TLDR CRYPTO 2025-11-10

FED GOVERNOR: POLICY NEEDS TO ADJUST TO STABLECOIN BOOM

Federal Reserve Governor Stephen Miran warned that stablecoin growth projected to reach $1-3 trillion by decade's end, compared to under $7 trillion in outstanding Treasury bills, will force monetary policy adjustments as demand for dollar-tied assets surges. The GENIUS Act's prohibition on direct yield means stablecoins won't drain US bank deposits but will instead attract demand from locales lacking access to dollar-denominated savings instruments, strengthening the dollar and potentially triggering Fed policy responses.

CFTC PUSHES FOR REGULATED LEVERAGED SPOT CRYPTO TRADING

Acting CFTC Chair Caroline Pham confirmed plans to launch leveraged spot crypto trading on regulated US exchanges like CME, Cboe, Coinbase Derivatives, Kalshi, and Polymarket US as soon as next month. The initiative uses existing Commodity Exchange Act authority to bring margin-based crypto trading under federal oversight, offering institutional-grade protections previously absent in offshore markets. It marks a major policy shift toward mainstream adoption and could reshape how both retail and institutional investors access leveraged exposure to bitcoin and ether in the US.

RIFT: THE FIRST P2P BITCOIN TRADING PROTOCOL

Rift is introducing self-custodial, peer-to-peer swaps between Ethereum and Bitcoin. The feature leverages TEE technology to create a system where wallets storing funds only unlock upon user payment being verified onchain. The team is working with DEXs like Uniswap to allow any ERC20 to be traded for Bitcoin. It is now live on mainnet. There will be a larger launch at Devconnect next week.

THE STABLECOIN GOLD RUSH AND WHY ORCHESTRATION WILL WIN

As the stablecoin market passes $27 trillion in annual volume and $213 billion in supply, the real winners won't be the miners (L1s, L2s, or issuers) chasing razor-thin margins, but the shovel sellers (e.g., orchestration platforms automating payments, compliance, and settlement). Orchestration cuts costs and turns stablecoin rails into usable financial infrastructure by simplifying fragmented processes like bridging and off-ramping into one automated workflow. Just as Stripe and AWS captured value above commoditized infrastructure, orchestration will become the sticky, high-margin layer powering the next phase of onchain finance.

GALAXY BRAIN RESISTANCE

"Galaxy brain resistance" is a measure of how difficult it is to abuse reasoning styles to rationalize pre-decided conclusions. Low-resistance patterns enable harmful rationalizations across crypto and AI: inevitabilism (full automation is inevitable, so we should hasten it), longtermism (disconnection from reality by claiming vague trillion-year benefits), and financial apologia (justifying risky speculation as "class mobility for the poor" despite zero-sum casino dynamics where concave utility curves make large coinflips net-negative). Power maximization strategies in EA/AI safety circles where "accumulate power to do good at pivotal moments" has become indistinguishable from greedy egomaniacs. Solutions should emphasize deontological ethics with hard rules (don't kill, don't steal, and respect freedom) over consequentialism's lack of galaxy brain resistance and holding correct incentive bags.

5 PRIVACY COINS THAT PUMPED LAST WEEK

Privacy coins surged last week as Zcash flipped Monero to become the largest privacy coin by market cap, climbing 76% to $632 following its integration with Near Intents for cross-chain swaps and private payments. Dash led gains at 130% after Aster DEX launched perpetual futures trading with 5x leverage, while ZKsync jumped 113% amid proposed tokenomics changes to add economic utility through fee capture and enterprise licensing. Decred spiked 90% and Monero gained 10% in a narrative-driven rally fueled by growing concerns over government privacy infringements.

NEOBANKS IN CRYPTO

Less than 5% of neobanks achieve profitability due to overreliance on thin interchange fees, inability to monetize idle deposits through lending, and high customer acquisition costs that traditional banks avoid through organic growth. Crypto neobanks face steeper challenges as self-custody models prevent interest income generation, stablecoin payments compress margins further, and regulatory compliance costs remain fixed while serving low-balance retail users. Revolut's crypto wealth division generated £506 million in 2024 (up 298% YoY) and Phantom Wallet projects $79 million from in-wallet swaps, demonstrating that embedded trading and structured DeFi yield products offer the only viable path to profitability. The winning strategy involves building infrastructure – yield routers, stablecoin FX layers, and DeFi wrappers – that plugs into existing neobank distribution rather than competing directly with established players.

HOW TO POSITION FOR THE PREDICTION MARKETS CYCLE

CRYPTO MARKETS MANAGE MODEST MOVE HIGHER FRIDAY

Bitcoin and the market have slightly recovered from the prior week's heavy downturn, with Bitcoin above $103,000, up from $99,000.

ETHEREUM'S LEAD ACROSS EVERY CRITICAL DIMENSION

Ethereum is leading across all metrics that matter for long-term dominance.

ETHEREUM ECOSYSTEM HITS RECORD $46M IN DAILY APPLICATION REVENUE

The Ethereum ecosystem (L1 + L2s) hit an all-time high of $46 million in daily application revenue, maintaining a steady $40M+ per day since.

VITALIK CONFIRMS DECEMBER 3 FUSAKA UPGRADE TO SUPERCHARGE ETHEREUM

The Fusaka upgrade, scheduled for December 3, will mark a major leap in network scalability.