To The Moon

$Circle Internet Corp.(CRCL)$   $iShares Bitcoin Trust(IBIT)$   Binance just suffered an approximately: $6.3 BILLION SECURITY BREACH. Bitcoin dropped below $79K. Withdrawals were suspended. Billions moved through hacker-controlled wallets. The obvious conclusion? 🔴 Crypto is unsafe. I think the more interesting conclusion is almost the opposite. Because something extraordinary happened AFTER the hack. Roughly: $3 BILLION of affected assets has already been frozen on-chain. Circle reportedly froze more than: $800 MILLION. And THAT may be the most important part of this story. 🔥 THE HACK EXPOSED CRYPTO'S TWO SYSTEMS People talk about “crypto” as though everything wor

Coinbase reported Q3, so here's the full rundown and how my 3 tells did. the headline numbers: net revenue was $1.16B, basically flat on last quarter but down 34% on last year. transaction revenue was $590M (down 44% YoY) because consumer spot trading volume fell 59%, and monthly transacting users dropped to 7.4M from 9.3M a year ago. subscriptions and services held up better at $570M, which is now 49% of revenue, so the diversification story is actually showing up in the numbers. the new stuff is doing real work. prediction markets only launched in February and already passed a $200M annualised run-rate, and together with derivatives they're now about 25% of transaction revenue. trading market share went up for the 4th quarter in a row to 10.7%. the not-so-new stuff is weaker: staking (bl

$Circle Internet Corp.(CRCL)$   $iShares Bitcoin Trust(IBIT)$   Binance just suffered an approximately: $6.3 BILLION SECURITY BREACH. Bitcoin dropped below $79K. Withdrawals were suspended. Billions moved through hacker-controlled wallets. The obvious conclusion? 🔴 Crypto is unsafe. I think the more interesting conclusion is almost the opposite. Because something extraordinary happened AFTER the hack. Roughly: $3 BILLION of affected assets has already been frozen on-chain. Circle reportedly froze more than: $800 MILLION. And THAT may be the most important part of this story. 🔥 THE HACK EXPOSED CRYPTO'S TWO SYSTEMS People talk about “crypto” as though everything wor

Coinbase reported Q3, so here's the full rundown and how my 3 tells did. the headline numbers: net revenue was $1.16B, basically flat on last quarter but down 34% on last year. transaction revenue was $590M (down 44% YoY) because consumer spot trading volume fell 59%, and monthly transacting users dropped to 7.4M from 9.3M a year ago. subscriptions and services held up better at $570M, which is now 49% of revenue, so the diversification story is actually showing up in the numbers. the new stuff is doing real work. prediction markets only launched in February and already passed a $200M annualised run-rate, and together with derivatives they're now about 25% of transaction revenue. trading market share went up for the 4th quarter in a row to 10.7%. the not-so-new stuff is weaker: staking (bl