The Wolf Den #1228 - Two Coins, One Truth: Decoding Crypto Jargon 2.0
What they're really saying...
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In This Issue:
Two Coins, One Truth: Decoding Crypto Jargon 2.0
I Have A New Newsletter!
Bitcoin Thoughts And Analysis
Altcoin Charts
U.S. Futures Climb As Trade Progress And Fed Bets Boost Market Sentiment
SOL And ETH Will Soon Have Staking ETFs!
Bakkt To Buy Bitcoin
Vlad Tenev Is Speaking With Vitalik Buterin
Robinhood’s $100 Trillion Master Plan | Vlad Tenev
Two Coins, One Truth: Decoding Crypto Jargon 2.0
Two months ago, I published a newsletter titled “Decoding the Noise: Wall Street and Crypto Jargon Explained.” It was a bit of a departure from my usual format – and a lot of fun to put together. I unpacked some of the coded language, abstract metaphors, and intentionally vague phrases that plague both traditional finance and crypto.
These phrases are designed to sound smart and sophisticated while often saying very little. As I wrote at the time: “I’m guilty of it. Your favorite CNBC guest is guilty of it. Everyone does it – it’s part of the performance.”
Since publishing that piece, I’ve started noticing this kind of language even more.
Before we dive into today’s examples, let’s revisit a few highlights from that earlier edition:
You get the idea. Today, I want to offer a new lens for interpreting common phrases in finance and crypto – how two expressions might sound alike but actually mean very different things. It’s like two coins stuck together on the same side: easy to confuse, but fundamentally distinct.
I’ll let the examples do the talking:
Investing made simple vs. Investing made effective
Simple is easy to explain (and often oversimplified). Effective requires skill, patience, and discipline.
A company you like vs. A stock worth buying
Liking a company doesn’t mean the stock will perform well.
Writing down your financial goals vs. Regularly updating your financial plan
A plan only works if you keep adjusting it as life changes.
A trading strategy vs. Trading discipline
The first is a roadmap. The second is sticking to it – especially when it’s hard.
Advice that sounds impressive vs. Advice that actually works
One gets you applause. The other gets you results.
A retirement account vs. Retirement planning
One is a tool. The other is a strategy.
Quoting like Michael Saylor vs. Investing like Michael Saylor
It’s easy to repeat lines. It’s much harder to go all in.
Now let’s switch to some crypto-flavored contrasts:
Strong social media presence vs. Strong user engagement
Likes and follows are not the same as active usage.
Calling it a bear market vs. Facing real market challenges
It’s easier to blame the cycle than fix the fundamentals.
Airdrop vs. Adoption
One grabs attention. The other builds lasting value.
DAO governance vs. DAO engagement
Votes don’t matter if no one shows up.
“We’re early” vs. “We’re working”
One is a mantra. The other is a mission.
Community vs. Contributors
A Telegram group isn’t the same as people building.
TVL vs. Actual usage
One measures deposits. The other measures relevance.
Permissionless vs. Trustless
One means anyone can participate. The other means no one needs to be trusted.
Let’s bring this to life. Read both of the following asset descriptions and ask yourself – which one would you rather invest in?
Asset 1
The project has a flashy plan, a team with a polished trading strategy, and advisors who share impressive-sounding quotes. They offer a retirement account, boast a huge social following, highlight DAO governance, and point to big TVL numbers. The founders quote Saylor, ran an airdrop, and love to say, “We’re early.” The community is loud and everywhere.
Asset 2
This team shows up every day. They follow through with discipline, not just strategy. Their advice holds up under real pressure. They focus on retirement planning, not just accounts. Their users are engaged, not just spectators. DAO participation is active. Adoption – not airdrops – drives growth. Their motto is “We’re working.” Their contributors build, not just banter. And their TVL reflects real usage – not idle capital.
At first glance, these two assets sound similar. But once you peel back the layers, the differences are night and day.
Two coins stuck together on the same side – easy to confuse, but not remotely the same.
That’s it for today. The crypto market remains in a holding pattern, but I’m continuing to release content focused on what actually matters. Don’t skip the education section below – there’s a big announcement you won’t want to miss. Plus, today’s Robinhood panel with Vlad and Vitalik could be huge.
Stay tuned.
Bitcoin Thoughts And Analysis
Bitcoin continues to press higher with quiet confidence. After reclaiming the $106,787 resistance level with a strong daily close last week, BTC has held the breakout and is now consolidating just above it – a textbook bullish retest. The 50-day moving average is rising beneath price, offering additional support as momentum builds. We’re seeing a small cluster of tight candles, hinting that the market is coiling for a potential move.
Volume has pulled back slightly since the breakout, but there’s no sign of aggressive selling. The structure remains clean: higher highs, higher lows, and a clear path toward the next major resistance at $112,000.
For now, it’s a bullish posture with strong technical support below and a stair-step climb in progress. Unless price falls back below $106,787, this looks like a base being built for continuation – not exhaustion.
