“Let me see the colts
That will run next year
I show them to a gambling man
Thinking of the future”
- Bill Callahan
Welcome to today’s show. It’s your guest host Quile coming through your speakerbox, emitting through the ether once again. Big day tomorrow for the Fed.
Here are the headlines for Tuesday, December 9, 2025
Jack Maller’s ‘Twenty One’ Goes Public Today on the New York Stock Exchange With 43,500 Bitcoin in Holdings
Kalshi Passes $20 Billion in Lifetime Volume as Prediction Markets Keep Growing
Institutional Rotation Deepens: Harvard Boosts BTC Exposure as ETP Inflows Hit $716M
Stablecoin Lending Tightens as OnChain Rates Rise Into FOMC Week
Liquid Restaking Surges as LRTs Outperform Broader DeFi
Now on to something completely different.
I was reading Brady Dale’s recent Substack post and also came across another blog about Horses and Engines.
And it got me thinking.
As Brady illustrates, crypto has already won — it’s too embedded in the real economy to die — but the reason everything feels weird right now is because we’ve crossed into a new era with no familiar patterns to guide us. The old bull-run rhythm is gone, institutions reshaped the landscape, and nothing behaves the way it used to.
And that disorientation? It mirrors something much bigger happening in tech.
In the horses analogy, engines improved slowly for 200 years… and horses didn’t notice. Then between 1930 and 1950, 90% of U.S. horses disappeared in a single, sudden collapse of relevance. Progress was slow — until it wasn’t.
AI is following the same curve. Capital investment is rising steadily, but the effects are hitting all at once — like how Anthropic’s Claude went from answering some internal engineering questions to answering 30,000 per month, replacing 80% of a researcher’s workload in just six months. That’s not a trend line; that’s a phase change.
Crypto is going through the same kind of horizon break: Steady improvements, sudden equivalence, and then a landscape that looks nothing like before.
Bitcoin and Ethereum won’t die. Self-custody won’t die. The core ideas are durable.
But the way the industry feels — fractured, chaotic, off-script — is exactly what it feels like when the world moves from horses to engines, from grandmasters to silicon, from vision to reality.
Bottom line: You don’t need to predict this phase. You just need to survive it — because on the far side of the horizon, everything accelerates.
Now let’s get beyond the headlines
Jack Maller’s ‘Twenty One’ Goes Public Today on New York Stock Exchange With 43,500 Bitcoin in Holdings
Jack Mallers’ Twenty One Capital transferred 43,000 BTC from escrow into its own custody wallet, a flex signaling both operational confidence and a commitment to sovereign, non-rehypothecated reserves.
Large-scale self-custody migrations among institutional treasuries tend to precede product expansion — analysts expect new structured BTC vehicles and hedging tools to follow.
The move lands as Bitcoin continues acting as a real-time liquidity gauge during FOMC Week, intensifying speculation around institutional positioning ahead of potential rate cuts.
Kalshi Passes $20 Billion in Lifetime Volume as Prediction Markets Keep Growing
That cumulative 20B+ sits alongside very rapid recent scaling: by mid‑October 2025 Kalshi had reached about 50 billion dollars in annualized trading volume, up from roughly 300 million dollars a year earlier, implying more than a thousandfold increase. Over a recent trailing seven‑day window the platform also handled around 1.5 billion dollars in weekly volume, with the majority coming from sports markets, reinforcing how quickly short‑term flow is compounding into that 20B+ lifetime figure.
Kalshi is now worth $11 billion, making both its founders billionaires and Luana Lopes Lara the world’s youngest self-made woman billionaire.
Kalshi surpassing $20 billion in all-time notional volume has major implications for on-chain prediction markets — particularly Solana- and Ethereum-native perps platforms integrating real-world event feeds.
Analysts say the demand for event-based hedging (inflation, elections, rates) pairs naturally with decentralized execution once regulatory clarity improves.
The milestone strengthens the case that 2026 could be the year where prediction markets become a legitimate asset class within DeFi risk models.
Institutional Rotation Deepens: Harvard Boosts BTC Exposure as ETP Inflows Hit $716M
Harvard’s endowment has reportedly increased its Bitcoin holdings to $443 million at the same time digital asset ETPs logged $716 million in weekly inflows, pushing global AUM to a cycle-high $180 billion.
The convergence signals a broader institutional rotation into scarcity-driven assets — with endowments, pensions, and wealth managers leaning into Bitcoin, Ethereum, and multi-asset crypto products ahead of a potential Fed policy shift.
Historically, synchronized flows from elite allocators and ETP markets have preceded major adoption cycles; this alignment suggests institutional demand may be re-accelerating into early 2026, especially if liquidity conditions ease post-FOMC.
Stablecoin Lending Tightens as OnChain Rates Rise Into FOMC Week
Demand for stables surged into FOMC Week, pushing utilization materially higher across major lending markets. Aave V3’s USDC utilization climbed into the 70–85% range across several L2 deployments, while Morpho’s Optimized USDC vaults crossed 90% utilization, driving borrow rates sharply higher as liquidity thinned.
These tightening conditions have been building for weeks: stablecoin supply on-chain has grown for 10 consecutive weeks, led by USDC and PYUSD, while money market yields on Aave, Morpho, and FraxLend have consistently exceeded Treasury bills, creating a structural pull of capital from CeFi into DeFi.
With the market widely expecting a Fed rate cut, analysts say DeFi may become the highest-yielding cash environment in the world again, setting up a potential TVL expansion in early 2026 as stablecoin leverage, basis trades, and restaking-adjacent carry strategies re-accelerate.
Liquid Restaking Surges as LRTs Outperform Broader DeFi
Restaking protocols continue to lead DeFi inflows, with LRT platforms posting some of the strongest 7-day fee generation across the entire ecosystem.
As EigenLayer caps remain competitive and AVSs push toward mainnet, liquid restaking yields are increasingly becoming the “benchmark rate” for DeFi risk-adjusted returns.
Funds expect LRTs to dominate DeFi’s 2026 yield narrative — especially as institutions look for structurally safer alternatives to leverage-based farming.
NOW WE HAVE TRADER COBB
THANK YOU, COBB - And feel free to check out his free trading webinar. The first 100 people get it for free. Link here: https://www.thegrowmeco.com/trading-business-webinar/
LITTLE BITZ
Big conferences this week in the Emirates. Binance Blockchain Week. Abu Dhabi Blockchain Week. Plus, we’ve got Art Basel attracting a variety of NFT artists and creators to Miami. Solana Breakpoint is also about to kick off later this week.
Michael Saylor says the following US banks are now issuing credit against Bitcoin: Citi, JPMorgan, Wells Fargo, BNY Mellon, Charles Schwab & Bank of America
PNC Bank launched direct spot bitcoin trading for eligible PNC Private Bank clients on December 9, 2025, powered by Coinbase’s Crypto-as-a-Service (CaaS) platform, marking the first such offering among major U.S. banks.
WHERE TO FIND DCN
EMAIL or FOLLOW the Hosts
Quile
Email: kyle@dailycryptonews.net
X: @CryptoQuile
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***NOT FINANCIAL, LEGAL, OR TAX ADVICE! JUST OPINION! WE ARE NOT EXPERTS! WE DO NOT GUARANTEE A PARTICULAR OUTCOME. WE HAVE NO INSIDE KNOWLEDGE! YOU NEED TO DO YOUR OWN RESEARCH AND MAKE YOUR OWN DECISIONS! THIS IS JUST EDUCATION & ENTERTAINMENT!
