below the 1,110 EH/s record from Nov 12, 2025. IREN, Core Scientific, Bitfarms, TeraWulf and Cipher mined 47% less bitcoin from Jan 1 to Oct 19 than a year earlier. Between them they've signed more than $50B of AI and computing contracts. Other miners are filling the gap. Bitdeer more than doubled the hashrate in its own data centers in a year, to about 82 EH/s at the end of September. So the AI exit is changing who mines bitcoin more than how much gets mined. The miners who stayed are still squeezed. BTC closed Oct 28 at $81.2K, 28% lower than a year earlier, so every coin they mine is worth less. How long can the rest keep adding machines at that price?

Uniswap's fee switch brought in $15.5M in September, more than 5x what it made in January. For five years, every dollar of Uniswap's trading fees went to liquidity providers. UNI holders voted in December to send a slice to the protocol, and it switched on Dec 29. That slice can only be claimed by burning UNI. Fees have burned 13.3M UNI so far, on top of a one-time 100M UNI burn from the treasury. Protocol revenue totals about $60M through Oct 28, and it rises and falls with trading. September was the busiest month of the year, with $204M in total fees. October is running slower, at $6.4M of protocol revenue through Oct 28. Can @Uniswap keep the burn growing if volume cools?

Stablecoins added $100B in 2025. From Jan 1 to Oct 28 this year, total supply shrank by $2.1B. Supply jumped 49% last year, from $203.2B to $303.7B. In 2026 it peaked at $315.5B on May 17, then gave all of that gain back. The two biggest dollars are behind the stall. Tether's $USDT is down $5.3B since Jan 1, and Circle's $USDC is down $4.0B. Every other stablecoin added $7.2B combined, so smaller issuers are still taking share while the total stays flat. The stall largely tracks the market. Bitcoin is down 7% over the same stretch, while the first GENIUS Act rulebook for US stablecoins arrived in October. Does stablecoin growth need a crypto rally to restart?

@VitalikButerin keeps 92.9% of his tracked crypto in $ETH, about 251K coins. Nearly everything else is stablecoins, lent out on @aave: $GHO (Aave's own stablecoin): 1.86% $USDtb (Ethena): 1.58% $USDT: 0.84% $USDC: 0.78% $EURC (Circle's euro coin): 0.63% $PYUSD (PayPal): 0.62% $LUSD (Liquity): 0.28% That's about $42M across seven stablecoins on Aave, plus about $2M of USDC in Yearn. His most recent swaps were on May 1, when he traded dozens of small memecoins into ETH, including tokens named after him. He holds 304 different tokens in all, but 284 of them are each under 0.001% of the portfolio. We track 39 Insider Portfolios, including Arthur Hayes, Justin Sun and Ansem. Get an alert every time they trade 👇

Google wants to hold a piece of your bank's crypto keys, but never the whole thing. @googlecloud showcased its Multi-Party Compute service at a New York event this week. It's in private preview, with general availability planned for early 2027 and no pricing yet. The service splits a wallet's private key into shares. One sits with Google Cloud, one in the bank's own hardware and one can sit with a rival cloud. No single party, Google included, ever sees the full key. Signing takes a threshold of shares, like 2-of-3 or 5-of-7. A policy engine checks every transaction against rules such as spending caps and approved wallets before anything gets signed. Alphabet already uses it for its own $ETH and $SOL, and unnamed banks are testing it. That puts Google up against custody specialists like @FireblocksHQ and @BitGo. Would you trust a bank that splits its keys with Google?

The DTCC, which holds $114T in securities, started tokenizing stocks this week. @The_DTCC switched on its Tokenization Service on Wednesday. Select Russell 1000 stocks, ETFs and U.S. Treasuries can now be minted 1:1 as tokens, with about $30T in assets eligible. Each token keeps the same CUSIP and the same shareholder rights as the original. Tokens move 24/7 between registered wallets, while conversions in and out run on business days from 2am to 6pm ET. About 20 firms signed on at launch, including J.P. Morgan, Citi, Morgan Stanley, Fidelity, Citadel Securities, BofA, State Street and UBS. This is the firm behind the settlement of nearly every U.S. stock trade, not a crypto startup. The sticking point is where the tokens actually live. At launch they run on Canton and a private DTCC version of Besu, with Stellar and Circle's Arc slated for 2027. Does Wall Street's own tokenization rail pull assets onto public chains, or keep them off?

