phein

🧂

[Ethena @ethena]

USDe Proof of Reserves are typically provided on a weekly basis by 3rd party independent attestors including leading firms such as Chaos Labs, Chainlink, Llama Risk and Harris & Trotter.

On request from the community, we have provided a Proof of Reserves outside of the regular cadence following the market events in the last 24hrs which have been linked below this message.

Each of these independent 3rd parties have confirmed USDe remains overcollateralised by approximately ~$66m.

Maximum transparency.

[Chicken Genius @chickengenius]

eth/btc following my yellow line 🎯
1st to call for eth outperformance 🎯
called for rotation 🎯

What's next?

I'm seeing a lot of $eth should be valued at $10K, $15K, $20K post. Top signal short term.

Plenty of spot eth sell pressure while eth treasuries scoop them up. Maybe short term consolidation or quick nuke.

Random onchain shitters popping up. Alt / shitcoin rotation incoming.

[Stabledash @stabledash]

@CryptoHayes backed @ethena's USDe when TradFi experts called it "another crypto experiment destined for failure."

$USDe just hit $9.5B market cap. That makes it the 3rd largest stablecoin globally behind USDT ($164B) and USDC ($64B).

Synthetic dollar design that everyone said wouldn't work is now eating market share from the majors. The algorithmic stablecoin that survived while others imploded.

Hayes saw what traditional finance missed: demand for yield-bearing dollar alternatives that don't rely on tradfi banking infrastructure.

USDe proves there's room for more than just fully-reserved stablecoins in this market.

Different risk profile, different use case, same growing market demand.

[Arthur Hayes @CryptoHayes]

$ETH is choosing violence right now.

[Arthur Hayes @CryptoHayes]

Arise Chikun, it's time...

$ETH = $10,000

Yachtzee😍😍😍😍😍😍😍😍

[Chicken Genius @chickengenius]

BTC is below $100K. At this point, if not a single cell in you is bullish. Just quit.

You are better off selling buns for $1 profit each.

[Kyle Chassé 🐸 @Kylechasse]

Arthur Hayes just dropped a bomb:

$1M Bitcoin is coming WAY sooner than you think.

Global power shifts, fiscal chaos, and a liquidity flood are all pointing to one trade.

Let’s break it down 🧵

[Ethena @ethena]

Introducing @convergeonchain: The settlement network for traditional finance and digital dollars, powered by @ethena and @Securitize

Our vision is to provide the first purpose built settlement layer where TradFi will merge with DeFi, centered on USDe & USDtb and secured by ENA

[Arthur Hayes @CryptoHayes]

$BTC trades 24/7, anyone globally with internet can trade, it cannot be printed, failure results in bankruptcy or liquidation. No country’s finances are tied to $BTC going up in price.

Stonks trade 8/5, only certain people can trade them, they cannot be printed, failure if you are politically connected results in a bailout. Marginal tax receipts in Pax Americana are directly tied to the stock market. It will get a bailout, it just depends on whether your portfolio is still alive when it occurs.

$BTC is a true free market, stonks are not. Therefore in a fiat liquidity crisis, $BTC leads stocks on down and upside.

[Chicken Genius @chickengenius]

BTC Executive order is bullish long term + no shitcoin buying.

Quote:
"The Secretaries of Treasury and Commerce are authorized to develop budget-neutral strategies for acquiring additional bitcoin, provided that those strategies have no incremental costs on American taxpayers"

6 plausible budget-neutral strategies they might consider:

1 - Issuing Treasury Instruments Backed by Bitcoin

The Treasury could issue a new class of bonds or notes tied to Bitcoin holdings, using proceeds from their sale to acquire more Bitcoin. If structured so that the Bitcoin acquired matches the liability of the instrument, this could be budget-neutral, with market demand driving the process rather than taxpayer funds.

2 - Repurposing Existing Federal Revenue Streams

The Treasury could redirect a small fraction of specific revenue sources—such as tariffs, fines, or fees collected by federal agencies—into a Bitcoin acquisition fund.

3 - Trading Surplus Federal Assets

The government could sell or trade underutilized federal assets—such as surplus real estate, obsolete equipment, or even portions of the Strategic Petroleum Reserve (if market conditions are favorable)—and use the proceeds to buy Bitcoin. This would essentially swap one asset class for another, maintaining budget neutrality.

4 - Accepting Bitcoin as Payment for Federal Services or Obligations

Agencies could pilot programs to accept Bitcoin for certain payments (e.g., federal licenses, permits, or tax settlements), retaining the Bitcoin rather than converting it immediately to dollars. This would require no outlay of taxpayer funds, as it simply changes the form of payment received.

5 - Leveraging Public-Private Partnerships

The government could collaborate with private entities—such as crypto exchanges or mining firms—where the private sector donates or transfers Bitcoin to the government in exchange for non-monetary benefits (e.g., regulatory clarity, tax incentives already in the budget, or preferential contract considerations). This avoids direct taxpayer expenditure while acquiring Bitcoin.

6 - Mining Bitcoin with Excess Federal Energy Capacity

Federal facilities, such as dams operated by the Army Corps of Engineers or nuclear plants under the Department of Energy, often produce surplus electricity. The government could deploy Bitcoin mining rigs at these sites, using excess energy that would otherwise go unused or be sold at a loss. Operational costs could be offset by existing budgets, making the net cost zero.

Crypto submit is tomorrow. Maybe one of the points above will be proposed. If any of the above is implemented, it's permanent buy pressure.

[Chicken Genius @chickengenius]

clear indication of bottom;

cycle tops out far from here and it's the final phrase I'm most looking forward too.

[Chicken Genius @chickengenius]

This is part of the cycle, you become a left curve midwit.
I remain irresponsibly long.

Believe in something... TRUMP

[LongHash Ventures @LongHashVC]

https://t.co/PHUttjbXbX

[Arthur Hayes @CryptoHayes]

Fucking send it.

[Chicken Genius @chickengenius]

don't get too excited. very nice clean breakout on others. expecting a small retest and off we go.

eth/btc is signalling a bottom

monitoring global policy, economy looks like it's bottoming. Financial markets usually front run such moves, expecting risk on sentiment here out.

alt season is here 🔥

[zerohedge @zerohedge]

Powell summary:

Confirms Sept rate cut
Does not indicate whether 25bps or 50bps;
As such the August payrolls report will be critical

[Chicken Genius @chickengenius]

It'll works until it doesn't.
My projections of money printing was spot on.
Price action didn't follow. So all that work into projections down the drain.

I know price will catch up. For now, other forces in play. Survive this chop, that's all you need to do. 10 Trillion of debt needs to be rolled over in a year.

[Arthur Hayes @CryptoHayes]

Bad Gurl Yellen is full of $ liq and she is a squirter. "Water, Water, Every Where" is an essay on how she will soak the markets with $300bn to $1.05tn btw now and year end.

https://t.co/U04IAYgwDQ

[Kevin Heintz @AskCoachKev]

After 8 years in the gym, here's every fitness tip I could come up with:

1. Stop drinking alcohol.

[Chicken Genius @chickengenius]

there's a real chance this cycle, #btc will be added to US strategic reserve. Observing how policy developing, both on US and China fronts. It's inevitable.

China policy direction is to legitimise Bitcoin again. US will front-run China. Whales will front-run US policy.