Debasement is the greatest wealth illusion

1/ Powell's Jackson Hole Speech: An Asymmetric Risk for Crypto Powell's speech is likely to lean cautiously hawkish: - Likely emphasize sticky inflation and tariff uncertainty - Likely avoid pre-committing to a Sep cut - Likely signal the Fed’s strategy is tilting back to prioritizing price stability

1/ Powell's Jackson Hole Speech: An Asymmetric Risk for Crypto Powell's speech is likely to lean cautiously hawkish: - Likely emphasize sticky inflation and tariff uncertainty - Likely avoid pre-committing to a Sep cut - Likely signal the Fed’s strategy is tilting back to prioritizing price stability

2025 BTC Demand/Supply Facts: - Corporates have outpaced ETFs by 2x - Together, they've outpaced new BTC issuance by 5.5x - BTC +22% YTD Demand > Supply...it's that simple

The defining crime of 21st-century capitalism is that institutions can build a half-trillion-dollar company behind closed doors, siphon massive value from every citizen, and still deny them every chance to be shareholders in one of the greatest wealth-creation events in history.

Crypto Week Ahead (Aug 18-22, 2025) 1. Jackson Hole Economic Symposium — Aug 21–23 (Powell speaks Aug 22) The year’s most market-moving macro speech often resets rates narrative; risk assets, including crypto, tend to react. 2. U.S. ‘flash’ PMIs — Aug 21 Growth/price signals that can nudge yields, the dollar, and risk appetite impacting crypto. 3. CFTC comment deadline on listing spot crypto on Designated Contract Markets — Aug 18 Last day for industry input to the CFTC’s initiative; policy direction here is consequential for U.S. spot-market structure. 4. Wyoming Blockchain Symposium — Aug 18–21 Policy/industry cross-talk; SEC Chair Atkins is slated for a fireside chat on Aug 19. 5. FOMC Minutes (July meeting) — Aug 20 Fresh detail on how close the Fed is to cuts; tone can swing dollar/liquidity and BTC/ETH beta.

Federal choke points coming to an end. Now we need the banks to start competing with crypto native financial companies instead of using the bank lobby to perpetuate regulatory capture that stifles innovation.

We’re humbled to share that Bitwise has surpassed $15B in client assets. This milestone would not be possible without the trust of our investors, friends, and followers who’ve helped us get here. 2025 has been a landmark year for crypto, and we’re grateful to be building alongside you in this moment of extraordinary growth. Thank you for being part of the Bitwise story. Here’s to what comes next.

🚨 13F Update: Abu Dhabi ups its BTC exposure via additional funds Al Warda Investments reported 2,411,034 shares of BlackRock's BTC ETF, valued at $147,579,391 as of 6/30/2025. The new filing designates Abu Dhabi Investment Council, a sovereign wealth fund owned by Abu Dhabi's Mubadala, as the reporting manager. This is a clear sign of growing sovereign adoption of BTC. SEC filing:

This was no loophole and you know it. 376 Democrats and Republicans in the House and Senate rejected your unrestrained effort to avoid competition. So did one President. It's time to move on.