Scott Melker discusses bitcoin miner MARA selling 13K+ BTC (BTC-USD) for $1.1 billion, with plans to sell more; Senator Elizabeth Warren tells Trump family crypto firms to save their receipts, and the NYSE taps Avalanche to figure out its planned tokenized stock platform.
"The Daily Wolf with Scott Melker" airs every day at 12:00 p.m. Tune in for your daily dose of all things crypto.
A senator Elizabeth Warren aid told Trump crypto businesses to save their receipts. I think we know exactly what is coming for the crypto industry and specifically for Trump and his crypto-related businesses from the new Senate Banking Chair. That's just one of many stories we're going to unpack today on the Daily Wolf. Let's go.
What is up everybody? Welcome to the Daily Wolf on Yahoo Finance. I am your host, Scott Melker, also known as The Wolf of all Streets. Now, first, let me say happy CPI Day to those who celebrate. That is our first story because you can't talk Bitcoin, Ethereum and crypto anymore without talking macro. US CPI rises 0.4% in October, core CPI rises 0.3%. Oh my god, it's over.
No year over year rate this month because BLS has no October 2025 data after the shutdown. What a glorious time that was last year when we weren't getting government data because the government was shut down. We didn't have to look at all the fake numbers that they made up anyways or their fake expectations that we were supposed to care compare those fake numbers to on any given day basis to decide what number we wanted to buy our stocks at based on those fake numbers.
Right? But what happened here, obviously, we got a rise of 0.4%, but the expectation was 0.3%. So apparently that means it's bad news. Right? Because the expectation, which was arbitrarily set by somebody somewhere, uh, wasn't met, right? It's like being married. Some arbitrary expectation that goes completely unmet.
Um so, obviously the funnier part as I said is that you don't even get year over year, so we don't really know where we stand because we didn't get data last year at all. But I think one of the most interesting stories about the inflation prints here is Governor Waller of the Fed said before this even happened that he thought a 50 bip rate hike could be in store for December regardless of the news, even if it was good, and the news was arguably bad.
So after the print, 10-year Treasury yield rose, obviously. UX US stock indexes futures went a bit lower, of course, then they bounced and Bitcoin added to its early losses and then, of course, bounced. This is basically a nothing burger number on a, uh, on a metric that nobody's really looking at or believing anyways, but it is the one that is going to largely determine what happens with the Fed next month. A 50 bip rate hike would be pretty meaningful and would definitely have a serious effect on markets.
So, we've got the next story here and this, uh, may give us a hint to some degree as to why Bitcoin has been steadily selling off here for a little while. Bitcoin miner Marathon sold 13,597 Bitcoin for 1.1 billion in six weeks.
Plans to sell more. Mary paid off every loan backed by its Bitcoin and says the rest of its coin can fund AI data centers. We told you a very similar story with Riot platforms just the other day that they had been selling Bitcoin to fund their AI ambitions. That is a trend that is not going to stop. The very people who are mining the Bitcoin that used to be the holders that used to consider themselves Bitcoin Treasury companies, Marathon literally raised convertible debt just like strategy to buy more Bitcoin even though they were buying Bitcoin,
have now completely reversed. They are sellers, they're closing out that debt, and they're using that money to fund AI data centers. And that's going to become even more compelling for them in a world where Democrats are likely to push back against AI data center development because these Bitcoin miners already exist. They already have the machines, they already have the electricity. They just need to do a couple complicated little things and flip some switches. Right?
Uh, so I don't think this trend ends and this is consistent selling pressure on Bitcoin and the news that they will continue doing it probably had a slightly negative effect on the market. Now, at the same time, obviously, yesterday, while everything else was going up and Bitcoin was flat, we saw 201 uh million dollars in net inflows on Bitcoin spot ETFs, which has also now become a bit of a trend. Seems that Mara found a Bitcoin use case that the bank understands here, which is just to sell Bitcoin and pay back the bank.
