Markus Thielen

One Liners: Crypto Market Drivers — 6 Charts That Matter Now One-liners across all four coverage areas: Treasury Companies, Diversified Crypto, Bitcoin Mining, and Macro & Crypto FX. Ethereum (+10.8%): US spot Ether ETFs took in about $270 million in one day, and Bitmine kept buying, taking its holdings to roughly 5.98 million ETH. Withdrawals from Binance hit a three-year high, which points to accumulation even with the Clarity Act stalled. Solana (+16.3%): US spot SOL ETFs extended their inflow streak to 12 straight weeks, and holders of tokenized equities on Solana reached a record 850,000. News that Alpenglow is heading to testnet also lifted sentiment. Ripple (+15.5%): Validators backed an XRPL upgrade that adds multi-transaction batching, and spot XRP ETFs added about $20 million in one day. Futures volume of about $9 billion, against $2.2 billion in spot, shows derivatives desks are leading the rally. BNB Chain (+5.6%): A WSJ report that Lagarde blocked Binance's MiCA license weighed on sentiment, though Binance dismissed it. Binance's $100 million investment in Circle and its renewed USDC partnership offered some support. Cardano (+21.3%): ADA rallied after it was added to the x402 SDK for AI-agent payments and the Cardano Foundation joined Mastercard's Crypto Partner Program. A short squeeze added to the move, with shorts making up over 80% of liquidated positions. Tron (+1.5%): Tron Inc. lifted its treasury above 715 million TRX, and Canary's TRON staking ETF quickly passed $50 million in assets. MOEX launched TRX perpetual futures, and USDT on TRON became the top payment option on CoinsBee. Uniswap (+35.5%): The SEC's Innovation Exemption for tokenized-stock trading via permissioned AMMs closely matches Uniswap's Permissioned Pools. Whale buying and fee-funded burns running above a $250 million annualized rate increased buying pressure. Get those and more into your email inbox every week. Find your publication: https://t.co/o6FFEPnoN5

Bitcoin Chart Book: Rejected at $87,300. What Does It Mean? Our August chart book analysis stated: (our) "cycle indicator just turned up (bullish) sharply off a low reading (~6-22 range) after basing near the "10" floor, which historically has preceded the big directional legs in the chart (2015→17, 2018→21, 2022→24 all started this way)". -> -> This was indeed the technical signal that predicted this rally from $63,000 to $85,000 (+35%), which caught many off guard who did not follow the setup closely. Now our latest technical report: Bitcoin's three timeframes are telling three different stories this week. Our latest Chart Book covers 30 exhibits across the daily, weekly, and monthly setups to separate signal from noise. It identifies which indicators deserve the most weight right now, which timeframe should drive positioning, and the one level that could redefine the cycle. It also includes our support map across all three horizons. Full report inside. https://t.co/qvV4basBvg

One Liners: Crypto Market Drivers — 6 Charts That Matter Now Uniswap (+35.5%): The SEC's Innovation Exemption for tokenized-stock trading via permissioned AMMs closely matches Uniswap's Permissioned Pools. Whale buying and fee-funded burns running above a $250 million annualized rate increased buying pressure. Near (+67%): NEAR soared on confidential perpetual futures powered by Hyperliquid and NEAR Intents volume of $29.3 billion. Tokenized US stocks from Ondo and new fee-abstraction upgrades added to the momentum. Raydium (+44.1%): RAY rallied as Solana's leading venue for tokenized stocks, a story amplified by the SEC exemption, and as a day-one partner for Injective's launch on Solana. Buybacks have already absorbed over 30% of circulating supply. Pendle (+6.9%): Pendle yield markets went live on Robinhood Crypto, its first major retail app listing. Emissions have been cut about 92%, and buybacks now exceed issuance by roughly 10 to 1. Monero (+11.3%): Hackers behind the Revolut breach demanded a $3 million ransom in XMR, putting its privacy role in the spotlight. The failed CLARITY Act vote kept regulatory pressure on privacy coins in focus. Aave (+15.6%): Aave v4 deposits passed $1 billion, doubling in a month. Governance is weighing higher BTC and ETH loan-to-value limits, and new listings such as USDe and EURCV broadened collateral. Mantle (+18.3%): MNT rose with a broad L2 and DeFi rally, not on any Mantle-specific news. Mantle Vault by Bybit reaching $100 million in AUM reinforced the exchange partnership. One-liners across all four coverage areas: Treasury Companies, Diversified Crypto, Bitcoin Mining, and Macro & Crypto FX. Full report: https://t.co/dKCqxUVEOk

NEAR Protocol price up 67% this week. NEAR Protocol has rallied 67% in seven days to $4.37, its highest close in a year, and is now up 355% from its February low of $0.96. *** The move took off after confidential perpetual futures, powered by Hyperliquid, launched on near dot com on September 17. *** NEAR Intents has also passed $29 billion in cumulative cross-chain volume. At 96% above its 50-day moving average, NEAR is very stretched. *** Near (NEAR-USDT is above the 7-day moving average -> bullish, and is above the 30 day moving average -> bullish, with 1 week change of +67%) *** Launch of confidential perpetual futures powered by Hyperliquid, letting traders open positions without publicly linking them to their accounts. *** NEAR Intents volume reached $29.3 billion, with traders able to fund positions using assets from 30 chains. *** Tokenized US stocks also went live on near dot com through a new Ondo Finance partnership. *** Liquidity and user engagement were additionally supported by milestone growth in NEAR Intents cross chain routing volume and new fee-abstraction usability upgrades. How we called the +100% rally in Zcash: https://t.co/fQbTNOAv79