Altcoin Charts
For those who are new here, I share SETUPS and not SIGNALS. These are ideas that I am watching - if a certain thing happens, then the trade triggers. I am not telling you what to buy or when. I am showing you how I am watching certain charts and what has to happen for me to take a trade.
Ethereum is caught in no-man’s land. After a sharp rally in May that pushed price cleanly above the 200-week moving average, ETH has now slipped back between the 200 MA (around $2,400) and the 50-week MA (just under $2,600). It’s a classic case of being stuck in the middle – too weak to break higher, too strong to roll over completely. This is where momentum goes to die.
Until one of those moving averages gives way, expect more chop and indecision. A breakout above the 50-week could reignite bullish momentum, but a drop below the 200-week would bring $2,141 support back into play. For now, Ethereum’s just dancing between the lines.
Legacy Markets
U.S. Futures Climb As Trade Progress And Fed Bets Boost Market Sentiment
U.S. stock futures rose on Monday as investors cheered signs of progress in global trade negotiations and looked ahead to potential interest rate cuts. S&P 500 futures climbed 0.4%, while Nasdaq 100 futures advanced 0.6%, building on last week’s momentum that sent the S&P to a record high. The optimism was fueled by de-escalation in Middle East tensions, resilient economic data, and subdued inflation readings – factors that have collectively strengthened expectations for Federal Reserve easing.
With former President Trump’s July 9 trade deadline looming, U.S. officials are reportedly closing in on deals with key partners including China, the European Union, and Canada. Canada recently withdrew a proposed digital services tax, helping reset talks, while India extended its trade delegation’s stay in Washington to finalize terms. These developments have helped ease investor concerns over tariffs and protectionist policies – which had rattled markets earlier in the year.
Meanwhile, traders are increasingly betting on at least two Fed rate cuts this year, with a roughly 60% chance priced in for a third. Thursday’s monthly payroll report will be a key data point for gauging economic momentum and assessing how quickly the Fed might act. Analysts caution, however, that any significant economic slowdown could complicate the outlook for corporate earnings – even if rate cuts provide short-term relief.
The dollar resumed its decline, dropping as much as 0.4% to trade near three-year lows. Bloomberg’s dollar index is now down nearly 9% year-to-date – its worst first-half performance since the index was created in 2005. Analysts cite growing concerns over the U.S. fiscal position, particularly as Trump’s proposed tax cuts could add $3.3 trillion to the deficit over the next decade, according to the CBO.
Elsewhere, Asia saw unexpected currency action, with Taiwan’s dollar plunging over 2% in late trading – likely the result of central bank intervention. In Europe, equities slipped slightly, but corporate headlines drew attention. UBS announced a $2 billion share buyback, Vodafone launched a large debt tender, and ING revealed cuts to senior executive roles. Overall, the global investment climate remains upbeat – but closely tied to the evolving trade landscape and monetary policy outlook.
Key events this week:
📅 Monday, June 30
Dallas Fed Manufacturing Index (June)
Gauges manufacturing activity in Texas, offering regional insight into economic trends.
📅 Tuesday, July 1
S&P Global U.S. Manufacturing PMI (June Final)
A measure of performance in the manufacturing sector.ISM Manufacturing PMI (June)
A widely followed indicator for national manufacturing health.Construction Spending (May)
Tracks total dollar value of construction activity, reflecting economic momentum.JOLTS – Job Openings and Labor Turnover Survey (May)
Provides data on job openings, hires, and separations—key labor market dynamics.Auto Sales (June)
Measures vehicle sales and is a useful proxy for consumer spending.
📅 Wednesday, July 2
Challenger Job Cuts Report (June)
Offers data on planned corporate layoffs.ADP National Employment Report (June)
Gives a snapshot of private sector employment trends.
📅 Thursday, July 3
Initial Jobless Claims (week ending June 28)
Measures weekly filings for unemployment benefits.Nonfarm Payrolls Report (June)
A critical employment report showing monthly job additions or losses.Unemployment Rate (June)
Indicates the percentage of the labor force that is unemployed.
📅 Friday, July 4
Independence Day (Market Holiday)
U.S. financial markets closed in observance of the national holiday.
Some of the main moves in markets:
Stocks
The Stoxx Europe 600 fell 0.2% as of 10:46 a.m. London time
S&P 500 futures rose 0.4%
Nasdaq 100 futures rose 0.6%
Futures on the Dow Jones Industrial Average rose 0.5%
The MSCI Asia Pacific Index fell 0.2%
The MSCI Emerging Markets Index fell 0.6%
Currencies
The Bloomberg Dollar Spot Index fell 0.1%
The euro was little changed at $1.1720
The Japanese yen rose 0.3% to 144.21 per dollar
The offshore yuan rose 0.1% to 7.1626 per dollar
The British pound fell 0.2% to $1.3695
Cryptocurrencies
Bitcoin rose 0.1% to $107,550.26
Ether rose 1.1% to $2,461.22
Bonds
The yield on 10-year Treasuries declined two basis points to 4.26%
Germany’s 10-year yield declined one basis point to 2.58%
Britain’s 10-year yield declined two basis points to 4.49%
Commodities
Brent crude fell 0.3% to $67.56 a barrel
Spot gold rose 0.4% to $3,286.33 an ounce
I Have A New Newsletter!
