LIT is up 5.9x since May. Is it still a buy, or has the rally run its course? I’ve been championing Lighter for a long time because I truly believe their product is simply better than everything else on the market. And honestly, their team is the best. When you’re investing into startups, that’s really what you’re underwriting. It’s also why Lighter can point to heavyweight backers like Founders Fund, Dragonfly, Robot Ventures, and Robinhood, alongside other major names. That is exactly what pulled me in, too. But none of the product metrics were moving in the right direction, so I sold right before the token really started running. I highlighted the day when I sold on the chart below. Since that point, the token has nearly 6x. It’s tempting to chalk that up to booming business momentum, but the numbers don’t support it. The core metrics stayed basically stagnant until mid‑August, when OI jumped to nearly twice its prior level mainly due to price increases. It’s a welcome step in the right direction, but it still feels a long way from earning a sixfold price hike. My investing philosophy is that fundamentals eventually drag price where it belongs. Once I truly understand a business, I can judge whether its earnings power is set to expand and that’s how I build my thesis. When an asset is driven purely by sentiment, you’re just guessing. That’s why I ask myself: if no new buyers show up for the next three years, what return do I get anyway? When a company’s fundamentals are truly solid, profits keep rolling in, and assuming I didn’t overpay on the way in, the payoff on my investment should be very compelling. They might kick off share repurchases, boost shareholder dividends, or acquire other companies to fuel the next leg of expansion. In crypto, token holders often push for buybacks, but unless they scale up over time (they usually don't, they’re unlikely to create sustainable demand pressure and only deliver a short-lived price bump. I’m revisiting the leading crypto projects to see if anything stands out as a real opportunity, but so far it’s been a dead end. Drop your favorite token below that's worth exploring, and I will take a look. Follow me for more updates. Or see my real-time portfolio here:

BREAKING: $GLXY adds $100M sUSDS to its corporate treasury and buys an undisclosed amount of $SKY tokens. Users can deploy sUSDS as collateral in Galaxy's lending while continuing to earn the full Sky Savings Rate. The move links TradFi activity to onchain financing through Spark and expands institutional access to yield-bearing stablecoins. sUSDS is the savings token of Sky Protocol. You deposit USDS to receive sUSDS and capture a share of the protocol revenue paid out as yield. Sky reported ~$5.52B sUSDS supply at the end of Q2 2026 (up 149% Y/Y). The protocol itself recorded a fifth straight quarter of surplus (~$107.3M income, and ~$33.29M net surplus) during this period. The latest move shows SKY is increasingly the protocol of choice for institutions moving capital in size, not just a retail savings product. Zooming out, GLXY is two stories in one ticker. The First is the institutional crypto market story (which includes their trading and lending platforms), and the other is the AI data centers story (Helios et al.). This deal sits entirely in the first bucket. For GLXY, approving sUSDS as collateral on a ~$1.4B loan book (1,600+ counterparties) signals a product move that breaks traditional crypto lending, which usually forces a trade-off between yield and liquidity. For SKY holders, the move signals institutional credibility. It can also help grow its protocol revenue and Net Surplus, which directly feeds the SKY buybacks. $SKY is up ~13.9% while $GLXY is up ~4.3% in the past 24 hours.

BREAKING: CFTC launches examination of Kalshi perp volumes after WSJ accuses Kalshi of fake perp volumes. As a CFTC-regulated market, if the investigations reveal wrongdoing, this could be a major blow to the prediction market giant's "regulated=real liquidity" pitch. To be clear, this isn't enforcement action. CFTC is in the "look at the data first" phase for now. Watch what the CFTC does next. An official probe could impact Kalshi's adoption and growth, especially with Hyperliquid looming on its doorstep, with a potential US entry backed by Payward, Kraken's parent entity. Hyperliquid's HIP-4 allows any deployer to launch prediction markets by staking a meaningful amount of HYPE tokens and running them on an open and permissionless blockchain.

