The Wolf Of All Streets: FridayFIVE – Bitcoin Hits $116K As BlackRock & Nasdaq Go ALL IN!

Host: Scott Melker
Guest: NLW
Date: September 12, 2025

Brief Overview

This FridayFIVE episode unpacks a monumental week for the crypto market, most notably Bitcoin skyrocketing to $116,000 as major institutions like BlackRock and Nasdaq make significant moves into crypto and tokenization. Host Scott Melker and recurring guest NLW dissect developments in regulation, market structure, and broader financial market trends — emphasizing the growing institutional embrace of digital assets and the transformative potential of tokenization in mainstream finance.

Key Discussion Points & Insights

1. Bitcoin’s Meteoric Rise and Institutional Involvement

• Bitcoin peaks at $116,000 USD.
• Major institutions, specifically BlackRock and Nasdaq, are now heavily involved in crypto, signaling mainstream acceptance and aggressive moves to leverage blockchain technology.

2. Evolving Regulatory Landscape

SEC Chairman Paul Atkins’ Forward-Looking Stance

• Atkins declares, “crypto’s time has come,” not just as a passing fad but with a tech-forward agenda, tying in AI (notably, agentic trading) and innovation in market infrastructure.

• This marks a decisive break from Gary Gensler’s regime, which was defined by skepticism and regulatory hostility toward crypto and technological advances.

  “You could chart the SEC's trajectory over the last year … crypto was enemy number one. But now, this new regime … not only are we going to create safe space for innovation, we are going to think about how that innovation can change the mechanisms by which we function.”
  — NLW [02:40]

Contrast with Gensler Era

• Brief discussion of Coinbase seeking court intervention over alleged Gensler text deletions — cited as an example of the previous regime’s opacity.
• Both hosts reflect on the significance of leadership change at the SEC and the real-world impact regulatory tone can have on innovation.

  “There is, as we saw with Gensler, a lot of damage these folks can do ... It’s nice to see, hopefully, we continue to see action that backs up the rhetoric.”
  — NLW [03:36]

3. US Senate Moves Closer to Crypto Legislation

Bipartisan Progress on Market Structure Bill

• Senate Democrats (Kirsten Gillibrand, Cory Booker, Gallego, Mark Warner) introduce a framework for crypto market structure — something previously dominated by Republican efforts.

• Both hosts see this as a meaningful, negotiable step toward comprehensive crypto legislation.

  “It is now a Democrat version of legislation … if you don’t have two versions from two different sides, you can’t negotiate to find something in the middle.”
  — NLW [05:51]

• Bipartisan optimism is cited as a rare and bullish signal for the crypto space.

4. The Tokenization Race: Nasdaq & BlackRock Lead the Charge

• Nasdaq seeks SEC approval for tokenized trading, aiming to offer tokenized versions of exchange-traded products and stocks as early as next year.

• BlackRock aims to tokenize its ETFs after the success of its Bitcoin Fund.

• The hosts emphasize that “real world asset” tokenization is finally going mainstream, with institutions jockeying for leadership.

  “It is clearly the moment where this next phase of moving towards tokenization of real world assets is coming to fruition.”
  — NLW [08:15]

• Reference to infrastructure advances, such as tokenizing stocks natively on Solana, and the broader inevitability of on-chain infrastructures overtaking traditional models.

5. IPO Mania: Measuring Market Sentiment

Notable IPOs (Gemini, Figure Markets, Bullish, Circle, eToro)

• Gemini’s public debut: Despite modest fundraising compared to Figure Markets ($425M vs. $787M), Gemini’s brand (Winklevoss twins) draws intense attention.

• IPO windows as a market barometer: The hosts observe patterns reminiscent of past “altcoin seasons,” with newly public stocks experiencing initial “pops,” dramatic rallies, and quick reversions.

  “It really looks like the altcoin charts of the late cycle in 2021.”
  — Scott Melker [13:38]

• Bullish is the outlier, buoyed by its large Bitcoin reserves.

• Discussion centers on whether this IPO surge signals sustainable mania, fleeting enthusiasm, or something more nuanced.

6. Economic Backdrop: Fed Rate Cuts & Job Data Uncertainty

• Fed’s Dilemma: Balancing persistent inflation (hot PPI & CPI) with clearly weakening job reports.

• Market overwhelmingly expects at least one rate cut (or even two). Hosts debate whether the cut will be 25bps (most likely) or 50bps (deemed highly unlikely by both).

  “The market is still totally convinced what they saw in the CPI was not enough to overcome what they saw in jobs reports, which has been pretty universally bad … we are headed towards a rate cut.”
  — NLW [16:10]

• Emphasis is placed on the Fed's messaging in the post-meeting press conference for cues about future policy direction.

  “Everything with this one is going to be about what he [Powell] says.”
  — NLW [18:33]

Notable Quotes & Memorable Moments

• On Regulatory Shifts:
  “It’s incredible to have a forward-looking regulator on technology and especially on our beloved crypto technology.”
  — Scott Melker [03:26]

• On Political Cooperation:
  “All of the comments from their Republican colleagues are basically like, yes, this is the spirit of bipartisanship. Let's go. This is good.”
  — NLW [06:33]

• On Tokenization:
  “If you’re just interested in crypto infrastructure infiltrating the wider world, this I think will be in retrospect incredibly inevitable.”
  — NLW [09:41]

• On Market Froth and FOMO:
  “As Matt Hogan said, it seems that recessions and bear markets have become illegal. So I'm just going to default to that setting and ride the bullish wave of insane euphoria and FOMO while I can.”
  — Scott Melker [19:17]

Timestamps for Key Segments

• 00:00 — Bitcoin at $116K; institutional inflows headline the week
• 01:11 — SEC Chairman Atkins’s speech and regulatory tone shift
• 04:58 — Senate Democrat framework for crypto market structure
• 07:37 — Nasdaq and BlackRock drive tokenization narrative
• 10:01 — IPO wave: Figure Markets & Gemini go public
• 14:38 — Market risks; are crypto IPOs the new altcoins?
• 15:23 — Macro: Fed rate cut speculation and data doubts
• 18:33 — Reading between the lines of Fed messaging
• 19:17 — Closing thoughts: “Bullish wave of insane euphoria and FOMO”

Tone

Conversational, energetic, and informed, with a mix of market skepticism and palpable excitement about the institutionalization of crypto. Both Scott Melker and NLW combine regulatory analysis, market psychology, and tech-forward optimism, while maintaining a level-headed view of the risks and hype cycles defining this stage of the crypto bull market.

For more in-depth takes on the stock market’s counter-narratives, check out NLW’s show “The Breakdown.”