OVERVIEW

Well, Dat Sucks 😐️

Before we dive in, here’s today’s crypto market heatmap:

And here’s a look at crypto’s total market and altcoin market cap charts:

TECHNICAL ANALYSIS
Well, DAT Sucks 😐️

Digital Asset Treasury entities (DATs) and crypto ETFs have had a rough start. 🟥 

And I when I say rough start, I mean most of the pulled a hamstring right out the gate or showed up drunk off their ass.

Let’s start with oldest dog in this kennel, $MSTR ( ▼ 2.17% ).

Strategy - BTC DAT

Strategy has the benefit of time on it’s side. For over five years, Saylor’s been at it, adding $BTC.X ( ▼ 4.48% ) to the balance sheet. Since August 11, 2020, Strategy is up +1,308%.

Since the start of 2025 though? Down -37%.

SharpLink Gaming - ETH DAT

$SBET ( ▼ 5.51% )’s been operating as an ETH DAT since May 27, 2025, so roughly six months. And in that time, SBET’s dropped -71%.

ZONE - Dogecoin DAT

The only zone that $ZONE ( ▼ 6.98% ) has entered is the death zone. Since it’s September 15, 2025 debut, ZONE has fallen -90%.

Bitwise Solana Staking ETF

Bitwise’s $BSOL ( ▼ 6.78% ) has only been active for 15 days, but it’s already down -36%.

Canary XRP ETF

The $XRPC ( ▼ 5.14% ) ETF hasn’t been out long, but all it’s seen in three days of trading is red.

Immutable Holdings (Canada) - Hedera DAT

Figured I’d look at a non-US based DAT, this one is $HOLD.TSX ( 0.0% ), a $HBAR.X ( ▼ 2.64% ) DAT. Since July 28 (first trade day as a DAT), it’s down 0.47%.

Canary Litecoin ETF

15 days in and Canary’s $LTC.X ( ▼ 4.55% ) ETF is only down -11% - which is a serious outperformer compared to the other crypto DATs and ETFs.

Cypher - Zcash DAT

If there’s one positive amongst this collection of beaten down tickers, it’s the Winklevoss’s $ZEC.X ( ▼ 4.32% ) DAT (who the hell would have predicted that would be a thing?), $CYPH ( ▼ 11.64% ).

It’s the only one out of the bunch that’s positive. But it’s only been active as a ZEC DAT for one-and-a-half days, but still, at least it’s positive (+26%). 👍️ 

TECHNICAL ANALYSIS
For Altcoin Fans: It’s Not All Bad 🤔

The chart above is Bitcoin’s dominance chart - it represents the percentage of the whole crypto market made up by Bitcoin, currently at 59.52%.

We’ve looked at this chart many times this year, but something happened last night when the weekly candlestick closed. I take that back, two things happened last night simultaneously.

1. The BTC Dominance weekly chart closed below the bear flag.

2. The weekly close confirmed an Ideal Bearish Ichimoku Breakout.

I don’t have any statistics on the frequency of those two events happening at the same time, but they are both very bearish in nature.

This means that whether the crypto market moves higher, or lower, altcoins are likely to outpeform Bitcoin in either direction. 🧠

CARDANO
Could Be Worse 🧠

This horror story from ZachXBT’s Telegram yesterday involves $ADA.X ( ▼ 9.41% ).

A dormant Cardano wallet came to life and swapped $14.4M ADA for, what I image, was an equal USD value in a stablecoin on Cardano’s network, USDA, from Anzen.

Well, that’s not exactly what happened:

You read that correctly - instead of getting $7M, the conversion was for $847K. Which, I think, was due to a market order for that amount.

So just remember, if our account is red and it feels sore, someone always has it worse. 🤦 

STOCKTWITS
Stonkmarket News 📰

NEWS IN THREE SENTENCES
AI, Stablecoins, & Privacy News 🕵️

🎄 Holiday Bots Are Stealing Christmas, and Shoppers Are Ready to Riot

A survey shows nearly two-thirds of Americans feel bots ruin holiday shopping, with a third saying they “always” lose to automated buyers, and 44% reporting genuine frustration, anger, or stress. Trust in online commerce has cratered, shoppers are doing detective work just to avoid fakes, and 90% say verifying a real human seller matters more than ever. The fix? Proof-of-human networks that actually guarantee you’re transacting with a carbon-based lifeform instead of a GPU farm. Worldcoin.

🛡️ Europe May Gut GDPR, Making On-Chain Privacy the Last Line of Defense

COTI says if you want real privacy, you’ll need it hard-coded, not legislated. Leaked EU docs hint at a future where GDPR gets watered down so companies can track people “for innovation,” which is code for “surveillance is profitable again.” If regulators roll back privacy, Web3’s cryptographic privacy layers become the only safeguards that can’t be quietly rewritten or politically softened. COTI Network.