BlackRock's new report says AI and Crypto are complementary technologies. They share three zones of overlap: > Shared tokenization architecture: LLMs break language into tokens machines can understand. Blockchains break economic value into tokens machines can verify, transfer, and settle. > Agentic commerce needs machine rails: Cards, ACH, and bank accounts were built for humans clicking buttons. Agents need 24/7, programmable, high-frequency rails, which crypto-powered protocols like x402/MPP provide. Compute is becoming a digital asset market: Hyperscaler cloud revenue is projected to reach ~$1.1T by 2030. Standardized, tokenized claims on compute capacity could be financed, hedged, and settled onchain. Citing simulations by the Bitcoin Policy Institute, BlackRock further said that ~79% of models chose BTC for value storage, while 52% chose stablecoins for transactions, with bank money at under 9%. If the thesis plays out, crypto isn't just a side hobby for AI; it becomes the structural buyer of: > Settlement and blockspace > Stablecoin float and velocity > Programmable assets (tokenized cash, treasuries, RWAs) > Eventually even compute claims Coinbase and Solana are already leading in x402 agentic payment transaction volumes, while Stripe-backed Tempo is lining up agentic transactions with its MPP protocol. Data from Artemis already show agentic transactions going from virtually zero in Q4 2025 to ~262M till date. Circle-backed USDC is the workhorse asset for x402-style flows. Circle's recent launch of the ARC Network, with the intention of becoming the settlement layer for agentic transactions, proves they're already building products to lead this category. BTC, ETH and SOL are all big beneficiaries of the machine economy. BTC is the savings asset for AI. ETH's default settlement-layer vibes, combined with its lead in stablecoins and RWAs, mean more and more agents will use the network for identity, wallets, and transactions. SOL, on the other hand, is the best positioned for low-cost, high-volume transactions.

Looking for your next big investment idea? We called COIN, HOOD, and HYPE before their big run ups. PRO members get direct access to our top analysts, along with their live trades and portfolios. Try it for 7 days, for $1:

Robinhood vs. Arc Chain (one week after mainnet) ARC > Total txns: 19.6M ✅ > Active users: 396.5K ✅ > Total fees: $382.49K ✅ Robinhood > Total txns: 6.1M ❌ > Active users: 53.2K ❌ > Total fees: $16.20K ❌ ARC mainnet date was September 16. Robinhood chain mainnet was July 1. Source: Token Terminal

Does Bitcoin's break above the 50W SMA confirm the crypto bull market? Bitcoin at $86K doesn't mean a new bull market started. It means crypto finally caught up to the one that already existed. "There's been a bull market in a lot of other assets for a very long time that crypto just has not participated in." Getting back above the 50-week moving average just means Bitcoin reverted to the mean. The real question is how far above it goes from here.

BREAKING: After SEC's Innovation Exemption on tokenized stocks, the first batch of approved trading venues could go live as early as Q4. The SEC dropped rules on tokenizing US stocks and enable 24/7 trading via TSVs, or Tokenized Stock Venues, on a permissionless blockchain last week. Taylor Lindman, chief counsel of the SEC Crypto Task Force, said the agency expects firms to begin publishing required notices outlining their plans in the coming months. The SEC issued a five-year conditional exemption last Friday, allowing eligible platforms to facilitate trading in tokenized US stocks through permissioned pools. Despite relying on AMMs, a decentralized technology primitive, the new venues will not operate as pure-play DeFi platforms. Lidman says this is "more onchain finance than DeFi". Permission pools today handle only a fraction of onchain DEX volume compared to permissionless pools. ethereum:0x1f9840a85d5af5bf1d1762f925bdaddc4201f984, solana:4k3Dyjzvzp8eMZWUXbBCjEvwSkkk59S5iCNLY3QrkX6R, and solana:orcaEKTdK7LKz57vaAYr9QeNsVEPfiu6QeMU1kektZE have issued their own primitives to deploy permissioned pools, allowing issuers to restrict swaps and liquidity provisioning to allowlisted/KYC'd users. MilkRoad Pro subscribers first learned about our analysts calling UNI in August. The Bull market is heating up. Don't forget to subscribe for a free $1/7-day trial of MilkRoad Pro today and grab the early alpha. Link below 👇

BREAKING: Bitcoin ETFs record ~$999M in inflows in the past 24 hours. Bitcoin broke its 50W SMA earlier this week, and now ETF buyers are bidding it up. MilkRoad's Crypto Analyst, John Gillen, says, "Price is the ultimate catalyst." Describing his take on "what's the real catalyst behind the move". With the oil chart now easing, traders are pricing in a potential de-escalation of the US-Iran conflict and the reopening of the Straight of Hormuz, reflecting their optimism about the situation. Brent is down ~3% on the news.

Everyone is calling this the start of a new crypto bull market. But what if it isn’t? @BitcoinJesusETH's take: crypto may simply be rejoining the broader risk-asset bull market it fell out of. If he’s right, the upside could still be huge, but the cycle may be much shorter than bulls expect. FT @LgDoucet ⏱ TIME POINTS ⏱ 00:00 - Intro 00:59 - Why Did Bitcoin Pump So Fast? 04:14 - Did the SEC Just Save Crypto? 07:30 - PRO 07:58 - Did We Miss the Altcoin Train? 14:41 - How Long Can This Bull Market Last? 20:20 - Sponsor: Nexo 20:55 - Is This Really a New Bull Market? 25:52 - Why the 50-Week MA Matters 30:23 - What Will Crypto Price In Next?

