Using crypto tokens, you're about to be

able to own your favorite sports team.

We've got that story and a lot 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. And we're going to

spend the next very intimate 15 minutes

together diving into the news and trying

to find some signal in this endless heap

of noise.

Uh the first story is one that might be

a little bit noisy, but I think it gives

us a bit more information on what's

likely coming for Bitcoin. It is this

one right here. Bitcoin's fabled golden

cross is coming and USDT may be the real

signal this time. So for those of you

who don't know, a golden cross is when

the 50 moving average crosses up above

the 200 moving average or anytime a

shorter time frame moving average

crosses above a longer time frame moving

average. Now listen, these are lagging

indicators. Moving averages tell you

what happened in the past, not

necessarily what's coming in the future.

But in the case of Bitcoin on the daily

chart, they have been somewhat reliable.

They've produced 12 golden crosses since

2012 on the Bitcoin chart. The nine with

measurable 3-month returns produced an

average gain of approximately 24.9%.

Now, once again, in a vacuum, I don't

think this is a particularly important

story. But when you add it to the months

of data of me telling you that I think

Bitcoin is likely bottoming and all of

the signals compounding, this is yet

another piece of evidence that the

Bitcoin bare market bottom is likely it.

So to be fair, the the only three of

those nine that I talked about remained

intact for an entire year. So it's a

confirmation of momentum, not a

guarantee that we go all the way to new

all-time highs. Once again, take all of

these with a grain of salt, but it's

another piece of evidence. And

meanwhile, as you saw in that article,

USDT dominance has also been dropping.

It is approaching a death cross, which

is the opposite. When a short-term

moving average goes down below a

long-term moving average, that I don't

care about very much. But the very idea

that USDT dominance is dropping is an

important signal, but it because it

means that people are exiting their

stable coins to go risk on and buy more

crypto assets. USDT dominance dropping

while USDT actually grows is a major

signal of where people are putting their

money in the crypto market and right now

that is back into tokens and into the

market itself. So that is what is

absolutely import uh important here.

We're going to move on to the next story

and that is that Bitcoin's recovery here

is bringing traditional investors back

as you can see there with USDT dominance

dropping but that's including customers

of a platform that recently said Bitcoin

was not even an asset class and that is

in the United Kingdom. UK's top

investing platform opens access to

Bitcoin and Ether ETNs after FCA lifts

retail ban. This is Hargreaves

Landsdown. That's how you would say it

in the UK. I first honestly uh like I

read it as Downtown Abbey.

Hargreaves Landsdown which thing has

started offering crypto exchange traded

nodes to approximately 2 billion

customers. They list nine Bitcoin and

Ether products here from greatest hits

like Black Rockck, Wisdom Tree, 21

Shares, Invesco, Coin Shares, and of

course, Bitwise. Now, interestingly, UK

regulators lifted the ban on these

products at the end of 2025 in October,

right at the top of the market. And

Hargreaves was the final major UK

platform holding out. And at the time,

and I quote, they publicly declared that

Bitcoin is not an asset class at all.

This is kind of like the uh Vanguard of

the UK. If you remember, Vanguard said

they would never ever ever ever ever

ever offer these Bitcoin products

because it didn't align with their

ethos. Well, that's what's happening

here with Hargreaves in the UK. Now,

access remains restricted. So, investors

must complete an appropriateness test.

They must qualify for the platform's

advanced investing services, and a

24-hour cooling off period applies. So,

this is not exactly a ringing

endorsement of the asset class from

them, but the real story is that they've

capitulated. Every other provider has

already offered these since the ban was

lifted, and now they're doing it because

they have to, even if they don't like

it. A very crypto story is where we drag

along the haters who join the end of the

party and are at the very end of the

parade because they have to be. They're

going to lose customers if they don't

offer these. We've seen the same with

reluctance from American institutions

that have now become more excited about

it. The holdouts like Morgan Stanley

that have now become procryto and

Charles Schwab that have now become pro

crypto. And of course, Vanguard will be

adding crypto as well. So, I think it's

fair to say that this institution in

Britain has not embraced unrestricted

crypto investing here. They've created a

tightly controlled pathway through

conventional brokerage and retirement

accounts, but the largest remaining hold

out here is capitulated. So, you know,

uh, Hargreaves, I think, said Bitcoin

was not an asset class and apparently it

became one as soon as Black Rockck sent

a moment memo. Larry Frink, you guys

need to offer these things, right? So,

while we have traditional platforms here

offering crypto exposure, the story that

I told you about in the intro is the

next one. Socios and Securiturize want

to use the same infrastructure of crypto

to offer an asset normally reserved for

billionaires. Sports team ownership.

This is so cool. I can't tell you it's

going to happen. Can't tell you it's

going to be successful, but I think it's

awesome and I'm here for it. Securitize

will issue tokenized sports team equity.

So what they're doing here, they're

developing tokenized minority ownership

interest in professional sports teams.

So these pro products will be called

Socios equity tokens. Now anyone who's

been following along knows that Socios

has issued fan tokens which are

basically you know uh fan rewards and

participation like uh we've had for

years but tokenized which has been a

very successful product. They have over

70 organizations they do this with

mostly in football like Barcelona,

Manchester City, Arsenal, PSG, and

Juventus. That's football uh for uh the

inferior people that are not Americans.

Our footballs are oblong and we throw

them. You guys actually use your feet. I

guess that makes sense. So yeah,

football being uh soccer as we call it

here in the United States. So this is

really cool. So, the teams will

basically be a be able to take out a

trunch of equity that's a minority stake

and sell that via a token and the token

holders will get all of the rights of

being an actual owner of their favorite

sports team. I I think it's really cool.

They get all the voting rights that come

with it. They'll get all of the other

things. Uh the ability to earn money on

these. So, no team's agreed to

participate yet. This is just an

announcement. We don't know the offering

size, the valuation, what blockchain

it'll be on, what the investor

requirements are. Of course, any

offering here would require approval

from owners, leagues, and regulators,

but this is a legitimate partnership.

And you're wondering why it's Socios and

Securitize. So, what Securitize here,

who already, I think, administer $5

billion in tokenized assets with Apollo

and Black Rockck and the biggest

institutions on the planet. They're a

publicly traded company. They would

manage securities issuance, investor

onboarding, official ownership records,

transfer restrictions, and ongoing

services. But seriously, imagine like if

you're a diehard fan of a team your

entire life, and you can legitimately

now take a piece of ownership of that

team. You can participate in the upside

for most of you, the downside because

your team sucks. Um, you can lose money

with your team, right? but you'll

actually be able to take a financial

stake in the future of your team. I

think this is really cool. It hearkens

back to a lot of the ideas that we saw

earlier in the web 3 days. And we know

that in crypto we have these bubbles,

right? You have the DeFi summer and the

NFT and metaverse fall and it comes and

it goes, but usually in the next cycle

or down the road, some more mature

iteration of what effectively failed and

was a bubble in a previous cycle comes

to fruition. And I think that this is

one of those examples where we could see

exceptional traction and real excitement

from the ideas of web 3 and ownership

through crypto that we had in previous

cycles. I just think it's a really

really really cool story and I hope that

it works out exceptionally well. So the

next story is uh coming back to the

United States and talking about

regulation and of course prediction

markets and perpetual swaps, our

favorite topics. Here you go. CFTC asked

judge to dismiss CME lawsuit over crypto

perpetual futures. The regulator claims

the dispute is much to do about nothing.

Noting that the order allows an

designated contract market, including

CME, to list these products. So, if you

guys weren't paying attention to our

previous shows, and I know you were, and

you've memorized every single story

we've ever talked about, so good for

you, and thanks for watching.

What happened before was that the CME

basically said Kali was approved for

perpetual swaps which is something very

popular in crypto that has been brought

offshore now onshore and they said these

things uh should not be allowed. They

should not be allowed and certainly not

regulated by the federal government

because they are a swap rather than a

futures contract. The CFTC has said

these are future contract. They're just

structured differently. So what the Cali

product does is it tracks Bitcoin spot

price. It trades continuously. It never

expires. It uses funding payment to keep

its price aligned with Bitcoin. Longs

pay short, shorts pay long dep depending

on how the market is positioned. And

it's effectually a futures contract that

never expires and is happening in real

time. If you're in crypto, you know

about perpetual swaps. Well, they're

happening here in the United States. And

the CME, who is the largest futures

exchange, obviously is not happy about

it. and they're just not happy about it

because it's a competitor that's a

superior product and it happened much

faster than they were able to. Fairly

the CFDC says just offer them, dude.

