AI Summary
→ WHAT IT COVERS Bitcoin trades cheaper relative to gold than almost any point in fifteen years while Ethereum ships Fusaka upgrade with 8x more blob capacity. Polymarket launches US operations and mobile app as prediction markets face regulatory challenges. → KEY INSIGHTS - **Bitcoin-Gold Ratio:** Bitcoin now sits below the statistical floor of a fifteen-year power law model versus gold, a level only reached once before in late 2017, suggesting potential catch-up opportunity as institutional allocators still prefer gold for debasement hedging over crypto assets. - **Ethereum Scaling Progress:** Fusaka upgrade delivers Peerless sharding with 8x more blob capacity for layer twos plus 33% increase in layer one throughput to 60 million gas per block. Six-second block times are fully prototyped and ready to ship next year, cutting confirmation times in half. - **Prediction Market Expansion:** Polymarket acquired QCX LLC for 112 million dollars to expedite CFTC authorization in four months, launching US operations with mobile app ranking fourth in sports category. Kalshi faces nationwide class action lawsuit alleging illegal sports betting and trading against customers. - **Tether Reserve Structure:** Tether maintains 140 billion dollars in cash equivalents backing 181 billion dollars outstanding, with 20 billion dollars in Bitcoin and gold creating 50% reserve ratio. A 30% decline in volatile assets would not trigger insolvency given massive equity buffer and off-balance sheet assets. → NOTABLE MOMENT Shane Copeland revealed he emailed the SEC while still in high school asking how to register his planned exchange, demonstrating early regulatory awareness that contrasts sharply with his recent FBI raid experience involving a battering ram at his door. 💼 SPONSORS [{"name": "Raya", "url": "bankless.cc/reya"}, {"name": "Uniswap", "url": "unichain.org"}, {"name": "Mantle", "url": "mantlenetwork.io/hackathon"}, {"name": "Coinbase", "url": "coinbase.com/borrow"}, {"name": "Eight Sleep", "url": "8sleep.com/bankless"}, {"name": "Frax", "url": "frax.com/r/bankless"}] 🏷️ Ethereum Scaling, Prediction Markets, Stablecoin Reserves, Bitcoin Valuation