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XRP and DOGE ETFs Push $500 Million Milestone for U.S. Investment Fund
Crypto Trends

XRP and DOGE ETFs Push $500 Million Milestone for U.S. Investment Fund

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Amid the growing buzz surrounding crypto ETFs, REX-Osprey. the first U.S. investment fund to launch XRP and DOGE ETFs, has celebrated a major milestone, according to its recent X post.

Following its announcement, the U.S.-based ETF issuer revealed that its suite of exchange-traded funds (ETFs) has surpassed a massive $500 million in combined assets under management (AUM), thanks to the recent launch of its Dogecoin and XRP ETFs.

The achievement marks a significant milestone for the firm, coming just months after REX-Osprey debuted its flagship ETF, $SSK, the first U.S. Solana staking ETF. Soon after, the firm expanded its offerings with three additional products tied to XRP, Dogecoin, and Ethereum.

Speculators note that the fund has continued to record strong daily inflows, largely driven by demand for the XRP and DOGE ETFs, which have collectively pushed its AUM volume to $500 million.

Just last month, REX-Osprey added $XRPR, the first U.S. spot DOGE ETF, and $ESK—the first U.S. ETH staking-focused ETF, expanding its lineup of crypto investment products.

Notably, these multiple offerings have allowed REX-Osprey to broaden investor access to both spot crypto exposure and staking strategies.

Crypto ETFs in spotlight as leveraged filings emerge

With REX-Osprey surpassing half a billion dollars in AUM, the milestone underscores rising investor demand for diversified crypto exposures that go beyond conventional investment products.

The milestone also coincides with Defiance ETFs’ decision to file for nearly 50 leveraged ETF products, including 3X exposure strategies tied to single stocks, other ETFs, and even crypto ETPs, according to a Bloomberg representative in a recent X post.

While these moves highlight growing interest and confidence in crypto ETFs, they also suggest that issuers are seeking alternative avenues for crypto exposure amid the ongoing government shutdown that has slowed ETF approvals.



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GameFi Guides

Morning Minute: Polymarket Prepares for Imminent U.S. Launch

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Morning Minute is a daily newsletter written by Tyler Warner. The analysis and opinions expressed are his own and do not necessarily reflect those of Decrypt. Subscribe to the Morning Minute on Substack.

GM!

Today’s top news:

  • Crypto majors see more green; Bitcoin at $118,800
  • ZCash continues to lead, soaring 50% to $140
  • U.S. goverment shut down pauses ETF approvals
  • Lighter leaves private beta, opens Perps platform to public
  • PNKSTR jumps 50% to $140M as other NFT Strategies boom

🟣 Polymarket’s U.S. Return: “Green Light” Becomes Go-Time

After four years on the sidelines, the world’s biggest prediction market is set to reopen to U.S. users.

Potentially as soon as today…

📌 What Happened

To understand how we arrive at Polymarket potentially launching in the U.S. as soon as today, let’s look at the timeline.

  • In July, Polymarket bought QCX/QC Clearing (QCEX) for $112M, securing a CFTC-licensed exchange and clearinghouse.
  • On September 3, CFTC staff issued a no-action letter giving limited relief on event-contract reporting/recordkeeping for those entities.
  • Polymarket has since started self-certifying event contracts (sports, elections), clearing the final runway to switch the U.S. platform on.
    • Under CFTC rules, once a DCM files a certification, the agency has one business day to object; absent objection, the market can list immediately.
  • In its filings, Polymarket U.S. explicitly says listings will occur “no earlier than October 2, 2025,” which is why the platform could open as soon as tomorrow. Though other sources are reporting October 7, 2025.

There you have it. Polymarket U.S. is coming, if not today, soon.

🗣️ What They’re Saying

“Polymarket has been given the green light to go live in the U.S.A by the @CFTC.” -CEO Shayne Coplan, following the no-action letter.