solana:Grass7B4RdKfBCjTKgSqnXkqjwiGvQyFbuSCUJr3XXjs made $32.1M in revenue since March 2025. Grass Network has released a third-party due diligence report validating its offchain revenues. The diligence covers all work orders from March 16, 2025, until June 30, 2026. Revenue: > 2025 (Mar to Dec): ~$17.6M > 2026 (Jan to June): ~$14.5M Until now, solana:Grass7B4RdKfBCjTKgSqnXkqjwiGvQyFbuSCUJr3XXjs revenues have remained a mystery since most of them are enterprise revenues collected offchain. This is the first time Grass has published 'third-party' verified results for the community. Grass says it is profitable today because 2025 pre-buys of compute/storage cut opex by ~$2.5M+/mo., with ongoing cash costs around $2–3M/mo. In July, the team gave revenue guidance of ~$65–75M FY 2026 from its training-data revenue business While seasonal, a big chunk of this guided revenue is expected to be booked/realized in Q3. Watch the next community call for confirmation on the trajectory. Grass is up +44% since June.

Why will ETH dominate? The same reason the US dollar dominates. "The reason why ETH will dominate is because Ethereum has the best digital infrastructure of all the blockchains." As the dollar flows seamlessly across global markets, underpinning all those financial products, ETH flows seamlessly across L2s. Look at the top trading pairs on Base, Arbitrum, Robin Hood's chain — most are denominated in ETH. FT @_julianMA @binji_x @decentrek

Breaking: solana:BPxxfRCXkUVhig4HS1Lh7kZqV6SPJhzfEk4x6fVBjPCy surpasses ethereum:0xfaba6f8e4a5e8ab82f62fe7c39859fa577269be3 in total Tokenized stock DEX volume by ~4x At the same time, Backpack is valued at 10% of ONDO Either the market is inefficient and BP is ripe for a strong re-rating or ONDO is extremely overvalued at these levels and will break down. Tokenized stock issuers are at war. Don’t forget about the power laws. The winner will take a lion’s chunk of the market.

Is Kalshi fudging its perp volumes? A viral thread circulating on X claims that they do. The catch is an abnormally concentrated, repeatable lot-size pattern on the ETH perp that's hard to explain with organic flows. The screenshots show $5,500 clips accounting for ~47-58% of ETH perp notional volume across four separate windows in mid-September. > 16-Sep: ~10K prints representing ~47.2% of notional > 18-Sep: ~15K prints representing ~58% of notional > 19-20 Sep: ~10K prints representing ~25% of notional The ETH perp volumes are also 174x its 24-hour volume. A high volume with low OI signals churn or circular flow. This could be either legitimate MM activity or coordinated wash-style trading that inflates volumes number without adding positions. Kalshi hasn't officially responded to the allegations, but Kalshi's Crypto Lead, IcoBeast, has pushed back, arguing the data mixes products or that incentive programs are disclosed and wash trades are excluded from rebates. H/T: @beniduboss

Bitcoin is defying Real Yields. Real yield is simply what an investor makes after inflation. Put differently, it is the true opportunity cost of holding a non-yielding asset (read Bitcoin and Gold). A high real yield spikes the opportunity cost of assets that pay nothing. As such, their impact on demand is restrictive. An investor buying Bitcoin here is implicitly or explicitly sacrificing guaranteed returns above inflation with no credit risk and almost no volatility. Here's how Bitcoin responded to yields before: > 2020-early 2021: Real yields were negative, and Bitcoin exploded. > 2022: Real yields spiked from negative territory to ~1.5-2% range and Bitcoin collapsed ~75%. > 2023-2025: Real yields remained elevatedb/w 1.5-2.2% range. Bitcoin still recovered and printed a new ATH of ~$126K before the 10/10 annihilation. > 2026-Now: Real yield at 2.61% now sits at the highest cluster on the chart. Bitcoin has corrected from its 2025 peak and is now positive again. The most recent bounce has occurred in rising yields. The current regime is the most restrictive for Bitcoin in over 7 years, yet BTC is going higher.

Where should the issuers tokenize assets? Base Layer or Execution Layers? "We want assets to be tokenized on the L1" — not for ideological reasons, but for product reasons. Assets issued on an L1 distribute more easily across L2s and can be used as collateral in app-chains within seconds. The UK regulator has already said that blockchains can serve as the official ledger of record for money market funds. That changes everything about why L1 security properties matter. FT @_julianMA @binji_x @decentrek

ETH's price helps shape the story investors tell about it, and that reflexivity is the strongest argument in its favor. When ETH falls, discussion gravitates toward weak value accrual and doubts about its purpose. When it rises, the same market rediscovers the appeal of a permissionless, decentralized base layer for finance. Feat. @BitcoinJesusETH @andyyy @therollupco