Retail trading volume is down... September 28, 2026 Presented By ’Sup. After 21 MLB seasons, Detroit Tigers legend Justin Verlander pitched his final game on Saturday, a 4–3 win over the Pittsburgh Pirates. When it was time for the 43-year-old to walk off the mound, his seven-year-old daughter ran out to give him a big hug, causing him to break down in tears. It was also an emotional moment for many fans, who were grateful to have a nice reason to cry, instead of the usual Detroit Tiger reasons. — Brendan Cosgrove, Holly Van Leuven, Neal Freyman In today’s newsletter, we’ll get into: Institutional investors out-trading retail investors The terror probe involving a UK air base Ford’s employee of the month being a hawk (Literally.) Markets: Year-to-Date Nasdaq 27,068.72 +16.46% S&P 7,743.41 +13.12% Dow 51,828.62 +7.83% 10-Year 5.184% +102.1 bps Bitcoin $83,704.66 -4.35% Meta $751.66 +14.17% Data is provided by *Stock data as of market close, cryptocurrency data as of 7:30pm ET. Here's what these numbers mean. Markets: It’s a big week for economic data, with updates due on job numbers, inflation, and consumer confidence (more on those later). Investors will also be watching bond yields and their impact on borrowing costs, especially in the AI space. Stock spotlight: Meta’s stock took a hit on Friday after Goldman Sachs questioned the revenue math used to justify massive AI infrastructure investments, but the company’s new Muse AI agent could inspire a change of heart today as it continues to top app charts. Markets Sponsored by DealMaker The future of retail capital. Founders have raised over $2.8b from their own communities on DealMaker. Learn how it works . TRADING PLACES Small investors aren’t so big on stocks right now Retail trading is a bit like saying the phrase “6-7.” It was all the rage last year, but it’s been much less popular in 2026. As a result, average joe investors have ceded some of their influence on markets back to institutional traders. Turning down the volume Retail investors—who tend to lack the sophisticated expertise and fleece vests that professional traders possess—are often referred to as “dumb money,” and, historically, they didn’t account for huge proportions of trading volume. But things changed during the pandemic, when zero-commission trading, social media coordination, and home-baked sourdough fueled a retail revolution, thanks in part to the rise of meme stocks. Most experts thought the dumb money trend would fade away , but it proved resilient. By 2025, it was looking smarter than ever, thanks to the TACO trade , where individual investors bought market dips on the assumption that President Trump would roll back policy proposals, while institutional investors watched the volatility from the stands. But things have started to flip back this year, and the so-called smart money is at the front of the parade again. According to a CNBC report: Retail investors’ share of S&P 500 trading volume is now more than three percentage points below the five-year average, according to Goldman Sachs. Meanwhile, institutional investors’ options flow is three times higher than it usually is in September, according to data from Vanda Research. Where have all the retail investors gone? Some are handing their decision-making over to AI agents , which, with the right prompts, can act like boring dispassionate hedge fund managers that might be more content to ride out long-term waves (and, theoretically, make fewer trades). Others are stepping away from stocks and taking advantage of the highest bond yields in more than a decade. Through August, $625 billion net flowed into US bond funds so far this year—the highest that number’s been since 2010, according to research firm Morningstar. Meanwhile, in an uncertain macro environment, institutional investors are still finding horses to bet on. They’re just being more selective and sticking to specific AI stocks, like Meta, according to Viraj Patel, global market strategist at Vanda.— BC Sponsored By DealMaker The future of retail capital DealMaker is the platform companies use to raise capital directly from the people who already believe in them and their mission, like their customers, fans, and communities. It helps founders turn believers into shareholders on their own terms, and companies on the platform have raised over $2.8b from 500k+ investors . DealMaker provides one place for founders to share their company with investors, collect investments, and manage shareholders. For investors, it opens the door to owning a piece of companies they already know and care about. Raising this way builds a community of investors who believe in the company, buy from it, and refer others. This is capital raising, redefined for the companies building the future. Learn how DealMaker works . World Tour de headlines A scene from Edgewater, NJ. Anadolu/Getty Images 🌀 Deadly nor’easter left 100,000+ without power. The storm, the first of perhaps several to strike the US East Coast this year due to an El Niño climate pattern, brought widespread power outages to the Connecticut and New Jersey shores as well as Long Island and other parts of New York state. In some areas of Massachusetts, rain totals exceeded 7 inches. Boston Logan and NYC LaGuardia topped the list of worst airport service disruptions yesterday, stranding thousands of travelers. The storm killed at least one person: A New York City housing authority worker died on Saturday due to a fallen tree. 🚨 Five suspects held for terror probe involving UK air base. Around 12:45am local time yesterday, British police arrested five men under suspicion of preparing for a terrorist attack involving explosives outside of RAF Fairford. The air base, about 100 miles west of London, is operated by the US under an agreement dating back to the Cold War. The US Air Force has used it to deploy B-1 and B-52 bombers to Iran. President Trump said of the incident, “They were looking to do big damage to our fort.