Some news (reposted for an error): Polymarket US has self-certified sports and election contracts with the CFTC.
➡️ Polymarket plans to offer moneylines, point spreads and totals for any sport
➡️ Oct. 7 is first day they could be offered
➡️ Sportsdata dot io is providing data

— Dustin Gouker (@DustinGouker) October 1, 2025

🧠 Why It Matters

If you’re in the U.S., this means you can use Polymarket without a VPN—just a normal U.S. account.

Because it’s running on a CFTC-licensed venue, expect a quick KYC/identity check and standard U.S. compliance (some state-by-state limits may apply at launch).

The first listings should look familiar, likely sports spreads/totals and “who wins” elections.

And, thanks to the self-certification process, they can appear as soon as the next business day after filing (i.e. today).

Access will likely start on the official U.S. web app and then roll into App Store / Google Play once approvals are cleared (another huge potential lift – Polymarket mobile).

Overall this is clearly huge for U.S. adoption and should pour gasoline on what is the prediction market fire happening right now.

And may help them regain market share against Kalshi, which has pulled out to a bigger lead over the past month (66% market share last week).

Expect volumes to continue to grind up an to the right (barring any new legal or regulatory issues)…



🌎 Macro Crypto and Memes

A few Crypto and Web3 headlines that caught my eye:

  • Crypto majors are green again continuing the shutdown rally; BTC +2% at $118,800, ETH +2% at $4,380, XRP +1% at $2.99, SOL +4% at $225
  • ZEC (+50%), DEXE (+30%) and SPX (+17%) led top movers
  • Zcash rocketed ~63% to a three-year high, as traders (and Naval) pitch privacy coin as “insurance” hedge during Bitcoin strength
  • MSTR stock jumped 5% yesterday after Strategy avoided a multi-billion AMT (tax) hit after new IRS/Treasury guidance, easing concerns over taxes on unrealized gains tied to its Bitcoin holdings
  • Polymarket is poised to relaunch for U.S. users within days, as filings show self-certified contracts after acquiring a CFTC-licensed venue
  • Circle introduced a new tokenized U.S. Treasury fund U.S.YC on Solana
  • The UK government seeks to keep most of $7B in Bitcoin it just seized linked to massive Chinese fraud
  • The White House withdrew Brian Quintenz for CFTC chair, reopening leadership questions at the derivatives regulator amid active crypto agenda
  • New York is running a pilot to give low income residents $12,000 in U.S.DC to help alleviate poverty, with funding provided by Coinbase

In Corporate Treasuries / ETFs

In Memes

  • Memecoin leaders are very green; DOGE +7%, Shiba +3%, PEPE +4%, PENGU +4%, BONK +3%, TRUMP +3%, SPX +19%, and FARTCOIN +8%
  • VIRU.S. +77% to $30M, LOOK +43% to $85M and aura +30% to $90M led onchain Solana movers

💰 Token, Airdrop & Protocol Tracker

Here’s a rundown of major token, protocol and airdrop news from the day:

  • Sui announced a new income-generating digital dollar token suiU.S.De powered by Ethena, with revenue used for SUI buybacks
  • Pump.fun introduced “easy onramp,” enabling new funding methods powered by Apple Pay, Phantom, Robinhood and more
  • Monad’s “intern” teased that Monad will launch in Q4
  • Lighter launched its public mainnet (perps dex) yesterday, now open to the public after 8 months of private beta

🚚 What is happening in NFTs?

Here is the list of other notable headlines from the day in NFTs:

  • ETH NFT leaders were mostly even, Hypurrs lead; Punks even at 47.3 ETH, Pudgy even at 10, BAYC -3% at 8.75 ETH
  • Hypurr’s rebounded 30% to a 1,500 HYPE floor ($71,000)
  • Punk Strategy jumped 50% to $140M and a new ATH, 65% of the way to its 20th Punk; BIRBStrategy +80% to $12M and PDGYSTR +60% to $11M led movers
  • A NodeStrategy has teased its launch, using an auction format to use funds to acquire NodeMonkes in a similar style as the other NFT Strategies (not affiliated)
  • Doodles landed on Froot Loops boxes, with 500 limited editions at $50 selling as NFTs on Base
  • Oh Baby Games announced its first NFT venture, the “Oh Baby Pass,” launching next week

Daily Debrief Newsletter

Start every day with the top news stories right now, plus original features, a podcast, videos and more.





