US Bitcoin ETFs just had their largest

day of inflows since January, $731

million. The institutional money is

back. Does that mean the bull market is

back as well? We're going to talk about

that and more today on The Daily Wolf.

Let's go.

What is up, everybody? Welcome to The

Daily Wolf on Yahoo Finance. I am your

host, Scott Melker, also known as The

Wolf of All Streets. You can find me on

X @ScottMelker. It's right down there.

You can also find me on YouTube, Scott

Melker, and watch my everyday 9:00 a.m.

show where I interview some of the

biggest names in the crypto space. Now,

the big first story today is this one

that I mentioned at the top. US Bitcoin

ETFs report the largest inflow day since

January worth $731

million. Now, usually when we're talking

about what's signal and what's noise,

we don't talk too deeply about the daily

ETF inflows and outflows because it did

generally gets washed away in the news

cycle, and inflows obviously can reverse

to outflows at any point. But, when you

have the largest day here in September,

uh basically of the entire year since

January, it's worth noting. Almost a

billion dollars in inflows into the

Bitcoin spot ETFs. Now, to break out

down how that happened, IBIT, of course,

from BlackRock had 454 million of those,

but six other funds also had inflows.

Now, this is coming in the first week of

September, but as you know, because I

reported before, August had

approximately $3.5 billion 2025,

and that was right before the October

peak of the entire market. So, this is a

real trend that started in August when

Bitcoin started to move up towards the

end of the month. It actually started a

bit before that, and is now carrying

through into September. Now, we all

remember that it was the bond market

that sparked this, the fact that

Treasury announced that they were going

to double their buybacks. That was the

catalyst. But now we're weeks removed

from that happening and prices are still

high and inflows are still increasing,

which means that there's actually an

institutional and retail bid underlying

this price move giving a lot more

confidence that this is strong and that

it could potentially be a lasting move.

Now, we we saw large inflows throughout

most of the week. One day's outflows,

like I said, the daily doesn't really

matter. Right now the trend is clearly

massive and in one direction and it's

supportive of this Bitcoin move. Does

that mean that we have to go straight up

in a straight line to all-time highs? Of

course not, but everybody wants to see

massive spot and ETF buying of Bitcoin

because that's what it's going to take

to continue to push price up. So,

investors are obviously putting money

now back into crypto through traditional

financial

products. Meanwhile, crypto companies

are attempting to become the traditional

financial system itself and we have two

of them in the next story right here.

Revolut wins conditional US banking

license.

And the second one, Andreessen Horowitz

backed Open Reserve secures preliminary

OCC approval for national bank charter

charter. So, none of them can offer

banking services yet, but they're both

getting the preliminary approvals here.

But this is a really interesting and

important story because these are

proposed full-service

national banks. These are not the

narrower national trust charters that

I've reported on in the past that most

of the crypto industry has been getting.

We've seen a number of those proposed,

which in and of itself is huge news, but

they can't offer the full suite of

banking services like customer accounts

and yield and lending and all of the

fractional reserve banking that has

become popular over the years. So, these

are trying to basically become

full-service crypto bank. Revolut wants

offer deposits, credit, payments,

digital asset custody, that's a big one.

And of course, stablecoin remittances

directly to American customers. This

would reduce their dependence on their

banking partners, Lead Bank and Cross

River. Right now, when Revolut wants to

do these things, they have to have a

third-party banking relationship, much

like the crypto exchanges in the United

States. Now, Open Reserve, the other one

from Andreessen, also wants deposits,

lending, tokenized deposits, payments,

crypto custody, and foreign

correspondence banking. And they also

plan a subsidiary subsidiary to issue a

dollar-backed stablecoin. So, these are

banks that are not necessarily

crypto-native, but want to offer the

full suite of crypto services and the

full suite of banking services. As we

blur the lines between what is a crypto

exchange or company or custodian, and

what is a traditional bank or a

traditional

financial institution.

It's just really interesting to see how

rapidly this is all happening. It really

is much faster than I would have even

anticipated. When you see all the news

about tokenized stocks and perpetuals,

and all we're going to get into all of

that.

