The biggest news is that the Fed cut rates yesterday, and markets rejoiced. Well, the stock market rejoiced. Bitcoin, on the other hand, rose all the way to $93.5K before puking down to $90K again (wiping out $250M in leveraged positions in the process).

Business as usual.

The orange coin can’t seem to catch a break no matter what, whether the news is positive, negative, or neutral.

BUT, just because Bitcoin’s price is down doesn’t mean there isn’t positive news around it. In fact, there were so many wild BTC headlines that we’re just going to hit you with all of them here.

Some of these are more exciting than others. Some of them are more… eye-roll-inducing than others. We’ll let you decide which is which.

We’ve never had crazier headlines about Bitcoin, and yet, trader sentiment is in the toilet.

At this point we’re just curious how long investor sentiment and institutional sentiment can continue in such opposite directions, rate cuts or no rate cuts.

We want to drill in on one of those bullet points from earlier. 

PNC bank is now allowing its clients to trade Bitcoin. This of course comes after Bank of America began recommending that its investors keep 1-4% of their assets in crypto and Vanguard finally began offering crypto ETFs.

The banks are on board, man.

But this PNC headline is different because it’s allowing users to buy, hold, and sell Bitcoin directly on their platform (through Coinbase’s Crypto-as-a-Service setup).

NO other bank in the US has ever done this.

PNC said this about the move: “As client interest in digital assets continues to grow, our responsibility is to offer secure and well-designed options that fit within the broader context of their financial lives.”

How wild is that? Bitcoin now “fits within the broader context” of TradFi people’s lives.

This is a signal that crypto investors’ predictions from the past 10+ years have come true: Crypto (specifically Bitcoin) has become… just plain finance. Bitcoin has moved in with stocks and bonds. It’s part of boomer and zoomer portfolios alike. We’ve “won.”

The question now is, “How much more upside is left in crypto now that institutions are in on it?”

This is not financial advice, but you already know our guess. Lot of upside left, but over a much longer time frame than we’re used to.

So, Michael Burry, the guy who called the housing market crash (you know, Christian Bale in The Big Short?), just posted this:

He’s learning about tokenization, which is obviously bullish, right? Well, maybe it’s a positive thing, but knowing Burry, he might very well mean he’s “learning” just how much he doesn’t believe in tokenization. After all, we already know he’s called Bitcoin our generation’s tulip mania and thinks BTC is worth nothing. 

But who knows, maybe he sees the value in tokenization as a technology even if he’s missed the value that Bitcoin offers. 

Robinhood launched tokenized stock trading for European users earlier this year, and JP Morgan launched a deposit token last month.

If Burry, with his 153K Substack subscribers and 1.6M Twitter followers, starts posting about tokenization, who knows what might happen. We’ll be watching closely.

We really appreciate you reading our newsletter, and we’d love to hear your feedback.

Just another week in these crypto streets. We’ll be very interested to see if the world-record IQ holder’s prediction of $300K Bitcoin in the next few months holds true… by which we mean, we don’t think it will happen and can’t wait to see what he says next. 

But anyway. Have a great week, and keep your head up!

Same time next week? Sounds good.

Until next time,
- The Chain Team