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Exchange Review August
Crypto Trends

XRP, DOGE Zoom Higher as U.S. Shutdowns, Japan Bond Slowdown Charge Bitcoin Appetite

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A U.S. government shutdown and fresh stress in Japan’s bond market failed to derail digital assets this week, as traders positioned for looser global liquidity conditions.

With Friday’s U.S. payrolls report potentially delayed and Japanese yields climbing to their highest levels since 2008, crypto markets are showing signs of decoupling from broader macro caution.

The setup has fueled expectations that policymakers may eventually be forced to ease financial conditions, creating a friendlier backdrop for risk-taking.

“The U.S. government shutdown and weak employment numbers from ADP have impacted markets this past week. Traders believe that these catalysts could be making a case for the Fed to further stimulate the economy and cut rates through the rest of the year, which could boost stocks and cryptocurrencies,” said Jeff Mei, COO at BTSE, in a Telegram note to CoinDesk.

Shutdowns that delay data and weaken fiscal visibility often encourage central banks to act more cautiously, while rising yields in Japan hint at policy shifts that could ripple through global funding markets.

For crypto, these dynamics translate into speculation over fresh inflows and renewed appetite for volatility.

Bitcoin traded near $118,700, gaining more than 3% in the past 24 hours, while ether rose 5.6% to $4,374. Solana added nearly 7% to reach $223, and dogecoin surged almost 9% to $0.25, extending its outperformance among majors.

XRP steadied at $2.97 after volatile swings around the $3.00 level earlier this week. The broad rally lifted the market capitalization of all digital assets to over $2.37 trillion, per CoinMarketCap data.

Meanwhile, volatility metrics also reinforce the picture of steadier markets.

“The major theme this quarter is with lower implied volatilities, evident across equities, rates, FX, and even BTC. This has been driven by a collapse in realized volatilities thanks to an accommodative Fed, stabilizing global GDP, lack of significant tariff-passthroughs on CPI readings, and a flattening of geopolitics and tariff surprises,” said Augustine Fan, Head of Insights at SignalPlus, said in an email.

With bitcoin consolidating just under $119,000 and dogecoin pushing higher, the coming weeks may show whether flows can sustain momentum or whether renewed pressure from Washington and Tokyo will test crypto’s bid for decoupling.



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Bitcoin buoys altcoin rally amid U.S. shutdown jitters
Crypto Trends

Bitcoin buoys altcoin rally amid U.S. shutdown jitters

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Bitcoin pushes past $117,000 as altcoins rally, yet a palpable caution lingers. The gains feel fragile, with traders’ eyes locked not on charts but on a paralyzed Capitol Hill, knowing political chaos could trump technical momentum.

Summary

  • Bitcoin climbs above $117K as a 4% market rally lifts altcoins like Solana, XRP, and Dogecoin.
  • Gains come as the U.S. government shuts down, fueling volatility and caution among traders.
  • Analysts warn the fiscal deadlock may heighten short-term risks, though long-term market impact could be limited.

The U.S. government entered a shutdown early Wednesday after a deadlocked Congress, embroiled in a partisan fight over healthcare subsidies, failed to pass a funding bill by the midnight deadline.

In the first hours of the fiscal standoff, Bitcoin solidified a rebound from its $109,000 support level, climbing more than 3.5% to reclaim the $117,000 mark, according to the crypto.news price page. This momentum acted as a rising tide, lifting the broader crypto market by 4% to a $4 trillion valuation.

