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BLACKROCK BOUGHT $888M OF ETH IN 8 DAYS BlackRock’s clients have net-purchased $889.8M of the ETHA ETF in the past 8 trading days. There was not a single day when they did not buy.

Would you believe that how much household's owe in liabilities is near the lowest level since the early 1960s? When you look at it as a % of total assets it sure is. Show them this next time they tell you how leveraged up we are.

Blockchain allows a synergy that we couldn’t have before. More assets can be monetized for yield, which increases the borrowing ability and collateral exponentially, all while transaction speeds explode and fees decrease. A whole new array of products will be able to interlink with these new updated rails and create a new area for finance. $ETH having the dominating share in almost all of big projects. The incentives to create products where liquidity and security is best will likely create a network effect that will consolidate most activity on the best chain while other projects become precise solutions for specific use cases. All of this while the l1 scales exponentially and economies of scale does the rest.

There is a lot to be excited about with this announcement; here are our thoughts: New financial assets want to launch where maximum liquidity and security already exist. Ethereum leads in both, making it easier for the next institution to come onchain, which in turn makes Ethereum more useful for the institution after that (thanks to composability, liquidity, security, and network effects). Ethereum can win the tokenization race by becoming the obvious place for these assets to live. Onboarding 80 million Revolut customers is strong validation of that claim. Furthermore, Revolut choosing to launch a Euro stablecoin is very interesting. This choice validates Ethereum as a neutral financial infrastructure where dollars, euros, securities, credit, and entirely new assets can coexist, trade against each other, and inherit the same global liquidity and applications. It strengthens our belief that Ethereum can become the settlement layer for the entire global economy. To us, Ethereum winning the tokenization race will look like it becoming the place where the entire financial world naturally wants to meet; and that is exactly what we are excited to see, and at times, help make happen. Welcome to Ethereum, @Revolut.

Another sign the debasement trade is starting to replace AI mania: Store of value frenemies $GLD & $IBIT are back in the Top 10 most traded ETFs, knocking down some of the semiconductor ETFs, which took over the list all summer. They're still punching above weight but not nearly as much.

Thoughts from -> Michael Hartnett, BofA | “Success is Expected, Failure Is Unthinkable” US is moving toward a form of “quasi-QE”, largely because policymakers need to contain long-term Treasury yields and government financing costs. •Bessent’s “3-3-3” plan is well behind target: real GDP growth is below 2% vs. a 3% target; the fiscal deficit is around 6% of GDP vs. 3%; and oil production has increased by only ~0.3m barrels/day since 2024 vs. the targeted +3m. •US federal debt has crossed $40tn, while Treasury issuance remains enormous. At the same time, AI/hyperscaler companies are issuing increasing amounts of debt – BofA estimates they could represent roughly 9% of gross US investment-grade bond supply in 2026. This creates significant competition for capital. •The Treasury has doubled buybacks of longer-dated bonds. Hartnett characterizes this as “quasi-QE”: it is not traditional Fed quantitative easing, but it effectively aims to support the Treasury market and prevent long-term yields from rising too far. •The critical threshold is approximately 5% on the 30-year Treasury yield. If policymakers cannot keep it below that level, Hartnett sees a potential loss of policy credibility and greater financial-market stress. •Policymakers are effectively defending several “Maginot Lines”: long-term Treasury yields, gasoline/oil prices, and USD/JPY around 160. •Energy policy is constrained because the Strategic Petroleum Reserve and broader US crude inventories are historically low, limiting the government’s ability to suppress oil prices through reserve releases. Hartnett remains long gold, expecting monetary/fiscal intervention and liquidity support to continue benefiting asset prices, as previous QE episodes did. The important tail risk is the opposite scenario: if “QE5”/quasi-QE fails to keep the 30-year yield below ~5%, Hartnett expects a weaker US dollar, deleveraging, and a rotation away from long-duration/high-leverage assets toward short-duration and low-leverage exposures, including some financials. Markets increasingly assume that US authorities will intervene whenever Treasury-market stress threatens the financial system or AI investment boom. Because intervention success is already expected, policy failure could be considerably more disruptive than another successful intervention would be positive.

Stanley Druckenmiller renders an unfavorable opinion of Treasury Secretary Scott Bessent's use of buybacks to defend against higher yields in a market that is functioning normally. "I have spent five decades trading on a simple premise: Markets aggregate information no committee possesses, and prices are how that information reaches decision makers. The long-term Treasury yield is the most important price in the world. It is also the only fiscal disciplinarian the U.S. has left." "Every basis point of artificial yield suppression is a subsidy to procrastination." "Return buybacks to their stated purpose: small, scheduled, off-the-run liquidity operations announced at quarterly refundings, never off-cycle responses to yield levels. Term out the debt honestly and pay the price the market sets." "If the 30-year must trade at 5.5% to clear, that isn’t a crisis. It is an invoice. Then do the only thing that durably lowers long-term yields: address the primary deficit."

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