Plus: How is the Fed rate hike impacting REITs? September 28, 2026 PRESENTED BY Good morning. Welcome to the latest special edition of Advisor Upside, where we dive into the growing, exciting and at times quite chaotic world of alternative investments. They’re no longer just the tools of institutions and the ultra-wealthy; now more than ever, clients are gaining exposure to everything from private equity and private credit to real estate venture capital. We’re covering the biggest trends, regulatory shifts, new products and advisor strategies reshaping private markets. This time around, we’re taking a look at how bitcoin is steadily becoming a standard asset in portfolios, the importance of finding the right right private fund manager and how the latest Fed rate hike is affecting REITs. Now let’s get alternative. CRYPTOCURRENCY Has Bitcoin Found Its Place in the Portfolio Sun? Photo via Moe Zoyari/Sipa USA/Newscom Investing in bitcoin can feel a lot like riding the Cyclone on Coney Island: ups, downs and a whole lot of bumps. In October 2025, bitcoin topped $126,000, an all-time high, before falling to less than half that by the end of June. Now, it’s surging again, recently surpassing $84,000. Despite the volatility, crypto adoption among advisors is growing. Last year, 42% of independent RIAs reported allocating to crypto in client portfolios, up from 28% the year before, according to a Bitwise and VettaFi survey . Meanwhile, roughly $2.7 billion has flowed into BlackRock’s iShares Bitcoin Trust (IBIT) in the past month, a sign of continued investor demand for the asset. So, is crypto becoming a standard component of portfolio construction? Should every portfolio have at least a little bitcoin? Some advisors see meaningful opportunities in digital assets, while others remain skeptical. “Most advisors are still relatively cautious,” said Amy Arnott, portfolio strategist at Morningstar. “People would want to see a bit more price stability first.” Big Money. Big Whammy Bitcoin certainly has high-return potential: Over the past decade, its price has surged roughly 14,000%, vastly outpacing the S&P 500’s roughly 300% total return, including dividends. But those returns come with dramatically greater volatility. bitcoin fell 74% in 2018 alone. That volatility is part of the appeal, though, said Mark Stancato, founder of VIP Wealth Advisors, who views the category as a legitimate asset class for investors who can tolerate the swings. For those clients, he typically allocates about 5% to digital assets. “Large enough that success can matter, but small enough that a major drawdown shouldn’t derail the financial plan,” he said. Kevin Feig, founder of Walk You to Wealth, recommends going further: an 8% to 15% bitcoin allocation, where appropriate. He views bitcoin as a scarce, collectible-like asset and said its historically low long-term correlation with stocks, bonds and gold gives it diversification potential. He also said bitcoin and other digital assets will become standard options in 401(k) plans and target-date funds. “We’re still early, but institutional adoption is accelerating fast,” he said. Don’t Know What You Don’t Know. But bitcoin’s volatility and speculative nature make it difficult to evaluate, said Nathan Nicolaisen, founder of Redspire Wealth Management. Unlike a stock, where fundamentals or a new product can help explain price movements, bitcoin’s drivers are often less clear. “It could be a simple rotation out of other assets, or it could be based on fears of inflation,” he said. Nicolaisen also pointed to crypto’s limited regulation and lack of income generation. Bitcoin has variously been pitched as a store of value, payment system, alternative to gold and speculative asset. “The narrative around cryptocurrency, primarily bitcoin, has shifted so much that it’s unclear what purpose it serves in a portfolio,” he said. Written by Griffin Kelly PRESENTED BY J.P. MORGAN ASSET MANAGEMENT Private Wealth Alternatives | Where Access Can Create Advantage Investors are looking beyond traditional markets, and in alternatives, the best opportunities are not visible to everyone. That’s why access matters . As part of the world’s largest bank*, J.P. Morgan Asset Management leverages deep, longstanding relationships around the globe to stay at the forefront of deal flow and identify unique opportunities across private equity, real estate, infrastructure, and beyond. Alternative investments can play a strategic role within long-term portfolios , helping advisors build more diversified exposures and access opportunities