Nearly *$1bil* into iShares Bitcoin ETF today... 2nd largest inflow since Jan 2024 inception. I still remember when there was "no demand".

Politics aside, this is some excellent work… Preventing Elected Leaders from Owning Securities & Investments Act. Aka… PELOSI Act “This bill prohibits Members of Congress (or their spouses) from holding or trading certain investments.” Next level.

“There is no way for a retail investor to look at their market value assumptions and verify them”… No idea who this dude is, but he filed SEC complaint against State Street on SPDR Private Credit ETF (PRIV). Feels like this might become a story.

*Mastercard* working to facilitate global end-to-end stablecoin acceptance & payments capabilities… And you still think crypto is a scam.

Grayscale met w/ SEC Crypto Task Force last week to discuss staking in spot eth ETFs… SEC simply has to get comfortable w/ issuer solutions around this: “The ETP settlement cycle & the time necessary to transfer staked ETH may not align”. They will... matter of time IMO.

To be clear… This is NOT a *spot* XRP ETF. It will actually be several leveraged & inverse ETFs obtaining XRP exposure via derivatives. Also, a 2x XRP ETF is already trading (XXRP). Now, why are these being allowed before spot? Good question.

Nearly 16mos after spot btc ETFs launched, GBTC still making more $$$ than all of the other ETFs combined... And it's not even close.

Twitter algo seems optimized for political division, race-baiting, death, & war… I want “Town Square”. Not “Cable News Show”. Gotta stay on the “Following” tab.

Google searches for… Global Financial Crisis & Great Recession “Fear keeps us focused on the past or worried about the future.” via @alex_harring

“So the ticker symbol is TRUMP… you just need a phantom wallet…”

A little weekend reading… And I’m pleased to see @Ritholtz has the best title of a chapter ever.

Despite market volatility, ETF issuers on pace to blow away annual record for new launches… Currently averaging 75/month. And if ETF share class structure approved, 75/mo will look like child's play. via @VildanaHajric @isabelletanlee

This week's ETF buzz...

So who is the “smart money”…

Have determined that crypto makes people mentally ill… The people who haven’t spent any time learning about It.

iShares Bitcoin ETF on a heater… Now 9 straight days of inflows. $1.6bil new $$$.

Might be one of my favorite investment charts ever… Shows media mentions of “bull” vs “bear” market since 2017. I call this “Fear Sells”. via @EricBalchunas

SEC crypto task force met w/ @OndoFinance today to discuss tokenization… “Issuing & selling wrapped, tokenized versions of publicly traded US securities.” *SEC* is giving this an audience. Hope you’re paying attention.

China leadership thinks in terms of multi-decades… US elected politicians think in terms of 24/7 news cycle & sound bites. This is primary challenge US will have to overcome to “win” any trade war IMO.

“Zweig Breadth Thrust” “SuperZweig” Nobody. Knows. Anything.

Nearly $450mil into spot btc ETFs today… Now $2.8bil over past 5 days. “ETFs are on a bitcoin bender.” -@EricBalchunas

Latest ETF Pulse is out... @KristinReports & I cover: -GLD's long-term outperformance -Investors flocking to short-term treasury ETFs -Schwab to offer direct spot crypto trading -@etfcom awards

Just for some context on this… Largest ETF, the Vanguard S&P 500 ETF (VOO) has taken in over $51bil *just this year*. IBIT’s *total assets* = $54bil Would be Herculean feat for IBIT.

$2.3bil into spot btc ETFs over past 4 trading days… IBIT w/ 7 day inflow streak. Btc now back at $93k. Highly interested to watch flows over next week or two given btc performance during recent market turmoil. Like I said, it’s showtime for btc. So far, performing well.

Winner of the 2025 @etfcom award for “Best New ETF”… iShares Bitcoin ETF (IBIT) “ETF of the Year” goes to… Vanguard S&P 500 ETF (VOO)

Love how the people shouting fire in a crowded theater two weeks ago are now telling people to buy & hold…

Something I'm very proud of... Promoting ETF education. "The gap between ETF-fluent professionals and everyone else widens daily, just as surely as these products continue capturing record flows."

Get such energy walking into this place… Plus perfect day in NYC!

This week on @ETFPrime, @VettaFi’s @kirstenchang16 dives into the record wave of new ETFs—from global macro hedge fund plays to the first-ever CAT bond ETF and more! 🚀 Plus, @BNYglobal's Ben Slavin shares what’s next for ETF share class innovation. 🎧 Tune in and get up to

New SEC Chairman Paul Atkins… “A top priority of my chairmanship will be to provide a firm regulatory foundation for digital assets through a rational, coherent, & principled approach.” *Rational, coherent, & principled* Breath of fresh air.

Live look at Vanguard investors right now…

Bitcoin one of biggest winners from events over past several weeks IMO… At least from a philosophical standpoint. Further erosion of trust in governments & politicians will push people towards alternatives. Not saying that’s good or bad, but think logical.

Imagine trying to make meaningful investment decisions based on this news flow… Entire situation continues to be uninvestable IMO.

I believe the Trump administration’s trade policies are generally ______ and I expect the S&P 500 to be ______ in 1yr.

Pro-crypto Paul Atkins sworn in as SEC Chairman today… Full serving of ETF-related items on his plate including: 1) In-kind creation & redemption for spot btc & eth ETFs 2) Staking in spot eth ETFs 3) Dozens of crypto-related ETF filings Should start seeing real movement.

An ETF industry celebration… My latest for @etfcom.

ARK now has first US-listed ETFs w/ exposure to spot solana… ARKW & ARKF holding small positions in 3iQ Solana Staking ETF, which just launched in Canada. via @CitywireRIA

There are now 72 crypto-related ETFs sitting with the SEC awaiting approval to list or list options. Everything from XRP, Litecoin and Solana to Penguins, Doge and 2x Melania and everything in between. Gonna be a wild year. Great roundup from @JSeyff

Price of bitcoin 1yr ago… $65k Price of bitcoin today… $87k Think about everything that’s happened over past yr. Bitcoin ↑ 34%.

“This idea that you can break trade, & not break the capital flow side, is a fantasy”… “If the dollar depreciates by 30%, what is the return on your investment in the US? Everybody is doing the math.” Sustainable turning point for international stocks? $$ has to go somewhere.