Bitcoin Nears New Record High
Bitcoin surged near $123,000 in Wednesday’s U.S. session, approaching a new record high after previous rallies stalled. Earlier attempts in July and Monday met strong selling, briefly pulling prices back under $120,000. Ethereum also climbed, reaching $4,750—just 3% from its late 2021 peak—outperforming Bitcoin over the past day. Major altcoins joined the rally, with Solana surpassing $200 and Uniswap and Hyperliquid gaining 5–6%.

Analysts point to a favorable macro backdrop, with the S&P 500 and Nasdaq near records, supported by softer inflation data and speculation of Federal Reserve rate cuts. 10X Research noted tightening credit spreads and improving loan growth as signs that conditions for a sustained rally are forming. While the Fed has yet to cut rates, markets now price a 90% chance of a September reduction, with pressure building for deeper easing. According to the report, risk assets like Bitcoin and equities could rally sharply once policy shifts.

Bullish Soars in NYSE Debut
Bullish (BLSH) made a strong NYSE debut Wednesday, opening at $102—nearly triple its $37 IPO price, which was already above initial expectations. The offering expanded to 20.3 million shares earlier this week as demand surged, with BlackRock and Ark Investment Management signaling plans to buy up to $200 million worth.

Launched in 2021, the Cayman Islands–based exchange has processed over $1.25 trillion in trading volume and focuses on institutional clients seeking regulated access to digital assets. CEO Tom Farley noted that after a decade of retail-led growth, an “institutional wave” is now underway.

The IPO raised $1.1 billion, which analysts say underscores growing institutional confidence in centralized exchanges, helped by Bitcoin’s rally above $100,000 and expectations of clearer U.S. regulations. Bullish’s listing follows other successful crypto-related IPOs and comes amid rising Wall Street interest in regulated platforms, positioning the company to capture the next phase of digital asset adoption.

Trump Strikes Unprecedented Chip Deal
President Donald Trump unveiled a landmark deal Monday requiring Nvidia and AMD to give 15% of their China chip sales to the U.S. government. Treasury Secretary Scott Bessent called it a “unique solution” and suggested it could be replicated in other industries.

The agreement permits Nvidia to sell its H20 accelerators and AMD its MI308 processors—chips tailored to meet U.S. export restrictions—to Chinese buyers seeking advanced AI hardware. The revenue will go toward reducing the national debt, with potential taxpayer benefits if the program succeeds.

This approach departs from Washington’s past strategy of outright bans on sensitive exports. Instead, it enables sales while capturing U.S. value and maintaining leverage in trade talks. Critics, however, question its legality, noting it bypasses Congress and sets a precedent for direct presidential revenue-sharing deals with private firms. The arrangement, tied to export licenses rather than legislation, represents a new and contentious trade policy tool.

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.