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Welcome to day 5 of Bullish Christmas🎄! We are getting into the weekend. Black Friday is behind us. We're weeks away from the big event. You're seeing UPS, FedEx, and Amazon packages show up at your doorstep faster than pigeons surrounding Grandma as she takes a seat on the city park bench. Each cardboard box is a reminder of just how stuffed that credit card bill will be when it hits next month, and nothing scares you more than that nasty high APR if you roll that balance over. Guess what... The market is the same way. When rates get high, credit tightens up. You've watched it countless times already. The scene plays... Mr. J Santa Powell strolls up on game day to the mic. Rubs his hands together with coal dust and follows it up with a Lebron James toss to the sky... Next thing we know, he snags our chicken tendy from our hand and inhales it without blinking. Then jacks them rates higher. Cash tightens up. Banks get scared. And the market realizes its a little over its ski tips... So it pulls back. Same thing happens in crypto. Crypto has its own macro markers just like the normal financial world. When rates run high, cash gets tight. And markets top out. The good news is... Bottoms get put in when rates drop near treasury yields. And that's what we have today. Rates are basement bottom low. Just take a look at this chart of borrowing rates for Tether. Green bubbles represent when borrowing Tether is <5%. And that's what happened one week ago. It's as low as things get for stablecoin borrowing. No, it doesn't bottom tick your chart. No, it doesn't tell you the market is running higher tomorrow. No, that doesn't mean you up a 20x long. Instead, it tells us is that the market has reset. Our confidence can grow. Positions can be built. So brighten up, be jolly and spread the cheer. We're gearing up for a run. It's a BullishChristmas and we got 20 more days of it! Now go out, knock on your friends door and be that Christmas caroler that shares this bullish hopium with all your friends.

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The next few weeks set the stage for 2026 The government shutdown certainly created an air of uncertainty. There WAS a lot of momentum in Washington D.C. as it pertains to putting a digital asset framework bill together in 2025. This momentum came on the heels of an executive order that was put into action at the beginning of Trump’s term. The findings from the order helped piece together what the White House calls Project Crypto. And within days we witnessed the SEC, CFTC, Treasury Bessent, and Congressional representatives all publicly showcase a unified vision and effort. A vision that not only green lighted crypto, but brought the financial system onchain. This compelled the Democrats in the Senate to begin talks on the framework bill early on with the hopes of a vote coming at the end of October. But then the shutdown began. It initially felt like a pause, but after a few weeks it turned into a loss of momentum. This is now forcing Republican lawmakers to try to get this done in an accelerated timeline with a very limited amount of days in session left in the year. Democrats know this and gained some leveraged, mostly because pushing the framework into 2026 makes passage more difficult given it’s an election year. Why it's a partisan issue is likely more about Wall Street having certain Democratic allies, not because it's against their views - money talks. Now, the bill is still top of mind for the administration and many within Congress. We can see they are looking to generate momentum once again with the President putting some talking points into the media and the Senate Ag committee putting a draft out yesterday. However, the most contentious issues between Democrats and Republicans still remain up the air. In particular, the sections in the bill around DeFi and Anti-Money Laundering language is yet to be written out. This needs to get hammered out quickly if there is a chance for passage. If momentum does materialize, the markets look receptive to this good news. That’s because you have some surrounding catalysts that would create strong tailwinds for the digital asset markets. These catalysts being a possible Federal Reserve rate cut with odds of a 25bps cut currently at 67%, the TGA account adding liquidity into markets as the shutdown ends, the end of quantitative tightening beginning in December per the Federal Reserve, and crypto markets haven’t produced substantial gains in 2025 so we could see firms position themselves in December for 2026 instead of profit taking for tax season like last year. All in all, the shutdown has been a wet blanket of late. It caused a loss of momentum that has translated to digital assets missing out on much of the gains realized in equity markets. If we see momentum around a digital asset framework being passed this year alongside the other macro catalysts, 2026 looks very strong for crypto to not only play catchup, but outperform. But what we need to also realize is the market is becoming more discerning. Yesterday, BlackRock's digital asset rep mentioned the long tail of poor assets in the industry. And then you had Uniswap announce plans to improve the quality of their native token.. on the same day. This was likely a blessing from their stakeholders in response to what is being heard from entities like BlackRock. This is your signal on what the flow of capital over the next year will be looking for - quality cryptocurrencies. What is quality? Projects that balance supply and demand to try and form market equilibrium for their tokens. These are currencies, not equity. If they were going to go towards the equity route, you would have seen Uniswap lean into revenue share, not token burns. Again, that's signal. 2026 is shaping up to be a very strong year for digital assets. I'm sure we'll see memecoins and other speculative assets within crypto run at some point, but the first and second waves that lift the tides will be fundamentally better. Let's see how the next few weeks in D.C. shape up as they could spark an end of the year rally that starts a mega 2026 run. Your Pulse on Crypto, Ben Lilly

💥BREAKING: THE WHITE HOUSE SAYS PRESIDENT TRUMP WILL BE MAKING AN “ANNOUNCEMENT” AT 3:00 PM ET.

''Listen son, 5 minutes before my announcement you will open this position here.''

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Listen up. If Iran closes the Strait of Hormuz—and I mean if—we’re talking a chokehold on 20 percent of global oil. That’s not a headline. That’s a global supply crisis waiting to erupt. Markets will overreact, underreact, then misprice everything in between. Bitcoin slipping below 100K? That’s not weakness. That’s the start of a shakeout. Retail’s getting flushed. Alts are already in freefall. We stay cold. We look for structural cracks and front-run the rebounds. This isn’t about whether it happens. It’s about how markets price in the possibility. Energy spikes? Good. Liquidity thins? Better. That’s when we move. We hunt the dislocations, we press where others freeze. Let the headlines talk. We work the reaction. We find the edge. And when the lights are flickering, we step in and flip the switch. Because chaos doesn’t scare us. It feeds us.

Want to bring in the next billions users? Focus on MV=PQ Heard @cburniske's valuation framework get tossed to the waste bin during @blockworks and @bankless discussions with @_Jonahw @jon_charb and others. So I turned the mic on and ranted 👇🔉

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The most exciting day of Jlabs Digital happened last week. Our six year old autonomous trading software, J-ai went onchain. It was a massive endeavor that required the team to break ground and create some industry firsts... Time for a story: