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 at Scott Melker. It's right down

there. You can also find me on YouTube,

Scott Melker, and watch my everyday 900

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 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 cuz I

reported before August had approximately

$3.5 billion in inflows. Strongest month

since September 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 pro

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.

Revolute wins conditional US banking

license. And the second one, an Dreon

Horowitz backed open reserve secures

preliminary OC approval for national

bank chart charter. So, none of them can

offer banking services yet, but they're

both getting the preliminal approvals

here. But this is a really interesting

and important story because these are

proposed fullervice

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 the

fractional reserve banking that has

become popular over the years. So, these

are trying to basically become

fullervice crypto bank. Revolute wants

to offer deposits, credit, payments,

digital asset custody. That's a big one.

and of course stable coin remittances

directly to American customers. This

would reduce their dependence on their

banking partners, Lead Bank and Cross

River. Right now, when Revolute 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 Andre, also wants deposits,

lending, tokenized deposits, payments,

crypto custody, and foreign

correspondents banking. and they also

plan a subsidiary subsidiary to issue a

dollarback stable coin. So these are

banks that are not necessarily

cryptonative 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 uh

financial institution.

It's just really interesting to see how

rapidly this is all happening. It really

is uh 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 spent 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

Robin Hood over outrageous tokenized

shares. I'm gonna get into that story in

a minute because it uh 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 Bitex 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 finally

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 Poly

Market, 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

247 365 and you'll be able to do

everything in your wallet that you can

currently do in your Schwab or Erade

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 and

the convergence of it is that story I

showed you before, AMC stock jumping 21%

overnight as CEO slams Robin Hood over

outrageous tokenized shares. So, if you

haven't been paying attention to this,

Robin Hood chain has absolutely

exploded. The most successful Ethereum

layer 2 ever, which I think was pretty

predictable because it's Robin Hood

that's launched it and they've done an

exceptional job.

But of course, as Robin Hood 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 memecoin and attach it to a tokenized

stock on Robin Hood chain. So there's a

tokenized version of AMC, not available

in the United States, of course. This is

offshore, right? Not available in the

United States. There's a tokenized AMC

that you can trade on Robin Hood, but

that does not necessarily have all the

rights of an actual shareholder, which

is one of the big problems that the AMCC

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

memecoin 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 called Boner

and it was attached to HIMS and another

one I can't even remember the name of it

that sent a NASDAQ listed stock up 200%

or so in a day. So, memecoin traders are

effectively massively impacting what

happens with actual stocks. Now, the AMC

CEO who 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 meme 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 uh regulated.

But none of this could happen if we had

the Clarity Act because there would be

distinct rules on what Robin Hood or

people could do onchain or even what uh

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, I don't know if it's Aaron Aon or

Aon.

Uh, a Aon Adam a Aon. Adam Aaron. Uh, he

was freaking out and Vlad Tenev, the CEO

of Robin Hood, simply

responded under him said, "What's the

concern?" question mark. And it

triggered Yeah. It's 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 SPF 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

uh 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 Robin Hood situation. Phase three

would create onchain settlement using

stable coins and other digital payment

assets. So this is not South Korea

creating a small crypto sandbox. They're

designing a path for conventional crypto

uh conventional capital markets. All of

it issuance, trading, settlement, and

investor right uh investor rights to

operate on chain. So this is one of the

most forwardthinking 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.

Treasure again. Recent customer data

exposed and shipping provider incident.

So, you all saw this story before when

they had their shipping provider leak

13,689

customers information. Treasure 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 that 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-custodying 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 to [music] invest.

>> How not to invest.

>> The Financial Crimes Enforcement Network

right here. Finson 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.