It's crazy. And this is all happening in

real time

as we are watching crypto basically

spend 15 years here trying to eliminate

banks, and its reward for succeeding

is permission to be a bank. But once

these crypto companies become banks, the

next step is clearly turning every

financial product into something that

trades like crypto, which is something

that we are seeing right now. This is

the big story. AMC stock jumps 21%

overnight. A CEO slams Robinhood over

outrageous tokenized shares. I'm going

to get into that story in a minute

because it kind of pairs with a certain

vibe to this story, which is Coinbase

Global seeks SEC approval for equity

perpetuals offering. So, as you know,

perpetual swaps, very popular, and were

created in crypto by BitMEX many, many

years ago. Many believe a superior way

to trade futures.

Uh those were approved on crypto in the

United States. Now, Coinbase wants every

single stock to trade perpetually 24/7

365 with these contracts. Now, I wrote a

news about the whole concept I'm talking

about here. I wrote a newsletter about

it this morning that I want to show you

right here. Crypto isn't becoming Wall

Street. Wall Street is becoming crypto.

Right? The idea here is that we thought

that crypto was going to try to find the

work its way up through the halls of

Wall Street to become serious. But,

what's actually happening is that Wall

Street is being forced to adopt

everything crypto. 24/7 trading. The SEC

is having a meeting on that. As I just

showed you, perpetual swaps coming here.

Prediction market started with

Polymarket, which the poly is polygon.

It was on crypto rails. Prediction

markets blew up. Those are coming

everywhere. Everything that was built in

crypto is now forcing its way into the

mainstream financial system, and Wall

Street is adopting the rails. All

settlement will be

tokenized on tokenized stocks, will be

24/7 365, and you'll be able to do

everything in your wallet that you can

currently do in your Schwab or E*TRADE

account. Like I said, this is happening

exceptionally fast, and it's only

accelerating. And per perhaps right now,

the most ridiculous example of this in

the convergence of it is that story I

showed you before, AMC stock jumping 21%

overnight as CEO slams Robinhood over

outrageous tokenized shares. So, if you

haven't been a paying attention to this,

Robinhood chain has absolutely exploded.

The most successful Ethereum layer two

ever, which I think was pretty

predictable because it's Robinhood

that's launched it, and they've done an

exceptional job.

But of course, as Robinhood has

announced that this is a chain for

tokenized assets and real world assets

and serious things,

the crypto people came over there and

turned it into a meme chain, which is

pumping a ton of the volume. But there

was an interesting innovation, which is

that you can launch a meme coin and

attach it to a tokenized stock

on Robinhood chain. So there's a

tokenized version of AMC, not available

in the United States, of course. This is

all offshore.

Right? Not available in the United

States. So there's a tokenized AMC that

you can trade on Robinhood, but that

does not necessarily have all of the

rights of an actual shareholder, which

is one of the big problems that the AMC

CEO is complaining about. But then

someone launched a token called meme, a

meme token called meme, attached it to

Robin to AMC stock, and the price action

on the meme coin is sending AMC stock

actually flying.

Right? And this isn't the first example

of it. There was a token, I hate to say

this on TV, boner.

It's called boner, and it was attached

to Hims. And another one, I can't

remember the name of it, that sent a

Nasdaq-listed stock up 200% or so in a

day. So meme coin traders are

effectively massively impacting what

happens with actual stocks. Now the AMC

CEO should be cheering this.

Uh should be super excited that his

stock is pumping. And let's be honest,

AMC went up in the first place in the

first iteration of GameStop that had

nothing to do with crypto when memes

stocks became a thing. But pointing out,

and rightfully so, that you know, when a

stock is moving because of an offshore

platform that has a tokenized version,

but it doesn't actually comply with

securities law or give you the same

rights you would have as a normal

shareholder, maybe there's a problem

here. And these are the growing pains

that are naturally going to happen in

this convergence when everybody tries to

be everything. Now interestingly,

if we had the Clarity Act, this probably

wouldn't be happening.

Right? So we know that FTX couldn't have

ever happened if we had had the Clarity

Act and FTX had been properly

regulated. But none of this could happen

if we had the Clarity Act because there

would be distinct rules on what

Robinhood or people could do on chain or

even what could happen with the AMC

stock itself. So, the best part though,

by the way, is that the AMC CEO uh his

name is Adam A R O N. I don't know if

it's Aaron, Aron, or A-A-Ron.