Smaller cryptos like Solana (SOL), XRP, and Dogecoin (DOGE) capitalized on the move, surging over 5% and leading a robust altcoin rally that appears to have overshadowed the political gridlock.

Analysts warn of volatility as shutdown collides with Powell’s dovish shift

Market analysts remain divided on how much weight the U.S. government shutdown will carry for crypto, but they agree that it complicates an already delicate backdrop. The intersection of Washington’s fiscal paralysis and dovish hints from Federal Reserve Chair Jerome Powell is shaping into a tug-of-war that investors cannot ignore.

A Bitunix said in a statement obtained by crypto.news the political deadlock is injecting fresh volatility into an environment already adjusting to shifting monetary expectations. The analyst explained that a prolonged shutdown could delay crucial economic data, suppress consumer and investment activity, and ultimately amplify concerns about a growth slowdown.

Paradoxically, this weakness could strengthen the case for the very monetary loosening that initially fueled the crypto rally. For assets like Bitcoin and the broader crypto market, this means being pulled between two narratives: one where easy money is on the horizon, and another where economic anxiety triggers a flight to safety.

“The government shutdown represents a short-term political risk and does not alter the medium-term easing trend, but it does amplify market volatility. The current environment is caught in a tug-of-war between ‘rate cut expectations’ and ‘growth concerns,’ keeping investor sentiment cautious. For BTC, watch supports at 110k–112k and 106k–108k, with resistance at 116k and 122k–125k. Flexibility is key, and traders should closely monitor liquidation hotspots,” the analyst said.

Analysts call for measured calm

The Bitunix analyst’s sentiment of measured calm is echoed in the institutional sphere. Johnny Garcia, managing director of Institutional Growth and Capital Markets at VeChain, offers a longer-term perspective, stating in a note that government shutdowns are not without precedent and historically suggest little lasting effect on markets.

While the stakes on the table may give some a ‘this time is different’ hunch,” Garcia stated, “generally speaking a solution is eventually found.” The MD expressed confidence that the shutdown itself is “probably more noise than material for long-term market impact,” a view supported by the relatively muted reaction in traditional equity and bond markets at the onset.

Meanwhile, this is not uncharted territory for the United States. This marks the eleventh federal government shutdown in the past four decades, a recurring drama of partisan brinkmanship. The longest closure, a 35-day ordeal in late 2018, serves as a stark reminder of how protracted these disputes can become.



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Brian Quintenz (Senate Agriculture Committee, screen capture)
GameFi Guides

U.S. SEC Takes Preliminary Step to Expand Universe of Crypto Custody to State Trusts

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The U.S. Securities and Exchange Commission has cracked the door to welcome crypto custody at a wide range of firms who’ve earned state charters as trust companies — a list that would include the trust affiliates of Coinbase, Kraken and other high-profile names in crypto.

The SEC’s Division of Investment Management issued a so-called no-action letter on Tuesday, a document that assures that the regulator doesn’t intend to pursue any enforcement actions by those engaging in the specific activity — in this case, that SEC-registered advisers and funds can park digital assets in state trusts.

Such qualified-custodian questions had represented a policy battleground during the tenure of former SEC chairs Gary Gensler and Jay Clayton, the former having led the agency to introduce a later-abandoned proposal that would have constrained what kinds of companies could handle the crypto of regulated investment advisers. Gensler made it clear he specifically meant to muscle out exchanges such as Coinbase.

But the SEC’s new management — most notably Chairman Paul Atkins — is pursuing a crypto-forward campaign, with Atkins saying earlier this week that establishing industry policies is the agency’s top priority (as assigned by pro-crypto President Donald Trump).

While Tuesday’s no-action letter isn’t a formal agency rule, it carries enough weight to free firms from short-term compliance worries. Specifically, the document said the SEC “would not recommend enforcement action to the commission under the custody provisions against a registered adviser or regulated fund for treating a state trust company as a ‘bank’ with respect to the placement and maintenance of crypto assets.”