Very exciting stuff. So while Mara is turning Bitcoin into balance sheet flexibility, the New York Stock Exchange is turning blockchain into market infrastructure. And here's the story. Interesting. Interesting stuff. New York Stock Exchange taps Avalanche to settle its planned tokenized stock platform. Why do I say this is so interesting? A, okay, it's interesting that the New York Stock Exchange itself is planning a tokenized stock platform, but it's also interesting because the parent of the New York Stock Exchange is ICE, which is Intercontinental Exchange,
that has already announced OKX Ice, which is a tokenized stock platform. So Ice, overseeing OKX Ice, but also above New York Stock Exchange, which has chosen Avalanche, their token is Avax, uh, for their tokenized platform. So what will happen here is that NYSE will use a custom avalanche-based blockchain rather than Avalanche's public chain, which is interesting because that was the original sort of promise of Avalanche, was that you could create all these private chains that would settle onto the larger public change.
Now, NYSE's PILAR engine will match orders, the blockchain infrastructure will support clearing and settlement, which means that we will have 24/7 365 trading, uh, and this is subject to regulatory approval. So OKX Ice works like a decentralized exchange through liquidity pools. This is actually different because the NYSE's engine will match orders much like a traditional exchange. As a side story to this, even though we had all these, uh, companies opting out of OKX Ice, Robin Hood opted in,
in case you were wondering. So, uh, we went from uh, 56 to 62 of the companies that OKX initially targeted to list, uh, deferring or saying no, and uh, Robin Hood joining the Mighty 6. Joining the Mighty 6 there. But we obviously know that everything is going to be tokenized. Everybody has their plans for this to happen and this is just yet another one. It seems like very, very good news for Avalanche.
Uh, I love those guys over there. I hope this does exceptionally well for them. Putting blockchain, putting, uh, shares on blockchains is one major race we're having right now. Deciding who can offer perpetual bets on those shares is another and that is continuing to heat up. Coinbase Kalshi Kraken parent. Kraken parent. Think I as a crack and parent. A really good dad.
Coinbase Kalshi Kraken parent backs the CFTC in legal fight over stock perpetual futures. So, as you know, because you watch the show every day, the CFTC said, go on, kids, do the perps. Go do those perps on stocks that you guys have been doing on the cryptos for all those years. And then a group that was backed by Citadel said, no, no, no, no, no, those things, uh, are not legal.
And then a judge came in and said, uh, you guys can keep doing what you're doing, but maybe the CFTC did overstep. Well, now, obviously, Coinbase, Kalshi, Kraken are joining the fight on the side of the CFTC to say that they should be allowed to do this. It's funny, they, this is how it's stated. Coinbase, Kalshi, Kraken, DRW, Jump trading and Paradigm asked permission November 9th to file a friend of the court brief.
I would like to ask permission to try to be your friend. It's how I tell my kids to approach people in in this world. You can never be too careful about being appropriate. So, yeah, this is just another sort of ad addition to the same story that we we keep telling, but uh, it's going to continue to heat up, not only, you know, obviously with perps, but prediction markets and everything else.
And speaking of stories that are only going to heat up, here it is, the one from the intro. Elizabeth Warren targets Trump family crypto firms in her Banking Committee oversight list. I'm shocked. I'm I'm shocked. I can't believe that she's going to go after Trump now that she's once again chairman of Senate Banking, which I've been saying was likely to happen for like the last nine months. And people are like, oh no, you're crazy. Not she's been, you know, lost all her power. She's not going to be there.
But, uh, so a Senate Banking Aid, one of her aids on Monday said, big tech CEOs, administration officials, Trump family crypto businesses, Wall Street executives, and giant corporations, red pandas, yellow monkeys should preserve their documents and prepare to answer tough questions. She just listed anybody who has any money. But it does specifically say Trump family crypto businesses, and she's expected to obviously take the lead in January of the Senate Banking Committee,
and her proposed agenda is going to be very subpoena friendly. And very Trump unfriendly. So her announced priorities include prediction market oversight and accountability as well. I believe she called it the wild West when making this. So, listen, she can't do anything on her own. I believe, I don't want to be misquoted, but I believe that she's uh, proposed like, you know, tens of pieces of legislation over the years, 70, 80, whatever it is. And, uh, I'm going to try to remember how many have become law.
