Union Partners Digital Asset

Gov Inst Manager / AI / Crypto / Macro / Global politics

[*Walter Bloomberg @DeItaone]

US INFLATION COMES IN HOTTER THAN EXPECTED IN OCTOBER

US headline CPI rose 0.4% in October, above the 0.3% forecast, while core CPI increased 0.3% versus 0.2% expected.

Food prices jumped 0.5%, energy rose 0.7%, and gasoline climbed 1.0%.

Housing costs increased 0.3%, while real earnings for private-sector workers were unchanged.

The hotter-than-expected inflation report strengthens the case for further Fed rate hikes.

[The Kobeissi Letter @KobeissiLetter]

BREAKING: Democrats are preparing "aggressive" investigations into President Trump's crypto ventures, deals with law firms, and pardoning of donors, per FT.

US oil companies have also been put "on notice" for Trump’s deal with Russia to release diesel reserves and AI companies will be demanded to commit to reporting safety incidents within 48 hours of detection.

Hakeem Jeffries has pledged to outline an agenda within 100 hours of being sworn in as House Speaker.

[The Kobeissi Letter @KobeissiLetter]

BREAKING: Binance says the estimated total impact of today’s hack currently stands at $6.3 billion.

Approximately $3 billion in stolen funds have already been frozen onchain.

This leaves $3.3 billion in funds that have yet to be frozen or recovered.

[상혁 Jaden Park @fkemgod]

"청와대, '가상자산 과세 유예' 결론"
https://t.co/cBoHz3VnFO

[Semiconductor Insider @SemiconductorsX]

SK Hynix has halted its review of pre-IPO fundraising and a potential US IPO for its NAND subsidiary Solidigm.

The chipmaker cited recent capital market volatility and a correction in semiconductor stocks, which made a favorable valuation harder to secure.

Korean regulators had also flagged the plan as a potential duplicate listing that could dilute value for existing shareholders amid the multi-layered SK Group structure.

Solidigm, created in 2021 from the $9B acquisition of Intel’s NAND/SSD business, was intended to help fund US production capacity for AI-driven enterprise SSD demand. Growth plans remain unchanged, with alternatives still under review.
$SKHY

[The Hormuz Letter @HormuzLetter]

BREAKING: Trump considering firing Defense Secretary Hegseth after the midterms in an effort to take the blame of the unpopular Iran war off of himself and onto Hegseth in order to "protect his legacy" and "reputation as an anti-war president," per multiple initial reports.

Trump is also on the verge of firing several key members of his administration in an effort to "clean house" amid mounting corruption allegations and expected midterm losses, as per the reports.

[Coin Bureau @coinbureau]

🚨BREAKING: MSCI officially moves to remove Michael Saylor’s Strategy from its global indexes, starting November 30.

MSCI will now treat companies like Strategy as “non-operating” and ineligible for its indexes.

Strategy is on MSCI’s list of potential deletions, alongside Bitcoin treasury firm Metaplanet.

The final list is due on November 11.

JPMorgan previously estimated Strategy could face about $2.8 BILLION of selling if dropped from MSCI indexes.

[The Hormuz Letter @HormuzLetter]

BREAKING: US considers unfreezing Russian assets, with Trump envoys Steve Witkoff and Jared Kushner planning a release of up to $100 billion in frozen Russian sovereign assets as an upfront incentive for a limited ceasefire on energy infrastructure, per the FT.

European officials rejected it outright, opposing giving up any control over the assets or returning any to Russia. "This was just simply not going to happen," an EU official said.

At the same time, the US threatened Ukraine this week with a total halt to intelligence sharing if it struck Russian energy sites again.

[Cointelegraph @Cointelegraph]

🇸🇬 TOKEN2049: Institutions are coming onchain, but the Ethereum panel couldn't agree on what to do with all that ETH.

Joe Lubin, founder of Consensys, says Ethereum is close to unifying L1, L2s and private chains without risky bridges.

Paul Frambot, CEO of Morpho, says DeFi now matches Web2, with Coinbase and Robinhood users borrowing on Ethereum without knowing it.

Sam Tabar, CEO of Bit Digital, says the next big wave of Ethereum users will be AI agents.

And Tabar and Lubin clashed over whether ETH treasury companies even make sense.

Swipe 👉

[Union Partners Digital Asset @Unionpartner]

Mr. Lee, I have a question for you.

Looking at BMNR’s performance to date, I honestly struggle to see what unique investment merit BMNR offers compared with a leveraged ETH ETF. This is not simply criticism; I’m referring to the actual performance over the past year.

BMNR has positioned itself as more than just an ETH-holding vehicle, highlighting its DAT strategy as well as additional business initiatives and investments. Yet when ETH declines, BMNR has shown virtually no downside protection. From an investor’s perspective, this raises a fundamental question: why should we choose BMNR over simply holding ETH or using a leveraged ETH product?

