Yesterday I told you about how Donald

Trump personally made billions of

dollars in crypto in 2025. The deeper

you dive into the report, the crazier it

gets. He made about 22,000

stock trades in 2025, roughly 60 trades

a day, all with impeccable market timing

around specific macro events. That's

just one of the amazing topics that

we're going to dive into here 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 man, do we have

so many things to talk about today. This

is one of those days where I feel like

just going wildly off the cuff and

ranting and ignoring the actual news and

facts, but we will try to stick to them

because there are a lot of things that

we need to dive into right now. So,

first, we have to talk about the job

numbers, non-farm payrolls. Breaking.

The US economy. They could have actually

just stopped there.

Breaking. The US economy adds 57,000

jobs in June, well below expectations of

114,000. Uh-oh. The unemployment rate

fell to 4.2% below expectations of 4.3%.

Wait, that that's good.

Kind of some cross-currents here. May's

job number was also revised down by

43,000 jobs. The labor market remains in

a volatile situation. So, now,

we live in the upside down, if you've

ever seen Stranger Things, where bad

news is good news, and good news is bad

news, because bad news makes it more

likely that the Fed will cut instead of

hike, which means that we'll get more

liquidity, which means that markets

should be able to go up. So, getting

57,000 jobs instead of 114,000 seems

really bad, because that would be bad

for the people that are losing their

jobs, but it's actually really good,

because your stocks can likely go up

because now Fed Chairman Worsh has more

cover to cut jobs. Now, it's important

to remember

that these job numbers are completely

fake.

Oh, what's your source? I made it up.

Right? We saw under the Biden years

revisions as big as 880,000, 900,000

jobs at the end of the year, meaning

that when people reacted and markets

reacted in real time to the job numbers

they were getting and they were

completely fake and were revised down

while nobody was looking. Meaning that

it was a strong job market that they

were able to, you know, pump stocks on

and then all of a sudden by the end of

the year when nobody was looking, all of

those jobs disappeared. Well, in this

case we had a revision down of May,

43,000 jobs from 172 to 129. And April

reserved that revised down an additional

31,000

jobs. So, the numbers that markets react

to when they're presented are almost

always revised when nobody's looking.

So, apparently

markets cheer when people lose their

jobs. Imagine a a world where Worsh had

to walk down the street. I used to say

Powell, walk down the street in New York

City and say to people, "Listen, I know

that you like your job and I appreciate

that, but would you be willing to give

up that job to save the stock market?"

That's effectively what is happening

here and it is absolutely

wild. So, listen, we'll keep tracking

those numbers, but we know they're fake

and markets react to them anyway. So, my

next story here is one I've showed you

before, but I'm going to add to it. So,

we have obviously a historic outflow of

Bitcoin from spot ETFs. Bitcoin ETF

outflows hit 4.3 billion in June. We're

on another 10-day heater, although I

have a feeling that will reverse today.

Uh and over the last few months we've

seen billions and billions and billions

of outflows. But while retail and people

who've have ETFs are panicking and

puking their coins. I just want to show

you the data of something I keep

mentioning, which is this right here.

270,000 Bitcoin accumulated by whales at

59,000. Largest single accumulation

spike ever recorded on chain, bigger

than the COVID bottom, bigger than the

FTX bottom.

Right? So, ETF outflows hit 4.5 billion

in June. But the smart money, the whales

who sold above 120, these huge wallets,

are now buying back in the largest size

ever, which is something that we tend to

see at the bottom of markets and not at

the top. One more data point for my

theory, which could be completely wrong

because I have no crystal ball, I cannot

tell the future, that Bitcoin and the

crypto market broadly have been in a

bottoming process ever since we hit

60,000 last February. We're in one of

those rare moments now where we've had a

lot of {quote} bad news and the market

tends to absorb it. Price doesn't go

down any further.

Saylor is a perfect example, right? I

mean, we reached peak fear, uncertainty,

and doubt around Michael Saylor last

week. STR C was at 72 bucks last I

checked, it was trading around $90.