Zero. None. Nothing she's ever proposed has become a law. But she's really good at talking. Right? So listen, it's just going to be a very difficult time for the Trump family and their crypto related entities. I actually think that now Trump specifically is going to catch more ire than the crypto industry as a whole. Uh, but maybe that's my, uh, my own, uh, personal bias or hope that we're, uh, that we're going to see that into the future.
All right, the next story here. Hyperliquid Bucks a red market. It went up a little bit. As Korea's top exchanges announced listings. I had no idea that Hype was not listed in Korea. That's where the heaviest trading volume is. Those guys are unbelievable degenerates. They use leverage on everything, as we've told you in the past. Well, they finally got hype and that's probably a good thing for hype.
Although of course, that obviously gives them the ability to short, I'm not saying that they would. But this is Upbit, announced November 10th trading support for hyperliquid. Uh, and Bithumb, B I T H U M B, I've been saying this for years, it's Bithumb. But it looks like Bithumb or Bithump. But it's Bithumb. Strategy, uh, they've also announced a Korean Won market for Hype. So, uh, good news for all the hyperliquid enthusiasts out there.
You now have the support of the South Korean traders behind you and, uh, that that's going to be a good thing for you. Now, uh, you know what, I want to do this as a how not to invest, even though it kind of isn't, but let's do it. Here it is. How Not To Invest. How Not To Invest. Sometimes you just need like that uplifting music to hit, get you going. How not to invest.
This time it's Ellen Bits, which is like you just sprinkle Ellen DeGenerous on your blockchain. Ellen Bits. That everybody uses every day. I took my Ellen bits this morning. I had them for breakfast with milk. Ellen bits disables hosted Bitcoin services with no restart timeline. So Ellen Bits, which is a lightning server,
Lighning is, uh, you know, layer two on the Bitcoin network for sending fast cheap payments of Ellen De Generous. Told November told operators November 8th to shut down their servers amid active attacks. Tail's old as time. Ellen Bits is an open source software for running lightning wallet services. Their operator, Kevin Ravensburg, Game of Thrones character, reported attackers withdrawing 2,285,545 satoshis from his server.
So they took their own cloud hosted instances offline. Developers merged security changes. Just, who cares? What are we doing here? That's the question. Like, do I really have to tell you another story every single day about some platform named after a random lesbian celebrity that you didn't even know existed, not the celebrity, the platform? She's wonderful. Um, like we have to do this every day. Who's using all this stuff? What are these things? Why are people getting hacked every single day?
Just like get your security together is all I can say. And as a final aside for getting your security together, tweet from some handsome guy. Me. iPhone users holding crypto or any other data, read this. This is real. This is reported by Binance. A new iOS exploit called Worse Query can let a malicious app read other apps files on your phone that includes seed phrases and private keys. What to do right now? Update your phone. Don't install side loaded or sketchy apps.
Move any real size off phone hot wallets and into cold storage. Never keep seed phrases and notes screenshots on your camera roll. Obviously. Apple hasn't officially confirmed the fix yet, don't wait to find out. There was a big Apple software update, I can only say this anecdotally that ran the other day to make Siri actually usable, because Siri has sucked for years, Siri you suck. But you're better now. Uh, I went into my phone this morning, a day after that, and there was another security update, uh, curiously that is there that you can do today.
And I highly recommend you do that on your iPhones and your computers as well because this is obviously a real thing. Uh, iPhone is going, uh, Apple is going to be on top of this more than any other company. Nothing against them here, but go do that patch right now. That's all we got for you today. Uh, enjoy some Ellen bits with milk for lunch, and I'll see you back tomorrow after I have my Ellen bits with milk for breakfast. Peace.