Arbitrum ARB price up 202% since August. SEC tokenized-stock exemption, record RWA inflows, 78% above the 50-day MA. Why ARB is rallying 👇 *** Arbitrum (ARB-USDT is above the 7-day moving average -> bullish, and is above the 30 day moving average -> bullish, with 1 week change of +30.6%) *** SEC's tokenized-stock exemption also positioned Arbitrum as a key settlement layer, as Robinhood's chain is built on Arbitrum Orbit. *** Bitget Wallet added over 1,700 tokenized US stocks trading on Arbitrum. *** The DAO also voted on grant bans for three projects after watchdogs recovered about 532,000 ARB. *** Arbitrum Foundation published its bi-annual update, reporting $6.19 million in DAO income alongside a 5x surge in monthly protocol revenues driven by Orbit chain activity. -> Get this for 50+ tokens in your inbox: https://t.co/fQbTNOB2WH

Crypto Trends Chart Book: Understand What is Moving in the Market and Why. Plenty of opportunities exist, not only in Bitcoin but across the altcoin space. As we have highlighted in recent weeks, we remain focused on altcoins with clear catalysts. However, FOMO has clearly kicked in, with many altcoins rallying without any real catalyst. Some of the buying has been driven by the broader AI theme, while other moves reflect the continuing momentum behind tokenized stocks, two narratives that are increasingly intertwined. This week's report, featuring our 50+ chart book, highlights several promising setups and explains why prices are rising. Our 10x Altcoin Model Portfolio has returned +54% since April, in under six months (here). As the opportunity set expanded, we rotated from lower-beta to higher-beta altcoins while maintaining balanced exposure across 10 positions. We exited Zcash and Pump to lock in profits, and several of the replacement allocations have since delivered double-digit returns. Please find attached our chart book with the latest crypto trends. https://t.co/hQJK94Lc7t

The Debasement Trade: What’s Actually Working In the second part of "The Debasement Trade: Debt, Demographics, and the Case for Hard Assets," we calculate the hurdle rate investors need to clear every year to stay ahead of debasement, and show which assets are, and aren't, making it. Markets have fundamentally shifted since 2020, and the real surprise isn't how debt growth has changed, it hasn't, but how inflation has, and what's now driving it. We break down exactly which forces are behind that shift, and what it means for nominal growth. From there, we build out a full portfolio framework using ETFs anyone can implement. Does real estate still work as an inflation hedge, or has it fallen short? Which assets have actually made the cut? This second part is now folded into the original report, bringing it to 20 pages and, we'd argue, the most important top-down framework we've published. Please find attached our 20-page report with the most important charts. https://t.co/VIQa0BXFW4

Our Minimum Target for This Bitcoin Bull Market BTC closed back above its 1-year MA on 18 Sep 2026, the first time since November 2025 (about 10 months below) When Bitcoin traded at 63,000 on August 18, 2026, we turned bullish. We had expected a Bitcoin cycle bottom to be confirmed in August, and our early-August reports laid out how to position for the upturn through Bitcoin call options, which returned 10x that month. Most investors stayed skeptical, waiting for a news catalyst to confirm the low. Some would have loved to see the CLARITY Act pass and take it as the golden signal that all was clear. But trading does not work that way. No headline marks the bottom. We expected the low to arrive during the year's most boring stretch, and at the beginning of the year, we correctly identified that period as the FIFA World Cup, when interest in Bitcoin was at its weakest. As we wrote in our August 3, 2026 report, 63,000 was the only number that mattered. Today, more traders are gaining confidence that Bitcoin has entered a new bull market. In today's report, we identify the minimum target for this bull market, derived, as always, from our analytical process. Full report: https://t.co/rTROvNKaZW

Bitcoin Breaks Higher: Are You Positioned for the Next Move? Bitcoin is breaking higher, and while some may point to Russia’s growing interest in crypto as a catalyst, the underlying setup had already been signaling the potential for higher prices. Our technical and on-chain indicators had been improving, and in August we indicated that the cycle low was likely in. Since then, we have progressively increased our beta exposure, particularly in altcoins, where our model portfolio is now up 52% year-to-date (here). Our crypto equity portfolio, comprising four trades for the next 6–12 months, is up 24% since August (here), with neither figure including any gains from today’s move. Below, we explain the technical setup, identify Bitcoin's next key levels, and examine what's driving the latest move. Understanding these factors can help traders assess whether they have the appropriate exposure and positioning for the next phase of the market. What Is Bitcoin’s Next Key Technical Upside Level? We explain all this in today's report: https://t.co/S4hkPWL8eF

Portfolio Rebalance: +50.4% YTD, Three New Names, Two Themes to Watch Our Altcoin Model Portfolio is up +50.4% this year, and it's time for another rebalancing. We're removing three altcoins and adding three new ones. Plenty more candidates could be added, but we're keeping this a gradual, deliberately conservative process. Two recent news developments could also impact the crypto market, tied to the two major themes currently driving price discovery, which we explain below. We've also attached our altcoin chart book, featuring 50+ charts and the setups behind them. Full report: https://t.co/U6MwgzJuug