Happy Thursday!

Arthur Hayes said you’re better off not trading Bitcoin right now. But watch these three scenarios to understand when is the time to do so.

Bitcoin ETFs are roaring, with several finance giants entering the ETF game. Whose ETFs are the most popular?

Plus, when volatility increases, balance sheets matter. Benzinga Edge flags companies with strong cash flow, improving profitability metrics, and rising Value scores even as indexes whip around. In a sideways market, discipline beats hype. See The Value Rankings

TOP STORY

Arthur Hayes Says BTC Is In A 'No-Trade Zone,' But Watch These 3 Scenarios

Bitcoin is in a "no-trade zone" according to BitMEX co-founder Arthur Hayes, and he's mapped out exactly what breaks it.

Two forces created the deadlock:

AI agents destroying knowledge worker jobs at an accelerating pace and the Iran war entering its seventh week with the Strait of Hormuz still in play. Hayes's framework is simple:

Bitcoin's price is determined by the quantity of fiat money in existence, not discount rates. Until the Fed prints, BTC doesn't meaningfully move.

The three scenarios to watch:

SPECIAL OFFER

See The Best Value Stocks Holding Up In Market Chaos

When volatility increases, balance sheets matter. Benzinga Edge flags companies with strong cash flow, improving profitability metrics, and rising Value scores even as indexes whip around. In a sideways market, discipline beats hype.

QUICK N DIRTY

Bitcoin, Ethereum, XRP are holding firm as markets continue to wait for positive news from the Middle East: here’s what else is moving markets today.

Circle is interested in launching a Yuan-backed stablecoin. Here’s why the CEO thinks it’s a tremendous opportunity.

XRP has been going up slowly but steadily over the past week: is a strong rally about to commence?

FINTECH FOCUS

Bitcoin ETFs Surge As Morgan Stanley Crosses $100M And Goldman Sachs Joins The Race

Morgan Stanley's MSBT crossed $103 million in just six trading days — already beating WisdomTree's BTCW cumulative total of $86 million.

Goldman Sachs filed for its first Bitcoin ETF, a Premium Income product that buys Bitcoin ETPs and sells call options to generate yield.

Bloomberg's Eric Balchunas called the Goldman filing "a shock," speculating the bank sees an opening to leapfrog BlackRock in the Bitcoin ETF race.

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