Housing Market Warning Signs
"I just bought a new house and I'm super nervous about it."
This morning, I opened the show with a personal story: I just bought a house, and I’m not going to lie — I’m nervous. There are only two points in recent history when the price-to-income ratio for housing was as high as it is today: 1981 and 2006. And we all remember what happened after 2006.
Housing prices are still elevated across the U.S., driven by low supply, persistent demand, and investor activity. In places like Cuyahoga County, Ohio, 17% of homes were recently bought by investors, including big corporations. Meanwhile, homeowners with low mortgage rates from 2020 aren’t selling, which is tightening supply.
But some markets are softening. Austin, TX, once a pandemic migration hotspot, is seeing prices drop due to overcrowding and underbuilt infrastructure. Florida is facing sharp declines too — with increasing insurance risks from hurricanes, many homeowners are getting priced out of coverage entirely.
That said, Ohio remains strong. Our prices are still low relative to national averages, and people are moving here for good reason: no hurricanes, plenty of freshwater, decent seasons, and affordable homes. If the U.S. housing market crashes, it won’t hit everywhere equally — and in the Midwest, we might just weather it better than most.
I also shouted out Housing Nerd on YouTube — if you want real analysis on both national and Ohio-specific trends, his channel’s worth a follow.
🏦 Michigan State Pension Triples Bitcoin ETF Exposure
❄️ Cardano Founder Explains Why Some ADA Holders Missed Glacier Airdrop
🧱 Coinbase Launches Embedded Crypto Wallets for Devs, Focuses on Stablecoins
⚖️ CZ Files Motion to Dismiss $1.8B FTX Lawsuit
🧸 Solana Meme Coin 'PONKE' Now Has a Plush Toy
Ohio Housing Nerd - https://www.youtube.com/@ohiohousingnerd
Housing Nerd (National coverage) https://www.youtube.com/@housingnerd
📉 Trader Cobb & Market Training via The Grow Me Co
Michigan Pension Fund Triples Bitcoin ETF Exposure
"The math is math-ing."
Michigan’s public employee retirement system tripled its holdings in the ARK 21Shares Bitcoin ETF in Q2, bringing its stake to 300,000 shares — worth about $11.4 million. This adds to their long-standing position in Grayscale’s Ethereum Trust, with 460,000 shares valued at $13.6 million.
Though still representing less than 0.1% of Michigan's total portfolio, it’s another big sign that institutional interest in crypto is rising. Wisconsin's pension system is also getting in deep — they now hold over $387 million across Bitcoin ETFs. Standard Chartered, meanwhile, is still holding strong to their $200K BTC target for year-end, citing these institutional inflows as the reason.
Ledger Wallet Glitch Hits Cardano Users
A glitch in Ledger’s hardware wallet is blocking some Cardano (ADA) users from claiming their Midnight Foundation Glacier airdrop. Specifically, the issue stems from Ledger’s outdated implementation of Cardano’s CIP-8 standard, which limits signed messages to 31 bytes — far too short for the 251-byte message required by the airdrop.
Cardano devs are rolling out a workaround: users can now claim using a null transaction with metadata instead of a standard message signature. The Midnight Foundation is coordinating closely with Ledger and expects a secure fix by August 25.
Even with the bug, over 120 million KNIGHT tokens were claimed in the first hours of the drop. There’s a 60-day window to claim, so don’t panic — just don’t fall for scammers or fake sites in the meantime.
Coinbase Launches Embedded Wallets
Coinbase has released a beta version of its Embedded Wallets developer toolkit. This product allows devs to integrate self-custody wallets into apps using just a phone number or email — no seed phrases, no browser extensions.
This is a big deal. Coinbase wants to be the backend for stablecoin-native apps in gaming, social, payments, and DeFi — and they’re doing it with UX in mind. The company cited the Genius and Clarity Acts signed by President Trump as key tailwinds giving them confidence to launch now.
It’s part of Coinbase’s broader ecosystem push alongside BASE, their Ethereum Layer 2 network. They’re working with everyone from Meta to Amazon to U.S. states on future stablecoin infrastructure. Embedded Wallets could be their answer to Stripe — but for crypto.
CZ Pushes Back Against $1.76B Lawsuit
"We all remember."
Binance founder CZ (Changpeng Zhao) is pushing to dismiss a massive $1.76 billion lawsuit filed by the FTX bankruptcy estate, arguing that the Delaware courts have no jurisdiction over him and that he was never properly served.
The case centers on a 2021 buyback deal when Binance exited its equity position in FTX — allegedly using misappropriated customer funds. CZ’s now-infamous November 2022 tweet announcing Binance would dump FTT triggered a panic that many say started FTX’s collapse.
FTX claims this was intentional market manipulation. CZ says he was just a nominal counterparty and didn’t receive the funds. And Caroline Ellison, former Alameda CEO, testified that over $1 billion in customer money was indeed used for the buyback. This could be a landmark case — if the court even agrees to hear it.
Ponkey Meme Coin Goes Physical
"I had to read that twice."
Ponkey, a meme coin on Solana, is releasing a limited-edition plush toy of its monkey mascot. The toy comes with magnetic hands and feet, a removable helmet, and a detachable blunt (yes, you read that right).
Each plush costs $69, includes an NFC chip for digital authentication, and a raffle ticket for Lutie.Fi, a crypto loot box platform. The launch is part of Ponkey’s effort to build real-world brand identity — and yes, it’s as absurd and hilarious as it sounds.
Profits won’t go to the token directly but will fund future brand growth and community incentives. Will it moon? Who knows. Is it fun? Absolutely.
Listener Questions
"Should he do the KYC or not? You tell me."
Paul wrote in with a great question: a few years ago, he started mining Pi Coin with co-workers and forgot about it. Now it’s asking for KYC. Should he go through with it?
I’ve never mined Pi, so I can’t say personally. But we’ve talked about it on the show before and have listeners who are involved. So here’s what I need: if you’re a Pi holder, tell me — did you complete the KYC? Was it worth it? Should Paul stay or bail?
Leave your feedback in the Spotify comments or over on Substack, and I’ll read them on tomorrow’s show.
My Take
I’ve been watching this housing market like a hawk. Buying a house right now doesn’t feel great, even if I love the property. When I see national headlines showing Florida and Texas markets softening, while investor-owned properties skyrocket in Ohio, I get nervous.
But in crypto, I see the opposite: we’re in a slow burn bull. Institutional money is flowing in — pensions, banks, and platforms like Coinbase are building for real world adoption. If this were a baseball game, we’re deep into extra innings, and the crowd's still showing up.
That said, bugs like Ledger’s Cardano issue remind me how early we still are. And that Ponkey plushie? It’s a meme wrapped in an NFT wrapped in a brand strategy — and somehow that sentence makes sense in 2025.
Crypto Prices (as of 8:51 AM EST)
Bitcoin: $113,944 (↓ 3.2% weekly)
Ethereum: $3,587 (↓ 5% weekly)
XRP: $0.294 (↓ 3%)
BNB: $760 (↔️ even)
Solana: $163 (↓ 8%)
Tron: $0.334 (↑ 0.6%)
Dogecoin: $0.199 (↓ 2.2%)
Cardano: $0.723 (↓ 2.5%)
Total Market Cap: $3.72 trillion
Bitcoin Dominance: $2.17 trillion
Ethereum Market Cap: $332.9 billion
Happy HODLing, Everyone.