The earlier argument from Gensler was that crypto firms weren’t safe and sufficiently regulated to qualify as risk-free enough for registered investment advisers to keep their customers’ assets.

“Even though it was never adopted, the proposal has created problems for investment advisers through its assertion that most crypto assets are likely to be funds or crypto asset securities covered by the current rule, and thus must be maintained with a qualified custodian,” Commissioner Hester Peirce said in a speech in Singapore on Tuesday.

She argued that the agency “should consider updating the rules governing permissible custodians for registered investment advisers and investment companies,” adding that maybe technologically adept companies should be permitted to custody assets themselves.

But Democratic Commissioner Caroline Crenshaw, who was allied with Gensler on this point two years ago, issued a statement opposing the no-action treatment, saying the SEC is effectively treating crypto as something apart from the rest of the financial sector. And it’s ignoring the efforts of firms pursuing federal chartering from the Office of the Comptroller of the Currency.

“Rather than create a level playing field, we leave investors and the markets to gamble in an unnecessary game of 50-state regulatory roulette – just to accommodate crypto,” she said. “Executing a shift of this magnitude via no-action relief without public comment and without any economic analysis is ill-advised for many reasons, not least of which because it likely violates the Administrative Procedure Act, though this has become commonplace by this commission.”

The SEC has been pursuing a number of crypto policies under Atkin’s recent Project Crypto, and the chairman has set an agenda to issue formal crypto rules in the coming months. Meanwhile, Congress has made extensive progress on legislation to more completely regulate the U.S. digital assets markets.



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Rally Stalls Amid Looming U.S. Government Shutdown
Crypto Trends

Rally Stalls Amid Looming U.S. Government Shutdown

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The bounce in crypto markets mostly stalled on Tuesday with the U.S. government on track to shut down at midnight Eastern time.

Bitcoin BTC$114,477.21 — after earlier having slid about 2% from overnight highs near $115,000 – managed a late afternoon rally to $114,300, up marginally from 24 hours ago. Ether ETH$4,170.25 traded just above $4,100, sliding 1.3% during the same period.

Most tokens in the broad-market benchmark CoinDesk 20 Index posted declines, with AVAX$30.05, Uniswap UNI$7.6933 and NEAR$2.6247 leading losses.

A check on traditional markets showed gold climbing another 0.5% to $3,850, extending its record-breaking run, while the Nasdaq and S&P 500 equity indexes also saw late rallies to move into positive territory just minutes ahead of the close.

Most market participants are in wait-and-see mode as the U.S. government seems headed toward a certain shutdown of uncertain length.

When the government shuts down, all non-essential activities under the executive branch will halt, which will likely include any of the Securities and Exchange Commission, Commodity Futures Trading Commission and federal bank regulators’ ongoing efforts to create new rules for the crypto industry.

While the shutdown won’t have an effect on people’s ability to file comments for open rulemaking efforts, it’s unlikely anyone at these agencies will be tasked to read the feedback. This halt may also affect ongoing efforts by companies to list and trade exchange-traded funds tied to cryptocurrencies like solana SOL$209.52 and LTC$106.99, CoinDesk reported earlier Tuesday.

Congress’ work on crypto market structure legislation will be delayed. The Senate Banking Committee already postponed a tentatively planned markup — a hearing to debate provisions on the bill — on its market structure draft from Tuesday to later in October. The Senate Agriculture Committee has not published any draft legislation. The Senate Finance Committee, however, still intends to hold a hearing on Wednesday to examine crypto tax issues.

Shutdown leaves BTC fragile, Bitfinex warns

A shutdown would also halt the release of key economic indicators such as jobs data and CPI inflation reports that could amplify volatility across asset classes, including cryptos, Bitfinex analysts warned in a report.

Data delays could complicate the Federal Reserve’s monetary policy decisions with ripple effects echoing across rates markets, the report noted. Global investors have already been cutting U.S. exposure, a trend which a protracted shutdown could accelerate, the report said.