Easiest trade ever, right? $18 upside if

you listen to data and facts rather than

emotions and hysterics. And you got a

raised dividend

to 12% and I would venture to bet that

if Saylor was supposed to crash the

entire market, the fact that he did what

he did on Monday, which we covered, uh

gave the market some assurance and

kicked the can way down the road that we

won't even be talking about him very

soon, yet another bottom signal. Now,

listen, I didn't want to necessarily

talk about Trump again today, but uh the

market gods have blessed me with the

opportunity, so I wrote a very long

newsletter about it this morning.

Here it is, right here.

Trump made more from crypto

than Coinbase did. So, this was a fact I

did not share on the show yesterday

because I had not yet seen the chart.

That's my newsletter. You should sign up

for it. I write it five days a week and

that image is so good.

Right? But, here you go.

Trump out-earned biggest listed US

crypto firms in 2025.

Trump made 1.4 billion conservatively.

That's what's reported. Doesn't count

token sales. The family made about 2.2

2.3. Coinbase, which is the I believe

will be one of the 10 most important

companies probably uh on the stock

market, made 1.26

billion.

Donald Trump buys selling his interest

in crypto and making fees and licensing

his name made more than Coinbase last

year. But, that's not even really the

most astounding part.

Let's move over to the stonk market. We

call them stonks in crypto in case

you're wondering. It's a loving term.

Stonks.

Donald Trump declared making more than

22,000

stock transactions

in 2025 according to the Financial Times

analysis. His immediate predecessor Joe

Biden made 13 transactions over four

years. Uh that's cuz he was sleeping.

In his first term, Trump made 517.

So, listen. The insider trading is

illegal even for presidents and Nancy

Pelosi. And now I'm assuming that we

have clear evidence that Pelosi and

Trump probably just have the same stock

broker.

Right? But, I mean this is absolutely

insane. You're talking about 60 trades a

day every single day. Now, they came out

and said that this is automated. It's

consistent with direct indexing.

Uh but, first of all, politicians aren't

really supposed to trade and especially

on insider information. And the more

people dig into it and look at the

timing of the buys and sells, the more

gratuitous it becomes. He just doesn't

care. Like, it's inside trading and they

just don't care. And obviously, nobody's

going to go after them. So, it is what

it is. I mean, check this one out. The

day before Trump paused tariffs and sent

the S&P 500 up 9.5%

his investment accounts bought 327

stocks worth up to 12.8 million. It's

one of the biggest one-day market

rallies in history. The trades were

disclosed more than a year later.

All he was $200.

Parking tickets cost more than that. So,

he did something that was actually

wrong, knowing it was wrong, didn't want

to disclose it, and took the whopping

$200

penalty

as a result. Absolutely astounding.

There are hundreds of examples of these.

If you start digging into the internet,

new X accounts that are being launched

just for this, which I just find

amazing. Now,

a lot of the supporters have said, "Hey,

by the way, I'm non-political. Like, I

make fun of Nancy Pelosi's stock trades

just as much, in case you're wondering.

But,

people are saying, "Ah, that was then.

2025, not 2026."

There is some big news that broke today

that I'd like to show you. It's right

here. Donald Trump on Truth Social. He

truthed it out. How about this?

Micron, a great American company,

announced they're putting $250 million

into the Trump accounts for the future

benefit of children, and their stock

went up nine points today. Thank you,

Micron. President DJT. For the future

benefit of Donald J. Trump, who

purchased a large number of shares in

Micron stock right prior to that

announcement.

Nailed it.

Impeccable timing with no information at

all about what was likely to be

announced by his own self.

Right? Listen, like, it is what it is.

Uh

but, the you shouldn't be able to uh

defend this, if we're being quite

honest. Like, as a person who's pretty

much uh you know, non-political uh as

much as I can be, I can laugh at how

insane this is on both sides. But, man,

it would be amazing to see a law passed

uh by Congress and the government that

prevented people in public office from

trading at all. I think we would all

love to see it, uh but the people who

have to pass it would be them.

