AN $80 BILLION HEDGE FUND WARNS OF A 1920s REPEAT. BILL ACKMAN DISAGREES. Elliott Investment Management is warning that debt-funded AI spending, circular financing deals and speculation could trigger a major market collapse. But Bill Ackman pushed back today. 🔹 Public stocks: Earnings expectations have risen, supporting valuations. 🔹 Private markets: Ackman sees more bubble like behavior driven by FOMO. 🔹 Speculation: One day options and gambling are where he sees real excess. Here’s what’s interesting. Elliott fears another historic market unwind. Ackman sees no broad stock market bubble. Yet both are concerned about the speculative behavior surrounding today’s markets. I believe it would take far more than a stock market crash to stop the AI revolution. The technology can keep advancing even if investors in overpriced companies lose fortunes.

ETHEREUM MAINNET HAS ALMOST AS MANY ACTIVE APPS AS BASE AND ARBITRUM COMBINED And here's something even more remarkable. Layer 2 networks now handle 94% of Ethereum's transaction throughput, yet Mainnet still holds approximately $158 BILLION in stablecoins. That's 93% of the stablecoin supply across Ethereum and its tracked L2 ecosystem. The latest growthepie data reveals just how powerful Ethereum's scaling strategy is becoming. Execution is spreading across faster, cheaper networks. But the overwhelming majority of stablecoin capital remains anchored on Mainnet. And as the chart shows, Ethereum Mainnet still leads in active applications despite the enormous growth of Base, Arbitrum and other networks. This is exactly what Ethereum's scaling roadmap was designed to achieve. L2s expand transaction capacity while Mainnet provides the liquidity, settlement and security infrastructure underpinning the ecosystem. For ETH investors, the opportunity extends far beyond transaction counts. As institutional finance, stablecoins and tokenized assets expand onchain, Ethereum is positioned to benefit from growing demand for settlement, blockspace and economic security. The network is scaling outward while its financial foundation remains firmly anchored on Mainnet.

THE NYSE'S NEW TOKENIZATION PARTNER IS ALREADY WORKING ON ETHEREUM Broadridge is bringing shareholder voting and digital transfer agent services to the NYSE's planned tokenized stock platform. But here's the connection worth watching. 🔹 In July, Broadridge partnered with Ondo to give tokenized US stocks on Ethereum shareholder voting rights. 🔹 Now the NYSE is bringing Broadridge's governance infrastructure into its own tokenized securities platform. 24/7 stock trading gets the headlines. Ownership records, shareholder rights and voting are what make tokenized equities viable at institutional scale. The NYSE hasn't announced Ethereum as its blockchain. But one of the companies helping build its infrastructure already has experience supporting tokenized equities on Ethereum.

GOOGLE'S QUANTUM WARNING HAS PUT CRYPTO ON THE CLOCK A future quantum computer could steal ETH from an exposed wallet without ever knowing its seed phrase. Google's latest research estimates the attack could require 20 TIMES FEWER physical qubits than previously thought. 🔹 Google estimates an attack using fewer than 1,200 logical qubits 🔹 Ethereum targets quantum resistant L1 security by December 2029 🔹 Researchers gathered in Cambridge to develop next-generation cryptography Here's the underlying vulnerability. Every conventional Ethereum account that has sent a transaction has exposed its public key onchain. A sufficiently powerful quantum computer could eventually use that information to calculate its private key. And the threat extends beyond individual wallets. Exchanges, institutional custodians, validators and corporate ETH treasuries will all need to prepare for the transition. No quantum computer can execute these attacks today, and Ethereum is already developing new signature schemes to secure the network. But even if Ethereum successfully upgrades, the biggest challenge remains. The blockchain can upgrade its code. The real challenge is getting millions of users and institutions to upgrade their keys before the threat arrives. https://t.co/aIXA6WZvQd

TOKENIZATION IS MOVING INTO A MARKET MEASURED IN HUNDREDS OF TRILLIONS UK clearing houses manage hundreds of trillions of pounds of notional contracts daily. The Bank of England now says existing rules do not prevent them accepting tokenized forms of eligible collateral. The overlooked mechanism is margin. Faster movement across firms, jurisdictions and operating hours could reduce the need to pre-position assets or maintain larger collateral buffers when margin calls arrive. For $BMNR shareholders, this validates the institutional tokenization thesis, not immediate revenue. No blockchain was selected, but tokenization is moving into the risk machinery of wholesale finance.