“For markets, the immediate risk is confidence erosion and data blind spots, rather than systemic financial instability,” Bitfinex analysts said about the potential shutdown.

Zooming out, BTC is still in a corrective phase since the Fed’s interest rate cut in September, which turned out to be a “buy the rumor, sell the news event,” Bitfinex analysts said.

The report noted that unlike previous cycles, this one has unfolded in three distinct multi-month surges, each capped by widespread profit-taking.

Bitcoin realized profit shows three distinct peaks through this market cycle. (Bitfinex/Glassnode)

“At every cyclical peak, more than 90 percent of coins moved were transacted in profit, a clear signal of widespread distribution,” the analysts wrote.

Having just stepped back from the third such peak, Bitfinex analysts see probabilities tilting toward further consolidation.

“Deep political polarisation, rising fiscal deficits and a fragile global economy leave markets more sensitive to shocks,” they added.



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Adrienne Harris (Nikhilesh De/CoinDesk)
Crypto Trends

Ripple Chief Legal Officer Stuart Alderoty Says U.S. Congress Must End Crypto Uncertainty

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Washington has a narrow window to deliver clear U.S. crypto rules, Ripple Chief Legal Officer Stuart Alderoty argues, urging lawmakers to “finish the job on crypto clarity.”

In an op-ed published Monday on RealClearMarkets, Alderoty said the Securities and Exchange Commission has for the first time listed crypto clarity among its top priorities — signaling that “the time has come” for predictable oversight. He framed the issue as mainstream, not niche, pointing to consumer adoption and polling that shows broad support for stronger guardrails.

Alderoty cited several data points to make the case.

A National Cryptocurrency Association (NCA) survey with Harris Poll found roughly one in five U.S. adults owns crypto. Pew Research reported that a majority of Americans lack confidence that current ways to invest, trade or use crypto are reliable and safe. And a YouGov poll showed more Americans favor tighter crypto regulation than looser rules.

He also referenced Chainalysis estimates that Americans transacted more than $1 trillion in digital assets in 2024, spanning uses from payments to savings.

“The absence of clear, consistent rules doesn’t make crypto go away,” Alderoty wrote, warning it pushes activity to jurisdictions moving faster. He argued that clarity would both protect consumers and give responsible firms certainty to build in the U.S.

Alderoty is also president of the National Cryptocurrency Association, a crypto education nonprofit launched on March 5 with a $50 million grant from Ripple. The NCA says it aims to boost literacy and safe adoption through explainers and user stories, and its polling finds most current users want to learn more about the technology.

With Congress weighing market-structure legislation after this summer’s stablecoin law, Alderoty cast the fall session as a pivotal moment. “The opportunity is in front of us. The mandate is already there,” he wrote, adding that lawmakers can “prove to Americans that Washington can, in fact, deliver clarity where it’s needed most.”

He concluded that finishing the rules would keep innovation onshore and ensure the U.S. leads in shaping future financial infrastructure.



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Stylized network of light focii covering Earth (geralt/Pixabay)
Crypto Trends

Crypto is ‘Job One’ as U.S. SEC, CFTC Move Into Harmony on Policies: Chairman Atkins

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WASHINGTON, D.C. — U.S. Securities and Exchange Commission Chairman Paul Atkins said that “crypto is job one” as his agency hosted a Monday roundtable focused on harmonizing policy work with its sister regulator, the Commodity Futures Trading Commission.

Both agencies are set to have central roles in overseeing the digital assets markets in the U.S., with the SEC overseeing crypto securities and the CFTC — especially after it’s expected to be given more authority by Congress — supervising the bulk of digital assets transactions. But leaders of both have said they want the borders between securities and commodities to be seamless, allowing single firms or even apps to traverse both without difficulty.

“Our two agencies must work in lockstep,” Atkins told a crowd of financial compliance lawyers and industry representatives at the SEC headquarters in Washington. “What matters is building a framework where our agencies coordinate seamlessly.”

