Hodlbec⚡️

True story… Indian guy just came to replace my water filter & spent 30 mins pitching me Gold. Don’t disagree that it’s repricing higher and that likely continues over the next few years but in terms of signals of near term highs… I put that up there with my taxi driver pitching me crypto.

🚨THE BANKS ARE AT WAR WITH THE PUBLIC🚨 This has nothing to do with crypto safety, market stability, or protecting retail. This is about power, specifically who gets to manufacture yield. For a century, banks have held a monopoly on yield creation. They take zero-cost deposits, lever them into opaque balance sheets, skim the spread, and gatekeep access through regulation written by themselves. Yield is their crown jewel because yield is political power. Whoever controls yield controls savings behavior, capital allocation, and time preference across society. Then you introduce a dollar that can move at internet speed, settle instantly, and soon pay yield directly to the holder. You never have to walk into a branch and see a banker. That is an extinction-level event for legacy banking. If stablecoins pay even 4 to 6 percent natively, banks lose the ability to underpay deposits. If stablecoins pay 8 to 10 percent through on-chain credit markets or Bitcoin-backed structures, banks lose the entire retail funding base. Deposits would flee. Net interest margins collapse. Balance sheets shrink. Political leverage evaporates. So the response is predictable. Banks do not argue against stablecoins directly. That would reveal the game. Instead they demand “yield agreements.” Translation for that is "let us sit in the middle". Let us tax the yield. Let us repackage it. Let us preserve the illusion that finance requires licensed intermediaries to function. The bill exists to modernize crypto only insofar as crypto agrees to behave like a bank without threatening banks. Yield is the red line. Because once people experience native yield on digital dollars, they will never accept 0.1 percent again. Once capital can earn real return without permission, the entire structure of financial repression collapses. Pension games. Deficit monetization. Forced risk-taking. All of it becomes visible overnight. This is why stablecoin yield is treated as radioactive. Because it is catastrophic to entrenched power. And that is the quiet war underneath every “market structure” headline.

Some Bitcoin whales are doing custom creations of $IBIT (trading in their physical Bitcoin for shares of the ETF) for a variety of benefits after discovering TradFi has its perks. BlackRock has done $3b of these. These are called portfolio trades and popular in bond land. Great piece on it from @emily_graffeo

Let’s subtract USDT & USDC and paint the real picture which suggests it could coil for another 9 months. Looks like a range that doesn’t have to breakout either and could comfortable come back to the mid range without breaking HTF structure which would extend it more.

If everything is fine, then don’t change anything at all. But when the financial system isn’t working for so many people in the UK, it needs to be updated.