Capital Markets

Last week's Capital Markets coverage was dominated by Stack and Story, which published a large volume of posts spanning crypto market structure, custody, and regulation. On the ETF and market-flow side, Stack and Story covered BTC ETFs posting a $3.8B run while still red for 2026, Bitcoin ETFs posting a $731M day on a Fed bet, the SEC's ETF fast track splitting the crypto industry, and the crypto lobby asking the SEC to lock in ETF rules. The newsletter also reported on Strategy's buyback pause being characterized as never having been a pause, and on Cango's miner pivot posting an $81.6M loss.

Stack and Story additionally addressed a series of custody and security incidents, including Orionx shutting down over a $7M custody gap, Liquid Network's federation losing 4,000 BTC, a Trezor breach growing to 67,000 more US users, and 600 BTC from 2010 moving in a transaction described as not Satoshi's. On the stablecoin front, Stack and Story covered stablecoins hitting a bank-sized bottleneck, the Bank of Korea stating that dollar stablecoins can weaken the won, Singapore banning stablecoin yield but not risk, and Tether freezing $42M before a warrant existed. Other Stack and Story items touched on Zcash topping $1,000 as miners squeeze margins, Robinhood Chain's DEX volume hitting $1.6B, and Webull outsourcing Canada crypto operations to Coinbase.

Outside of Stack and Story, coverage was more limited. Andrew's Angles published a piece on ten things the BIS has taught the author about stablecoins. Net Interest covered a topic titled "Hot European Summer," without further elaboration available. Sifted Fintech Newsletter reported on Revolut clearing its first hurdle to a US banking licence, and separately covered a piece on Nordic fintech companies becoming better at surviving and worse at scaling.

Taken together, the week's Capital Markets tagged content leaned heavily toward crypto-specific developments—ETFs, stablecoins, custody breaches, and mining economics—primarily through Stack and Story, with smaller contributions from Andrew's Angles on stablecoins from a BIS perspective, and Sifted Fintech Newsletter and Net Interest addressing separate fintech and European market topics.