Nick Martin

Founder @plutuscryptoo. Building crypto payments for businesses.
I read the chain so you don't have to. Markets, stablecoins, and what the headlines miss.

[Nick Martin @NickPlutus]

I run a crypto payments company. Most days I read more chain data and bank paperwork than any sane person should.

So I'll post what I actually see: which coins businesses ask to accept, where the money moves, and which headlines are noise.

No bags to sell. Just the view from the till.

[Nick Martin @NickPlutus]

@Cointelegraph 113,950 coins is about $9.6B, roughly $135M a day since mid-July. That quietly beats most of the ETF prints people quote every morning, and nobody writes a headline when it happens without a ticker attached.

[Nick Martin @NickPlutus]

@WhaleInsider $32M is roughly 385 coins, so the size is nothing. Whose money it is matters more. Advisor allocated dollars get rebalanced on a quarterly calendar, not dumped at 3am, and that is a different holder than this market is used to.

[Nick Martin @NickPlutus]

@wallstreetbets The top panel is basically today. BTC is 84.2k and my timeline is already arguing about 190k targets. I have been on both sides of that meme and the bottom one cost me far more money.

[Nick Martin @NickPlutus]

@mdabdurrahim98 The rails part is close to solved. I move stablecoin payments for merchants and a $0.003 transfer clears fine today. What nobody has built is the dispute layer. An agent that overpays cannot call support, and no merchant wants to carry that risk alone.

[Nick Martin @NickPlutus]

@BitcoinArchive I would hold the champagne. For the time being is a posture, not a statute, and it lasts exactly as long as the current chairs do. For me the war ends when a European bank stops closing the account over the word crypto, and that has not moved at all this year.

[Nick Martin @NickPlutus]

@BullTheoryio Three months is the kind window. Stretch it to twelve and the ranking flips, gold keeps its gain and bitcoin does not. The part I actually care about is the CLARITY read, because regulatory risk coming off is the only thing the merchants I talk to ever price in.

[Nick Martin @NickPlutus]

@JamesIIIIIII Custodial trust having an expiry date is a good way to put it. Order flow reroutes over a weekend, trust takes years, and every cycle a venue finds that out the expensive way.

[Nick Martin @NickPlutus]

BitMEX stopped trading today, 11 years in.

The perpetual swap it invented in 2016 is now the default product on every exchange that outlived it.

I build payment rails. Your best idea gets copied within a year. Distribution is the part nobody clones.

[Nick Martin @NickPlutus]

@NickTimiraos One buyer at the front end that did not exist in 2007: stablecoin issuers, parking a $183B float mostly in short bills. Tiny next to the Treasury market, but it is the one pool of demand that grows precisely when yields look like this.

[Nick Martin @NickPlutus]

@0xMarcB Recurring is the right thing to chase. Building payments, the wall I keep hitting is that a card can retry a failed charge for days and a wallet cannot. Solve the mandate plus the retry on chain and you take the billing stack, not just checkout.

[Nick Martin @NickPlutus]

@EleanorTerrett @RostinBehnam @GUFinPolicy Scotch tape and paperclips is exactly how it feels from the build side. I still cannot tell a merchant which regulator owns the token they get paid in, so we design for both and eat the cost, while prediction markets got their answer by self certification instead of a vote.

[Nick Martin @NickPlutus]

CFTC chair Mike Selig, live on CNBC: the agency is rewriting its rules for on chain systems, tokenization and 24/7 trading.

Crypto already settles at 3am on a Sunday. What breaks is the bank on the other side, which opens Monday at 9.

That gap is the whole job.

[Nick Martin @NickPlutus]

@astronomer_zero What gets me about this one is that the range held and people inside it still got wrecked. Roughly $237M of longs liquidated in the last hour and neither edge of your 83.6k to 86k box broke. I size for the wick now, not the level.

[Nick Martin @NickPlutus]

@ByzGeneral This is the number I keep going back to. The flush closed out 123,000 accounts, so what is left in that open interest is the leverage nobody had to force out, though funding under baseline can sit there for weeks before spot shows up.

[Nick Martin @NickPlutus]

@peterkapstadt @CryptoCon_ Fair, it was. One hit is still cheap evidence though, and the buyer has changed since: ETF and treasury demand that no 2017 cycle chart ever had to price in. I would rather be right for a reason I can name.

[Nick Martin @NickPlutus]

@peterkapstadt @CryptoCon_ Fair, it was. My problem is the mechanism, not the shape. Since 2024 the swing factor has been ETF flow, not issuance. Same chart, different driver, and a driver that can reverse in a week.

[Nick Martin @NickPlutus]

Crypto mcap dropped 5.1% today. Fear and Greed still reads 71, which is Greed.

I have never seen sentiment move on the same day as price. It lags about two days. That gap is not a signal, it is people not having checked yet.

[Nick Martin @NickPlutus]

@MustStopMurad The 2018 BTC call had a monetary argument behind it, this one has a joke that people are in on. That can still work for a while, I just would not pretend it is the same trade. Happy to be wrong, I have been before.

[Nick Martin @NickPlutus]

@avax @aave I would hold the champagne until the incentives end. $30M on day one of a new lending hub is a pilot, not a migration. The number I watch is how much is still there in ninety days, because sticky deposits are the only proof a risk model works.

[Nick Martin @NickPlutus]

@JamesIIIIIII The contract outlived the house is a good way to put it. Perps carry most of the volume in this market now and BitMEX ended up with almost none of it, which is what happens when you invent the product but not the distribution.