Like what's your problem? You guys can

now offer perpetual swaps. You should go

ahead and do that. And the CFTC here in

and telling the judge to dismiss it has

said that the CME has not shown any

concrete financial injury. CME is

allowed to offer the products and uh

their customers have not requested

perpetuals. But at the same time as you

see here with the CFT story, we have the

Coinbase story that Coinbase is

launching derivative contracts in

Canada. These things are happening

everywhere whether they like it or not.

This is 23 perpetual and dated futures

for eligible Canadian traders including

Bitcoin, Ether, Salana, commodities and

the coin 50 index. Eligible traders can

access leverage up to 10 times. So the

big story was that these things were

very popular all over the world. They're

becoming popular on main exchanges all

over the world, but

they were not really allowed in the

United States and Khi broke through and

other markets are now breaking through

and the CME does not like it because it

is a direct competition. Now we're

talking about the CFDC and Khi and

people not liking it and prediction

markets. It leads right into our next

very fun story. New Jersey takes fight

over Kouch's prediction market to US

Supreme Court. Now, I've told you many

times here about the turf war, not just

between the CFTC and the last story of

the CME, but the CFDC and the states

over what a prediction market contract

is, whether it's actually sports betting

or whether it is just a a derivative

that the CFDC and the federal government

should oversee. Well, now it's likely to

finally go to the Supreme Court. This is

the first time that a state has asked

for that to happen. And that obviously

is specifically around the sports event

contracts that Cali says are federally

federally regulated derivatives under

the commodity exchange act and the

states say infringe on their territory

to make money on you gambling. Right? So

you guys will remember that the third

circuit ruled for cali in April finding

that federal law preempted New Jerseys

gambling regulation. Uh last week the

Ninth Circuit reached the opposite

preliminary conclusion in another case

and the conflicting rulings create a

circuit split that could invite Supreme

Court review. Now the Supreme Court has

not agreed to see this yet, but New

Jersey is asking for it. The best part

here is now prediction markets can now

let you bet on whether the Supreme Court

will decide whether prediction markets

are allowed to let you bet.

Figure that one out. That's a mouthful.

Yeah, you'll be able to bet on this.

uh on the platform that uh you're

wondering if you're allowed to bet on it

on. It's going to be very exciting. So,

this is eventually going to get to the

Supreme Court one way or another in my

humble opinion because we're not going

to get consensus on this and it's going

to be a back and forth endlessly between

the states and the federal government.

And it's not just our federal government

that's tightening up on crypto.

We got Thailand tightens crypto rules

with fiveyear data retention and

self-custody wallet checks. Right. So

what's happening here is they've

finalized their digital asset travel

rule. And so now [clears throat]

regulated crypto businesses must collect

information about senders and

recipients, transmit that information

with transfers, conduct due diligence on

other service providers, retain

transaction records for at least 5

years. So why does that matter? If you

have a self-custody wallet and you

actually want to offramp or send the

money to an exchange, that exchange now

has to identify you KYC. Every single

transaction, every single self-custody

wallet, identify who it is, keep records

for 5 years, literally impossible. What

are we doing here? This is way too

strict. This is not the kind of regime

that's going to work. And it's literally

impossible even if they wanted to do it,

right? Right? I mean, your wallet can

remain self-hosted here, but uh they

just want to know your name, transaction

history, and 5 years of references for

for the job, right? I mean, their

blockchain may be permissionless here,

but the on on-ramp increasingly is

coming with more paperwork and scrutiny.

That is all of the stories that I wanted

to get across today. Tomorrow, I'm sure

we're going to have a lot more

excitement because Bitcoin's going to be

at a million dollars by tomorrow. No, it

won't. You heard it here first. Thanks.

See you tomorrow on the next Daily Wolf.

Peace.