Read More: SEC, CFTC Chiefs Say Crypto Turf Wars Over as Agencies Move Ahead on Joint Work

The CFTC Acting Chairman Caroline Pham added, “It’s a new day, and the turf war is over.”

Though it’s an unusually powerful sentiment from these agencies, which have often been at odds with each other, the CFTC side is still absent a permanent leader to assure its strategic decisions won’t be shifted under new management. But Pham spent some of her time at the microphone assuring the crowd that her agency is moving at a rapid pace under her leadership.

“The CFTC is alive and well, and there needs to be no more FUD about what’s going on,” she said, evoking the common crypto-world acronym for “fear, uncertainty and doubt.”

Atkins commented on the CFTC leadership under Pham, with whom he’s been working together on crypto initiatives, as “full-speed ahead.”

On the sidelines of the roundtable event, the SEC chairman told reporters that “obviously, top priority right now is crypto.”

He said in response to a question from CoinDesk that President Donald Trump “kind of laid down the gauntlet” and wants to sign a market structure bill by the end of the year. “We’ll see how that goes.”

Asset tokenization will be one particular area of SEC focus, he said, though he said it may take “a year or two” to erect regulatory guardrails around the activity.

“The potential is pretty much endless,” he said.

Atkins also dismissed speculation about the SEC and CFTC merging, calling it “fanciful.”

The Monday roundtable was the latest SEC event that put some focus on the crypto space, though this one represented a wider cooperation between the agencies. Weighing in on the panels were digital assets and blockchain leaders from such firms as Kraken, Crypto.com, Polymarket, Kalshi and Robinhood Markets.



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A Dovish Trump Fed could help Bitcoin, hurt U.S.
NFT Gaming

A Dovish Trump Fed could help Bitcoin, hurt U.S.

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Galaxy Digital CEO Mike Novogratz has identified a potential “biggest bull catalyst” for Bitcoin that could drive the cryptocurrency to $200,000, but warned such a scenario would be detrimental to America.

Summary

  • Novogratz says a Trump-picked dovish Fed chair could send Bitcoin soaring to $200K.
  • He warns such a move risks Fed independence and weakens the U.S. economy.
  • Markets watch Trump’s Fed shortlist amid fears of ultra-loose monetary policy.

Speaking in an interview with Kyle Chasse, Mike Novogratz said that an ultra-dovish Federal Reserve chair appointment by President Donald Trump could lead to massive Bitcoin (BTC) gains through aggressive rate cuts.

The Galaxy CEO noted that while Bitcoin could reach $200,000 under such conditions, he wouldn’t want it to happen because he “kind of loves America.”

Novogratz warned that excessive dovishness could threaten Fed independence and create an “oh shit moment” where both gold and Bitcoin skyrocket due to concerns about currency debasement.

Trump’s Fed chair decision creates market uncertainty

Novogratz said the potential scenario of Trump appointing an extremely dovish Fed chair represents Bitcoin’s most significant bullish catalyst.

He described a situation where “Fed’s cutting when they shouldn’t be, and you put in a massive dove,” leading to what he called a “blow-off top” moment for Bitcoin.

The Galaxy CEO noted that markets have partially priced in expectations of Trump choosing a dovish candidate, but uncertainty remains about how extreme the appointment might be.

Trump has reportedly narrowed his Fed chair shortlist to three candidates: White House economic adviser Kevin Hassett, Federal Reserve Governor Christopher Waller, and former Fed Governor Kevin Warsh.

Economic consequences vs. crypto benefits

Novogratz expressed conflicted feelings about the scenario that could drive Bitcoin to new heights.

Even though he acknowledged the massive bullish potential for cryptocurrency markets, he called the underlying economic conditions “really shitty for America” and warned about the potential loss of Fed independence.

A dovish Fed stance typically weakens the U.S. dollar and boosts risk assets, such as Bitcoin, as traditional investments like bonds and term deposits become less attractive.