The ones who are benefiting from it. So,

I think it's highly unlikely. As my

guest on my 9:00 a.m. show this morning

he said, very wisely, he said, "What we

really need is a copy trading account

that

follows Donald Trump's trades in real

time." So, listen, a huge story

on the less gratuitously grifting side.

Robinhood accelerates global expansion

with Robinhood chain mainnet stock

tokens and jumping trading and new suite

of DeFi products. So, in case you missed

it, Robinhood is building the full stack

of crypto and DeFi products to add to

their centralized exchange. Another

example of the race to become the

everything app. So, they launched a

layer two here on Arbitrum, which I

definitely did not have on my bingo

card. And one of the most famous perp

decks that has lost a lot of its shine

in the hyperliquid days and such. dYdX

has rebranded to Arcus and launched

exclusively on Robinhood chain, which

will allow people to trade perps,

tokenize stocks, pre-IPO access, all the

things that we've been discussing over

the past few weeks. Interestingly, this

opens

Yeah, it's like 120 markets or something

to be able to trade all of these assets.

They'll be launching in Canada with

their acquisition of WonderFi, working

on Singapore. The kicker here is that

they've built the full stack, 7% yield

on USDG, the ability to trade everything

anytime, anywhere with leverage on

crypto rails. Uh

and we're still fighting about yield

and the Clarity Act and genius, right? I

mean, I told you about the fact that X

money is offering, I think it was a 6%

yield while we're fighting stablecoin

yield for retail. Well, part of this

announcement is a 7%

yield

using Robinhood. So, you'll be able to

earn that using their DeFi products by

lending around this, whether you like it

or not. The next story here

is one that's been long debated. The

story itself, no, but is a topic that

has been long debated and it's

re-igniting that argument. Venice AI

becomes unicorn with $65 million Series

A as its privacy-first AI platform takes

off. Great news, right? I think so. So,

Erik Voorhees long been a champion of

decentralization, a legend in the

Bitcoin and crypto space, absolutely

wants

to build this product the right way.

But, the interesting part is they raised

$65 million at a billion valuation

and it was equity.

And they have a token.

And one of the longest-standing debates

in crypto is how does value accrue to

token holders, especially when there's

equity attached. So, you basically end

up with two capital stacks, right? And

the way that this appears is equity is

first and the junior stack is the

already existing token. So, would you

rather hold the equity in a company or

the token that doesn't have the same

protections and it does not have the

same rights as the holders of the actual

equity equity. This is an argument as

old as time. Perhaps the biggest version

of this is whether you should hold

Ripple or whether you should hold the

XRP token. I'm not going to get deeply

into that one again here. I talked about

it a bit on my morning show. But, this

does re-ignite this debate that has been

ongoing. I personally would rather be an

equity holder with the protections and

the upside than a token holder if it's

going to be effectively the junior asset

in the capital stack. Now, Voorhees did

say that he was doing it because they

hold the bulk of the tokens and they

don't want to sell them off despite

VVV's 700% run. Investors get 8.9%

equity, a token grant, warrants. So, it

does tie the two together, but once

again, it has ignited a argument in the

crypto community about equity versus

tokens. And the the final story I want

to give here is an honorable mention.

OpenAI proposes 5% stake to Trump

administration to use Washington

pressure.

So, I I mean, I should have probably

lumped this in with the Trump story,

right? But this is so wild to me. It's

like we're having this horseshoe reach

around but between the communists and

the socialists and the MAGA Republicans

just shaking hands in the background

agreeing on the same thing and not

realizing it. Bernie Sanders has been

saying that the United States government

should take a stake given 50%, which is

much larger, and they should just take

it.

Uh which people think is nuts. It's

socialism. It's communism. But

apparently, if a country bribes the

administration with a 5% stake, that'll

go into a sovereign wealth fund. It's

not socialism or communism. It's just

good old-fashioned capitalism. Listen,

we've got years more of insider trading

coming from politicians here,

specifically from the Trump family.

It is what it is. Uh but I I think that

none of that is going to affect crypto

markets very long into the future. And

I'm starting to become even more

optimistic that we could be bottoming.

That's all I got for you today. I'll be

back on Monday cuz tomorrow's a holiday.

Peace.