beyond traditional markets. For investors seeking to expand beyond traditional markets, J.P. Morgan Asset Management may provide access to a differentiated universe of alternative investments. Learn more. INVESTING STRATEGIES Why Manager Selection Matters More in Private Markets What happens in private can make a big difference. Private markets are a growing asset class for high-net-worth clients, potentially offering less volatility and higher returns than public markets. As businesses stay private longer, more capital formation is happening there: Some 80% of companies with revenue over $100 million are now private, per BlackRock . But private fund managers, especially in private equity, show far more variable performance than public managers, making manager due diligence critical. “The dispersion across managers between good and bad is large,” said Phil Bauer, portfolio specialist at Calamos Investments. “You want to make sure that if you’re going to invest in these markets, that you are investing in managers that have done this, that have the expertise, that are not tourists, that have a long track record of doing it. That’s where a lot of the excess returns come from.” Mind the Gap Return dispersion is almost seven times wider for private equity than for large-cap public equities: There’s a gap of more than 19 percentage points between top and bottom quartile managers, v

Plus: The wobble in bank stocks | Monday, September 28, 2026 Presented By Capital One Axios Markets By Emily Peck and Matt Phillips · Sep 28, 2026 🌅 Rise and shine, market maniacs. It's Monday. 📈 The pressure coming from the U.S. Treasury market continues, with the yield on the 10-year note rising above 5.20% overnight. Rising oil prices are said to be the culprit, after the Trump administration rejected an Iranian ceasefire proposal over the weekend. 🗓️ Today, Matt is channeling his inner Edith Piaf and strapping on rose-colored spectacles to take another look at the recent run-up in bond yields — this time from a more upbeat perspective than may otherwise come naturally to him. Plus, our editor, Jeffrey Cane, spotlights a recent sell-off in bank stocks. Let's do this: 1,146 words, a 4.5 -minute read. 1 big thing: Maybe everything is fine? By Matt Phillips Data: FactSet; Chart: Axios Markets/Matt Phillips Memes and the diesel shock aside, maybe the recent bond yield surge is simply telling us to kick back and enjoy a revving U.S. economy. Why it matters: While the energy spike caused by the Iran war is a big deal, some analysts stress that the main takeaway of the bond market's recent turn should be that the U.S. economy is simply far stronger than many previously thought. Zoom in: Get out your slide rule and pop in your pocket protector: This view hangs on a slightly technical analysis of the recent rise in Treasury yields. Let's get bond geeky! How it works: One way analysts think about Treasury yields is as a kind of layered cake composed of two distinct financial flavors. The first layer, "real yields," reflects, in part, the market's expectations for the strength of the underlying economy. It's usually measured by taking the quoted rate on U.S. inflation-protected Treasurys (TIPS). The second layer is "inflation expectations," which is measured by the difference between yields on TIPS and regular Treasury securities that mature at roughly the same time. The gap between these two is basically the market's ballpark estimate of the average annual inflation rate over the period in question. The big picture: By this analysis, if the change in real yields accounts for a larger chunk of the overall change in Treasury yields, the move is said to be driven by expectations of stronger economic growth — and vice versa if changes in inflation expectations are the bigger component of the yield change. It seems clear that real yields have been the key driver this year. For instance, over the one-month period that ended Friday, the five-year real yield (up 0.66 percentage points) over the last month, accounts for the overwhelming bulk of the increase of 0.72 percentage points in the five-year Treasury note. Inflation expectations account for just 0.06 percentage points. What they're saying: "Given that Brent is up around 73% so far in 2026, and US CPI has risen from 2.4% in January to an expected 3.60% in September, anyone outside bond markets could be forgiven for assuming the bond market is becoming increasingly concerned about inflation," Deutsche Bank analysts wrote. "This couldn't be further from the truth." Between the lines: It might be