RAOUL PAL: CRYPTO COULD HAVE THREE MORE MAJOR L1 WINNERS Raoul Pal believes only two smart contract Layer 1 networks have truly matured: Ethereum and Solana. His argument? Most major network industries eventually consolidate around five dominant players. If crypto follows the same pattern, there could be three more enormous winners, with massive valuation reratings as these networks evolve from speculation into essential infrastructure. Who could eventually claim those remaining spots? Here are the three contenders I am watching: 🔹 $TRX: Already a dominant stablecoin settlement network, though it must diversify beyond USDT to build a complete financial ecosystem. 🔹 $BNB: Backed by massive retail distribution and DeFi liquidity, yet still facing hurdles in independent developer growth and institutional trust. 🔹 $HYPE: My strongest emerging contender, generating nearly $64M in protocol revenue over 30 days. Hyperliquid has proven trading demand and real economic activity, with its next challenge being expansion beyond derivatives into broader institutional financial markets. Yet none of them match Ethereum's breadth of financial infrastructure. Ethereum already commands deep liquidity, a proven security model, a global developer base, and growing institutional adoption. J.P. Morgan bringing JPM Coin directly to Ethereum mainnet is another powerful example of that competitive advantage. And Ethereum isn't standing still. Tokenized securities. Global settlement. Institutional collateral. AI agents conducting financial transactions. We could be looking at trillions in financial activity moving onchain over the coming decade. Ethereum doesn't need to capture everything. It just needs to remain the trusted foundation for this emerging economy, scale securely, and translate global adoption into lasting economic value for $ETH. That is exactly why my highest conviction remains $ETH and $BMNR. Tom Lee (@fundstrat) and the @BitMNR team are positioning BitMine directly around Ethereum's long term trajectory through its substantial ETH treasury, staking operations, and @MAVAN_BMNR infrastructure. Multiple networks will succeed, and $HYPE is the emerging contender I am watching most closely. But Raoul raises a fascinating question: If Ethereum and Solana have established the first two positions, which three networks will become important enough to stand alongside them, and what could those networks eventually be worth?

DTCC'S TOKENIZATION SERVICE IS LIVE JPMorgan, Citi and Morgan Stanley are among 20 firms signed up to access the newly launched service. 🔹 34 securities eligible at launch 🔹 Tokens backed 1:1 by DTC held securities 🔹 24/7 transfers between registered wallets Investors keep the underlying ownership rights and economic benefits while gaining a new way to move their assets. The launch runs on Canton and DTCC’s private Besu network. Ethereum mainnet is not a launch network. Wall Street’s tokenization infrastructure is becoming operational. The next test is how much capital actually uses it.

THE FED PAUSED. THE THREAT OF HIGHER RATES DIDN'T. Kalshi traders are pricing an 81% chance of another Fed hike before 2027, despite today's decision to hold rates at 3.75%-4.00%. 🔹 Two Fed officials voted to hike today 🔹 Economic growth upgraded to “strong” 🔹 Inflation remains above the Fed's 2% target Here's the tension for crypto investors: a resilient economy is normally good news, but persistent inflation could keep borrowing costs elevated and liquidity tight. For ETH and Bitcoin, December's Fed decision could matter far more than today's pause.

🚨 THE FED HELD RATES. BUT TWO OFFICIALS WANTED A HIKE. 🇺🇸 Rates unchanged at 3.75–4.00%. ⚠️ Inflation remains elevated. Vote: 10–2, with both dissenters demanding HIGHER rates. The Fed has paused. The inflation battle hasn't. Another rate hike in December? https://t.co/JDUIOTrlCA

ETHEREUM INSTITUTIONAL NOW TRACKS 107 LIVE DEPLOYMENTS Its public database catalogs institutional Ethereum activity across banks, asset managers and market infrastructure. 🔹 $23.0B in tokenized assets on mainnet 🔹 $160B in stablecoins 🔹 $119B securing the network Each deployment links to public evidence, turning scattered adoption announcements into a record investors can examine. BitMine is an anchor funder, and Tom Lee @fundstrat said in SEC filed remarks that BitMine led the investment. For $BMNR shareholders, this is a strategic ecosystem investment intended to accelerate the institutional adoption supporting the ETH treasury thesis.