I’ve got some exciting news to share.
I’ve mentioned this briefly before – but now it’s official. Don’t worry – The Wolf Den isn’t going anywhere. This is strictly added value – nothing is being taken away.
Introducing The Crypto Advisor – a new newsletter specifically tailored for Registered Investment Advisors.
Each issue delivers high-level overviews of the most important crypto stories, trends, and developments – along with clear explanations of key concepts for readers who aren’t crypto-native. It’s designed to make advisors feel confident talking about crypto with their clients.
I’m really proud of what my team and I have built so far. The following is growing fast – and now I’d love for you to join us.
It’s free and hits your inbox every Monday.
Give it a try.
SOL And ETH Will Soon Have Staking ETFs!
I must admit, I’m pretty surprised at what I am reporting on right now. Take a look at these two images:
The U.S. is about to get its first ETFs that not only track crypto prices but also deliver staking rewards to investors. REX Shares and Osprey Funds just received a green light from the SEC to launch C-corporation ETFs for Ethereum (ESK) and Solana (SSK), both of which will stake a portion of their holdings to generate additional yield.
This dual structure – price exposure plus staking income – is a first for U.S. ETFs, setting them apart from every crypto product currently on the market. The funds will be listed on Cboe BZX and mark a major step in integrating crypto yield strategies into traditional investment vehicles.
Apparently, these ETFs pulled off a rare regulatory maneuver – using a creative C-corp structure under the ’40 Act that sidesteps the typical 19b-4 filing process. It’s an unconventional approach that the SEC has historically resisted, but now seems willing to allow – signaling a surprising level of openness to novel ETF design.
Of course, with the SEC, nothing is ever truly official until the agency says so – but this could be a game changer for the dozens of ETF applications still in limbo, waiting on approval for everything from new indexes to staking strategies. If the SEC really is comfortable with this structure, it could open the door for faster approvals and a wave of more innovative products.
The biggest surprise here? SOL may have just caught up to ETH – without even having a spot ETF yet. That’s a win. We all knew a SOL ETF was inevitable, and the market only matures if quality assets are given a fair chance. SOL deserves this. Honestly, it makes me wonder why ETH ETF issuers didn’t get more creative, especially given their year-long head start.
Bakkt To Buy Bitcoin
You’ve probably heard of Bakkt – an OG player in the crypto space backed by Intercontinental Exchange, the operator of the NYSE, and standing alongside names like CME, Binance, and Bybit. Founded in 2018, Bakkt launched with an institutional Bitcoin futures platform and has since expanded into crypto custody and loyalty rewards, building a solid reputation in the industry.
Now, Bakkt is making headlines with plans to raise up to $1 billion through equity and debt offerings to fund a Bitcoin acquisition strategy. Unlike lesser-known firms jumping into crypto treasuries, Bakkt’s move signals a well-capitalized, strategic push to become a pure-play crypto infrastructure company. This isn’t just another name buying Bitcoin – it’s a company with deep market roots, regulatory clarity, and a long-term vision to expand globally and lead the evolution of programmable money.
Vlad Tenev Is Speaking With Vitalik Buterin
I just had an epic conversation with Vlad Tenev, CEO of Robinhood – it’s live now in the podcast section below. But there’s more to watch for.
Today at 1:45 PM EST, a representative from Arbitrum is joining a panel that could be just another interesting discussion – or the start of something bigger. Maybe Robinhood is tapping into Arbitrum for tokenization or some other initiative. Hard to say, but definitely worth keeping an eye on.
I was actually invited to join the event in Cannes but couldn’t make the trip. Now I’m feeling a bit of FOMO.
Robinhood’s $100 Trillion Master Plan | Vlad Tenev
I sat down with Vlad Tenev, CEO and Co-Founder of Robinhood, at the Bitcoin 2025 conference for an eye-opening chat about the future of finance. From tokenizing stocks to launching AI-driven investment tools, Robinhood is aiming to take over everything from trading to banking. This episode of The Wolf Of All Streets breaks down how one of the world’s most recognizable fintech brands is reinventing itself in real time.
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The views and opinions expressed here are solely my own and should in no way be interpreted as financial advice. Every investment and trading move involves risk. You should conduct your own research when making a decision. I am not a financial advisor. Nothing contained in this e-mail constitutes or shall be construed as an offering of financial instruments or as investment advice or recommendations of an investment strategy or whether or not to "Buy," "Sell," or "Hold" an investment.