🔐 Institutions Finally Admit the Blockchain Trilemma Is Real

Turns out the trilemma wasn’t unsolvable; it was just waiting for cryptographers to get annoyed enough to fix it. The “institutional trilemma” - choosing two of privacy, liquidity, and interoperability - has kept big players stuck between public-chain exposure, CEX isolation, or ghost-town privacy networks. New protocol designs built around auditable privacy and native interoperability finally make it possible to access deep liquidity without outing your entire balance sheet to the world. Horizen.

NEWS IN THREE SENTENCES
Real World Asset Tokenization (RWA) News 🪙

🏛️ AlphaPoint + Polymesh Show Institutions How Tokenization Actually Works

This is basically TradFi’s version of “here’s how to stop emailing PDFs.” AlphaPoint and Polymesh are hosting a webinar walking institutions through real tokenization workflows - equities, funds, bonds, and the trad-fi dinosaurs finally waddling on-chain. The session showed how regulated chains like Polymesh unlock compliant settlement, transparent transfers, and cleaner secondary markets with infrastructure built for regulators rather than against them. Polymesh.

NEWS IN THREE SENTENCES
DeFi, DEX, & Lending News 🏦

🍿 Stacks Hits Clarity 4, Bitflow Beta, and Bitcoin Finally Starts Earnin’

Stacks pushed Clarity 4 live, Bitflow opened its HODLMM beta, and more than $100M in capital is now dual-stacking to earn BTC instead of gathering dust. Based Dollar launched a Bitcoin-backed synthetic dollar, WalletConnect is live, and the STX Legion showed up like the world’s nerdiest army. Stacks keeps shouting the same thesis: Bitcoin shouldn’t just sit there - it should work for a living. Stacks.

🇺🇸 BitMart US Launches With the Energy of “We Promise We’re Compliant”

BitMart US officially opened its doors with a regulated, security-first exchange built for American users who just want to trade without getting surprise-rugged by offshore nonsense. Zero-fee promos, full KYC/AML, institutional security standards, and support across 49 states make it feel like “Coinbase, but with more enthusiasm.” BitMart.

💼 Manual Cash Flow Systems Die Instantly When Tax Rules Change

When tax laws shift, spreadsheet-based finance collapses: 20 models break, formulas desync, scenario planning becomes fantasy, and CFOs burn their weekends patching formulas like medieval surgeons. Forecasts become unreliable, decisions stall, and leadership loses confidence - all because the business relied on manual workflows in a world that no longer moves manually. Automated systems like Quant Flow flip it: change one variable, everything recalculates before your coffee gets cold. Quant.

NEWS IN THREE SENTENCES
Protocol News 🏦

🧩 The Graph Gives TRON Devs Real Data Instead of Real Headaches

The Graph just plugged TRON into its indexing empire so builders don’t have to duct-tape their own data pipelines every time they want token prices or swap histories. Token API now spits out pre-indexed data for the chain’s big DEXes, and Substreams let enterprise teams crank out custom, compliance-friendly, high-throughput pipelines without melting their servers. The Graph.

🛠️ Neo X Pushes v0.5.1, Because Forks Wait for No One

Neo X rolled out MainNet v0.5.1 with event subscription upgrades, cleaner PreBlock handling, and hard-scheduled Cancun and Prague forks, because networks love drama. The upgrade plays nice with earlier versions and doesn’t demand a full node resync unless you’re leapfrogging from ancient releases. It’s the usual ritual: download binary, pray, replace files, reinit the DB, and hope your node doesn’t suddenly develop “personality.” Neo.

📈 Algorand’s October Numbers Don’t Lie - The Chain’s Actually Growing

For a chain everyone loves to prematurely eulogize, Algorand is somehow doing just fine. Algorand saw active addresses up 20%, new assets up 54%, smart contracts up 8%, and total transactions pushing past 3.3 billion, even with DeFi TVL taking a market-wide beating. Social traction nudged upward, xGov went live, Pera pushed card expansion, and Algoland’s campaign pulled in millions of eyeballs and tens of thousands of participants. Algorand.

LINKS
Links That Don’t Suck 🔗

🧱 Figure stock jumps as Druckenmiller invests $77M, analysts raise price targets

💶 European Union warns against broadening scope of U.S. steel tariff

🏘️ White House Muses Giving The IRS Insight Into Offshore Holdings Of US Citizens

🤔 Why Is Zcash thriving? Paid promotion or real momentum?

🤯 VanEck’s new Solana ETF ($VSOL) debuts with a 0% expense ratio

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Author Disclosure: The author of this newsletter holds positions in AVAX, ADA, PUDGY, WLC, IMX, XTZ, NEAR, HBAR, ALGO, INJ, LTC, LINK, ZEC, XLM, and FET. 📋