Uh A-A-Ron, Adam Aron

Aron, Adam Aron. Uh he was freaking out

and Vlad Tenev, the CEO of Robinhood,

simply

res- responded under him said, "What's

the concern?"

{question mark} and it triggered

Yeah, that the new meme just anytime now

anybody asks you anything just respond

with what's the concern. And if you're

in crypto, people will know exactly what

you did there. It's like when SBF came

out of nowhere and just did one what?

{question mark} what? And everybody just

tweeted what? forever. They're still

doing it. So, what's the concern? And

then uh it caused a massive debate on X

about all of this. But it's only going

to get more interesting with time here.

But right now meme stocks, uh meme

tokens are literally pumping stocks,

which proves that all stocks are really

just meme stocks. Right? So, so

absolutely interesting. So, American

companies here fighting over whether

securities should be tokenized and South

Korea has decided the answer is yes,

which leads into our next story. South

Korean government seeks infrastructure

to tokenize traditional securities

beyond fractional investments. So, they

had legislation that

uh passed before that's recognizing

blockchain-based securities, which takes

effects on February 4th, 2027. So, now

South Korea going all in on

tokenization. The first phase

will include private money market funds,

private corporate bonds, unlisted

shares, and fractional investments.

Phase two will expand the system to

publicly offered securities

like Robinhood situation. Phase three

would create on-chain settlement using

stablecoins and other digital payment

assets. So, this is not South Korea

creating a small crypto sandbox. They're

designing a path for conventional crypto

of conventional capital markets, all of

it. Issuance, trading, settlement, and

investor rights uh

investor rights to operate on-chain. So,

this is one of the most forward-thinking

governments now that like we're seeing

in the United States will be moving

everything towards tokenization and

towards crypto rails, which is all

great. I mean, putting more assets

on-chain obviously then increases the

importance of self-custody, which we've

long talked about, right? You need your

privacy and your custody, but

unfortunately owning a secure wallet

does not make the company shipping it

secure, which brings us to our next sad

story. Data breach announcement.

Trezor, again. Recent customer data

exposed in shipping provider incident.

So, you all saw this story before when

they had their shipping provider leaked

13,689

customers' information.

Trezor now says the compromised database

contained information belonging to

another 67,000

US customers. That's over 80,000.

By the way, there was other another

story that like, I don't know, hundreds

of millions of United States driver's

licenses had been leaked, like 65% of

all driver's licenses. If you're

wondering if these data breaches

absolutely insane. So, once again, this

is not a risk that you will get hacked.

This is giving your information, all of

it, that someone would need to attach

you to a crypto account or to know that

you're a crypto user to be able to fish

or to wrench attack you by kidnapping

you and demanding your keys. Nobody

wants

the world to know that they are

privately self-custody crypto and then

to have all their information. So, this

is a massive expansion of what was

already a terrible data breach. And

finally, we have our favorite segment,

how not to invest. Hit it.

>> How not [music] to [singing] invest.

>> How not to invest.

>> [music]

>> The Financial Crimes Enforcement Network

right here, FinCEN, identifies nearly 13

billion linked to suspected digital

asset scams operated by overseas scam

centers. These are those fishing people

we're talking about. They identified

victims across all 50 states and several

US territories. I've told you about this

before. These are the pig butchering

scams that we've talked about in the

past where criminals pose as romantic

partners, friends, or business contacts

before directing victims towards fake

investment websites and apps. So, here's

a little hint.

If your new romantic partner refuses to

video call you, but has a proprietary

crypto platform,

you're not early. You are the exit

liquidity.

And you are getting scammed. Do not send

people your crypto, especially people

who are catfishing you on the internet.

This is a global operation for tens of

billions of dollars. That is how not to

invest. And that is the show for today.

I can't wait to see where crypto markets

are on Monday. Oh, I lied.

On Tuesday.

Monday's Labor Day. Enjoy your laboring

and I will see you all on Tuesday.

Peace.