This creates a feedback loop where currency debasement drives investors toward alternative stores of value.

The Galaxy CEO’s prediction shows concerns about monetary policy extremes and their impact on asset markets.

Novogratz suggested that the market won’t fully react to this scenario until an official announcement is made.



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U.S. Silent Hill f fans slam pitiful Steelbook allocations as missing pre-order gifts pop up on pricey eBay auctions
Game Reviews

U.S. Silent Hill f fans slam pitiful Steelbook allocations as missing pre-order gifts pop up on pricey eBay auctions

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Silent Hill f fans who missed out on Steelbook pre-orders despite ordering early are slamming U.S. retailer GameStop and speaking out against opportunist scalpers.

Players were tempted to pre-order the physical edition of Silent Hill f ahead of time by the “free” addition of a striking Steelbook case for orders placed with Amazon in the UK, and GameStop in the U.S.

However, as orders began arriving across the States this week and fans stopped by stores to pick up their freebie, it became clear that GameStop did not have nearly enough Steelbook cases to satisfy demand.

Silent Hill f Review – An Occasionally Unsatisfactory Return To Form.Watch on YouTube

“Is anyone else having trouble trying to acquire their Silent Hill f steelbook?” asked one customer. “Preordered from GameStop months ago and went today just an hour after opening and they’ve run out of all four steel boxes they had in stock. All four. Called every GameStop in a 50 mile radius and NONE other store received ANY shipment of steel boxes at all.”

“Everyone is getting the shaft,” someone responded. “Stores that even got allocation were at like 10% or less compared to their pre-order number.”

People ruin everything
byu/Plenty_Pattern_9279 insilenthill

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“I went to a GameStop earlier today as they opened, and they only got one,” commented someone else. “And I was the second guy in line. Supposedly, they should get another shipment. But it’s really stupid that there is a shortage of Steelbooks, and on top of that, online preorders require you to go in store to pick up the Steelbook. I wish Amazon US or Best Buy had the Steelbook, ’cause at least they would ship it with the game. I guess I’ll check in and see if they ever get more in the upcoming weeks.”

Other players claimed GameStop employees confirmed to them that each store received only a handful of Steelbook cases irrespective of how many pre-orders the stores logged, with some saying their local store “didn’t even get a single Steelbook…”

“I work at GameStop. We got a total of nine Steelbooks… for 30+ preorders,” explained another commenter.

If this all sounds very familiar, that’s because it is. When Silent Hill 2 Remake pre-orders began shipping in the UK in October 2024, GAME customers similarly received their game without the steelbook sweetener they’d hoped to get when placing their orders, and it took several weeks for GAME to fulfil delayed shipments. This time around, however, Konami partnered with Amazon UK to distribute the Steelbook pre-order bonus, which seems to have been more successful this time around.

What’s particularly galling for some fans, however, is the number of Steelbook cases that have made it onto online auction sites like eBay. Despite being given away for free, the collectible case is being auctioned for anywhere from $30 to $205, both with and without the game bundled alongside it.

In a thread entitled “people ruin everything” with hundreds of upvotes, one fan wrote: “What [is] really disappointed me even more was going on eBay just to see what resellers were up charging for the cases, ruining it for other people by being greedy. I know [the] Silent Hill franchise ha[s] always been expensive, I’ve gotten my fair share of games over the years, but for people to sell a case for more than market value is sickening.”

With most retailers advertising the freebie as available “while stocks last”, however, there’s very little customers can do, as demonstrated by this email response from GameStop customer care, who told one player that “even with online pre-orders, the Steelbook must be claimed in-store” and “these items are extremely limited and available only while supplies last.”

We’ll reach out to GameStop and update as/when we hear back from the retailer.

Regarding Steelbook
byu/_W01fy_ insilenthill

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Whilst slow to get going and a little cumbersome early on, I had a good time with it in Eurogamer’s Silent Hill f review, calling it “a return to form worth sticking with” and awarding it four out of five stars.



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