Podcast Summary: Bitcoin Pumps HIGHER As SEC Goes ALL IN On Crypto ETFs!

Podcast: The Wolf Of All Streets
Host: Scott Melker
Guest: Yago
Date: September 18, 2025

Overview

In this episode, Scott Melker and recurring guest Yago deliver a lively, candid exploration of the recent Bitcoin surge past $117k, the fallout from the latest Fed meeting, and a seismic policy shift from the SEC that opens the floodgates for a wide array of new crypto ETFs. They blend macro analysis, industry gossip, and some classic banter, touching on everything from inflation woes to memes, real estate, and blockchain innovation—with a focus on how regulatory and tech developments are shaping the future for both crypto and traditional markets.

Key Discussion Points & Insights

1. Bitcoin’s Rally and Macro Backdrop

• BTC surpasses $117k after what Scott calls a “massive nothing burger” Fed meeting; little new policy but big aftershocks for markets.
• Macro Quandary: Yago lays out how the US and global economies are stuck:

  “They're being squeezed, they're in a catch 22 situation... If they cut, inflation goes up; if they don’t, nobody has a job.” (02:01)

• The Fed may be abandoning the 2% inflation target, moving the goalpost in practice even if not formally announced.

  “Three is adjacent to 2%. A made up number anyways.” — Scott, joking about the new effective target. (05:15)

2. Stagflation, Inequality, and Asset Markets

• Persistent inflation without proportional asset gains—hurting even asset holders.
• The middle class is “basically gone,” with 50% of consumer spending coming from the top 10% (05:17).
• Rate cuts historically juice markets, but Yago cautions the old playbook might not hold:

  “This is the optimistic take... What happened before may not happen again—asset holders juiced used to be the play, now the inflation trickles down and hurts everyone.” (07:47)

3. Regulatory Shifts: SEC’s New ETF Rules

• Game-Changer for Crypto: The SEC’s approval of generic listing standards means, for assets with six months of futures trading on a registered platform (mainly Coinbase), ETF approval is now fast-tracked—cutting wait times to as little as 40 days.
• Tokens in the Pipeline: Bitcoin, Ether, Litecoin, Bitcoin Cash, Dogecoin, Polkadot, Shiba Inu, Avalanche, Chainlink, Stellar, Solana, Cardano, XRP, and more now likely to see ETFs in the US. (10:19–11:51)
• TradFi Embraces Crypto:

  “Who would have thought that the biggest competitor to Binance in 2026 would be the NASDAQ?” — Yago (11:51)

• Stonkification of Tokens:

  “What we're seeing is the stonkification of tokens... the regulator is dragging crypto into TradFi. It’s good for number go up—until it isn’t.” — Yago (12:09–13:06)

• New Multi-Asset ETPs: Grayscale’s crypto index ETP launches with BTC, ETH, XRP, Solana, Cardano. Scott predicts index-style offerings will soon dominate. (13:25–14:11)

4. Current Crypto Market Dynamics

• ETF Impacts: Bitcoin ETFs had explosive starts; others, like Ether, have been slower burns. Yago expects muted immediate impacts, but “over time, brokers and financial advisors will have to understand, and get exposure.” (14:11–15:01)
• Token Company Corrections:
  • The 50% drop in Nakamoto (Naka) and other digital asset companies signals major adjustments, with insider dynamics at play on treasury discounts and premiums. Yago expects a possible “over correction” but warns of a difficult road if premiums don't bounce soon. (15:06–17:11)
• BNB’s Price Surge: Binance Coin rockets past $1,000, driven by revenue-sharing and aggressive airdrops to stakers—creating sell pressure on new tokens and dampening the 2025 new-project market. (17:11–18:22)

5. Bitcoin OS: Innovation on Bitcoin

• Stealth Launch: Bitcoin OS is live and processing mainnet transactions, but the team hasn’t “announced” it as production-ready; yet usage is surging, especially for programmable meme coins and ZK (zero-knowledge) BTC tokens.

  “First programmable meme coin for... the entire UTXO space... 50,000 transactions over two weeks on Bitcoin.” — Yago (18:57) “We now have over $10 million in programmable BTC on Bitcoin... and a queue of hundreds of millions wanting in.” (18:57–22:12)

• Next Steps: Planned official launch (“boss” v1, BOS gas token, multi-chain support) coming in 8 weeks.
• Building a Superchain: Working with Cardano, Litecoin, Doge, Monero to integrate all UTXO chains into one “giant superchain” for DeFi, DAOs, and tokenized assets on Bitcoin.
• Institutional Bitcoin DeFi:

  “Today, 6 million BTC is held by professional money managers... with our system, we’re making it active, usable as collateral—real institutional DeFi on Bitcoin.” — Yago (22:12–24:36)

6. Bitcoin Community Fights: Core vs Knots

• Core vs Knots TLDR: Knots community builds an alt-client for Bitcoin that strips out "non-transaction data" (aka “spam”). Yago calls it “a holy war” but largely irrelevant, as different clients can see (or ignore) different data. (25:32)

  “If you don’t want the data, you don’t need the data.” — Yago (26:39)

• Melker jokes about the toxic in-fighting:

  “If I was Bitcoin core and trying to cause trouble, I’d call them Nazis.” (27:08)

Notable Quotes & Memorable Moments

• Yago on the macro mess:

  “On the one hand, you can pick this door, it's inflation, you pick this door, it's debt. And... the whole world skewered on this problem.” (02:01)

• Scott on the Fed’s impotence:

  “Fed cuts mean jack shit. They're neutered, flaccid, limp, weak, fiscally driven market.” (03:34)

• Scott’s “super fucked/super rich” encapsulation:

  “We are super fucked. But probably right after we get super rich.” (06:28)

• Catchphrase of the episode:

  “Stonkification of tokens.” — Yago (13:06)

• Yago’s pride in Bitcoin OS:

  “It's almost as good as watching my kid walk for the first time.” (21:38)

Timestamps for Key Segments

• BTC & Fed Reaction [00:01–06:28]
• Macro: Inflation & Asset Markets [06:28–09:36]
• SEC ETF Rule Change & Market Impact [10:19–15:01]
• Token Company Premiums, BNB’s Surge [15:06–18:22]
• Bitcoin OS Launch & Institutional Bitcoinification [18:57–24:36]
• Core vs Knots Drama [25:03–27:35]

Tone & Style

The tone alternates between sharp macro analysis and irreverent, meme-laden humor. Yago delivers incisive, sometimes cynical macro commentary; Scott riffs off it with jokes, cussing, and pop culture references. They tackle serious industry shifts while keeping the conversation accessible and engaging.

For Further Info

• Bitcoin OS: Follow @btcos on Twitter or visit https://bitcoinos.build
• Scott Melker: Twitter @scottmelker

This summary covers all major themes, arguments, and takeaways from the episode, highlighting the interplay of macro trends, regulatory shifts, new tech, and the ever-colorful personalities of crypto.