Uniswap's fee switch brought in $15.5M in September, more than 5x what it made in January. For five years, every dollar of Uniswap's trading fees went to liquidity providers. UNI holders voted in December to send a slice to the protocol, and it switched on Dec 29. That slice can only be claimed by burning UNI. Fees have burned 13.3M UNI so far, on top of a one-time 100M UNI burn from the treasury. Protocol revenue totals about $60M through Oct 28, and it rises and falls with trading. September was the busiest month of the year, with $204M in total fees. October is running slower, at $6.4M of protocol revenue through Oct 28. Can @Uniswap keep the burn growing if volume cools?

Wow! Binance just plugged a $6.34B hole in 2 days BEARISH that crypto hacks have reached this level BULLISH that crypto enables its companies to be SO PROFITBLE that they can fill $6.34B in 2 days on a weekend 0% chance any tradfi company can do that this fast

Stablecoins added $100B in 2025. From Jan 1 to Oct 28 this year, total supply shrank by $2.1B. Supply jumped 49% last year, from $203.2B to $303.7B. In 2026 it peaked at $315.5B on May 17, then gave all of that gain back. The two biggest dollars are behind the stall. Tether's $USDT is down $5.3B since Jan 1, and Circle's $USDC is down $4.0B. Every other stablecoin added $7.2B combined, so smaller issuers are still taking share while the total stays flat. The stall largely tracks the market. Bitcoin is down 7% over the same stretch, while the first GENIUS Act rulebook for US stablecoins arrived in October. Does stablecoin growth need a crypto rally to restart?

The DTCC, which holds $114T in securities, started tokenizing stocks this week. @The_DTCC switched on its Tokenization Service on Wednesday. Select Russell 1000 stocks, ETFs and U.S. Treasuries can now be minted 1:1 as tokens, with about $30T in assets eligible. Each token keeps the same CUSIP and the same shareholder rights as the original. Tokens move 24/7 between registered wallets, while conversions in and out run on business days from 2am to 6pm ET. About 20 firms signed on at launch, including J.P. Morgan, Citi, Morgan Stanley, Fidelity, Citadel Securities, BofA, State Street and UBS. This is the firm behind the settlement of nearly every U.S. stock trade, not a crypto startup. The sticking point is where the tokens actually live. At launch they run on Canton and a private DTCC version of Besu, with Stellar and Circle's Arc slated for 2027. Does Wall Street's own tokenization rail pull assets onto public chains, or keep them off?

Bitcoin crashes below $80K. What now? $629M liquidated in the first hour after the Binance hack news broke $1.6B in total crypto liquidations over 24 hours, $1.35B of it longs ETH dropped below $2,300, signaling broad market weakness not isolated to BTC Tech stocks falling in tandem (Intel down 20%+) suggests macro pressure, not just crypto-native selling What to watch: ~$76.5K, the average cost basis of short-term holders, and whether Binance reopens withdrawals by Sunday

Illinois wants DEXs to collect crypto taxes. @a16zfrontier, @fund_defi and @Uniswap are now pushing back on the Illinois Digital Asset Tax Act. The law already taxes transactions just for being digital. The draft rules go further: → Many DEXs would be treated as tax-collecting brokers → Residents could be taxed even when no trade happens, like moving funds between their own wallets Their argument: software can’t collect a tax, and the rules conflict with how the Treasury classifies DEXs and with Illinois’ own digital asset law. Separately, @CCI and @BlockchainAssn are challenging the Act in court.

Wall Street is moving billions onchain. So why is $ETH still stuck at $2,500? @DavidDuong, Head of U.S. at @ethereuminsti, says Ethereum adoption is accelerating, with JPMorgan now bringing its deposit token to mainnet. But there's a catch: more Ethereum activity doesn't necessarily mean more value for ETH holders. FT @BitcoinJesusETH ⏱ TIME POINTS ⏱ 00:00 - Intro 01:05 - What Is Ethereum Institutional? 02:54 - Are Institutions Finally Adopting Ethereum? 05:24 - Get Milk Road PRO for $1 05:37 - Why JPMorgan Chose Ethereum 07:44 - Which Wall Street Giants Are Next? 09:46 - SEC's Tokenized Stock Breakthrough 11:36 - Who Controls Ethereum's Future? 13:09 - Why Is ETH Stuck at $2,500? 15:52 - Can Ethereum Outperform Bitcoin? 18:21 - Bitcoin Holds Strong as AI Stocks Crash 21:13 - Sponsor: Alumni Ventures 21:41 - What Will Push Bitcoin Above $87K? 25:01 - Bitcoin vs. the Fed and Midterms 28:52 - New Crypto Bull Market or Fakeout? 31:28 - Will Wall Street Send 15 Altcoins Soaring?