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Bitcoin's correlation with gold is at its highest since 2020. Its correlation with stocks has dropped to a one-year low. Is Bitcoin a hard asset in your portfolio, or still a risk asset?

The SEC has proposed new rules on how investment advisers and regulated funds can hold crypto directly, not only via ETFs. What's in the proposal: ▸ State trust companies could act as custodians ▸ Limited self-custody, meaning advisers acting as their own custodian ▸ Updated audit and broker-dealer custody requirements Proposed, not final. A 60-day comment period follows. Does direct custody change how institutions hold crypto?

Germany's tax-free Bitcoin era may be ending. A draft bill from the Finance Ministry would remove the rule that makes crypto held for over a year tax-free. What's proposed: ▸ Crypto bought from Jan 1, 2027 taxed at a flat 26.375% ▸ Short-term gains, now taxed at personal rates of up to 45%, move to the same flat rate ▸ Holdings bought before 2027 are expected to keep today's rules It's a draft, not law yet.

Bitcoin (bitcoin:native) is on track to close September up around 7%. That is unusual. Historically, September has been one of Bitcoin's weakest months of the year. It is also notable that the gain came in the same month the Federal Reserve raised interest rates, a move that typically weighs on risk assets.

The 30-year Treasury yield just hit its highest level since 2002. That's usually when money runs from risk. Instead: ▸ Spot Bitcoin ETFs pulled in nearly $1B in net inflows ▸ Goldman Sachs moved a $100B Treasury fund on-chain ▸ Strategy's stack just hit 847,666 BTC Q3 closes today with one message: Capital isn't choosing between Wall Street and crypto anymore. It's holding both.