If BMNR is truly more than a leveraged proxy for ETH and is capable of creating greater long-term value, I believe the company needs to demonstrate much more clearly to the market and its shareholders what differentiates its investment thesis—and, ultimately, its stock performance.

[상혁 Jaden Park @fkemgod]

LG CNS, 금융권 가상자산 인프라 '기틀' 출시...서클·체인링크 등과 협력
https://t.co/lXALU9NKDk

[Watcher.Guru @WatcherGuru]

JUST IN: 🇺🇸 SEC approves first-ever 3x leveraged Bitcoin and Ethereum ETFs.

• The SEC approved Cboe BZX to list six new Volatility Shares ETFs, including 3x Bitcoin and Ether ETFs, along with 3x gold, silver, crude oil, and natural gas ETFs.

• This is the first US approval of 3x leveraged $BTC and $ETH exchange-traded products.

• These are based on CME futures contracts, not spot Bitcoin or Ethereum holdings.

[Coin Bureau @coinbureau]

🚨HUGE: Tether's $184B USDT is OFFICIALLY coming back to Bitcoin this month.

Tether-backed Utexo has secured a license to issue USDT on Bitcoin.

It would let users send USDT privately, swap it directly with BTC, and borrow against Bitcoin without wrapping it.

USDT first launched on Bitcoin in 2014, before growing mainly on Ethereum and Tron.

[Union Partners Digital Asset @Unionpartner]

The primary issue with BMNR is that, despite successfully scaling its operations, it has failed to demonstrate to the market that this growth translates into "substantive expansion" beyond merely an increase in "value per share." In other words, there is no social consensus linking a rise in ETH to a rise in BMNR, nor is there even public agreement that the maturation of the crypto market equates to an increase in ETH's value; such claims remain nothing more than hollow assertions made by a handful of insiders.

[*Walter Bloomberg @DeItaone]

SOFTER U.S. INFLATION CUTS FED HIKE ODDS

August core PCE fell to 3.0% YoY vs. 3.3% expected, while headline PCE came in at 3.4% vs. 3.7% forecast.

Q2 GDP was revised higher to 2.2% from 1.5%.

Kalshi now prices a 65% chance of no October Fed hike, versus 31% for a 25bp increase.
https://t.co/qUEGIdb1ac

[Veee @vikktorrrre]

Jensen Huang: the first thing you should do when deploying an AI agent is take away all of its rights.

“Then you give it access to files, data, tools, the network, or even the internet only if it needs it.”

“You don’t put an agent into your company and give it access to everything.”

“We don’t give that to people. We don’t give that to any level of executive.”

“We have to apply the same philosophy to AI agents.”

“That’s what OpenShell is: a force field around the agent, provisioning rights, responsibilities and access.”

[Fox News @FoxNews]

JUST IN: President Trump calls on Ukrainian President Volodymyr Zelenskyy to negotiate a settlement with Russia, pointing to staggering casualty counts in the ongoing conflict.

Trump emphasizes that the overwhelming monthly death tolls, totaling tens of thousands of mostly military personnel, make reaching an immediate resolution critical.

"I want him to settle with Putin, and I want Putin to settle with him."

"This month, 25,000 people died. What a shame"

[The White House @WhiteHouse]

President Donald J. Trump officially signs the landmark Greenland security deal alongside Prime Minister Mette Frederiksen of Denmark and Prime Minister Jens-Frederik Nielsen of Greenland.

This HISTORIC deal is critical for American national security and defense in the Arctic Region. 🇺🇸🇩🇰🇬🇱

[CoinDesk @CoinDesk]

DATA: Bitcoin is approaching 20 ounces of gold per coin, with the bitcoin-to-gold ratio currently at 19.8. That means one bitcoin can buy 19.8 ounces of gold, up from a low of 12 ounces in February but still well below (50%) its record high of just over 40 ounces.

The bitcoin-to-gold ratio is down just 1% year to date.

@btcjvs reports.

[The Kobeissi Letter @KobeissiLetter]

China’s loan growth is collapsing:

China’s loans grew +4.9% YoY in August, its weakest reading in data going back to the 1990s.

This comes as bank lending fell to just ~$9 billion, materially below the ~$60 billion expected.

Furthermore, aggregate financing, a broad measure of credit, increased just +$247 billion, well below the +$314 billion expected.

Loan growth has trended lower for years and peaked at 34.2% YoY, following the 2008 Financial Crisis.

Weak borrowing from households and businesses is driving the slowdown, with household mid- and long-term loans shrinking for the 5th month this year.

At the same time, comparable corporate loans fell to more than 50% below their 2023 levels.

China’s economy is struggling.