hard to believe, given the level of consternation about rising energy costs in the U.S. and the overall sour sentiment among consumers. But there is plenty of data corroborating the view that the U.S. economy — in the aggregate — is remarkably strong right now. Weekly claims for U.S. unemployment insurance remain near 57-year lows . The S&P 500 finished Friday less than 1% from its record high. Fresh data on capital goods orders Friday suggested the AI infrastructure boom — arguably one of the largest investment binges in U.S. history — is very much alive and well. And Wall Street analysts are expecting Q3 corporate profits for S&P 500 companies to rise 29% versus the same quarter last year, according to FactSet data. The other side: That's not to say the economy is perfect. Even aside from surging energy costs, abysmal housing affordability and real declines in wages , there are plenty of reasons to be cranky. By some measures, American workers are getting the tiniest share of the benefits of the economy— in terms of income — on record . The bottom line: But be that as it may, maybe the bond market is simply telling us that, actually, the economy is pretty strong. A MESSAGE FROM CAPITAL ONE Affordable housing investment beyond construction Building affordable housing is only the first step toward creating financial stability for residents. Next steps: Capital One’s Community Benefits Plan commits $25 million to resident services and pre-development initiatives, enabling support before and after residents move in. Learn more. 2. 🎷 Banking blues By Jeffrey Cane Data: Financial Modeling Prep ; Chart: Jeffrey Cane/Axios Banks don't usually get a lot of public sympathy, but pour one out for them, or at least for those who have been bullish on bank shares. The big picture: Even as consumers continue to spend and companies continue to borrow — all good for banks' business — their stocks have slumped in recent weeks, dragging the KBW Nasdaq Bank Index into correction territory. Zoom out: The reasons are twofold. The main one is growing expectation that the Federal Reserve will raise the short-term interest rates it controls as much as twice more this year. That shift in rate hike expectations has helped flatten the Treasury yield curve, or the spread between the yield on the two-year Treasury and the 10-year Treasury. Last week, that spread narrowed to its tightest gap since March 2025. How it works: Banks typically pay lower rates to borrow short-term funds, and use that money to make longer-term loans for which they charge higher rates. The difference between the costs of cheaper short-term borrowing and lending long-term at higher rates is a key driver of bank profits. Yes, but: Treasury rates help determine the rates banks pay to borrow and charge to lend. So

Plus: YouTube delivers a plot twist for Netflix’s ailing stock. September 28, 2026 PRESENTED BY CAPTERRA Good morning and happy Monday. Steve Ballmer’s got nothing on Sheikh Mansour. Earlier this month, the former Microsoft CEO and $174 billion man was suspended from the National Basketball Association for one year after an independent probe found his Los Angeles Clippers surreptitiously funneled millions of dollars to a star player. Well, Mansour and his Manchester City say, “Hold my overpriced arena beer.” On Friday, England’s Premier League found the club acquired by the billionaire Emirati royal in 2008 guilty of all but one of 115 financial misconduct claims. Allegations include hiding losses by disguising money injected into the club by ownership as sponsorships and making off-book payments to staff through Abu Dhabi-based entities. Sanctions are pending, but City, which won nine major trophies during the period of suspected misconduct (from 2009 to 2018), could still appeal. Meanwhile, the Clippers could spend the equivalent of the US federal budget and would still lose in the Conference Semifinals. MARKETS S&P 500 7,743.41 ▲ +0.51% DJI 51,828.62 ▲ +0.93% TSLA $372.11 ▼ -1.54% Stock data as of market close on September 25, 2026. ELECTRIC VEHICLES High-Volume Semi Production, Souped-Up Roadster Offer Jolt for Tesla Investors Photo via Tesla The car is back in the driver’s seat at Tesla. After over six years of delays, the Elon Musk-led automaker is set to reveal its second-generation Roadster on Thursday at SpaceX’s McGregor, Texas, test site. Tesla shares could use the jolt. They entered this week down 17% in 2026 and vehicle sales are slipping in the world’s two largest car markets. But analysts at Morningstar, who rate the stock undervalued, say vehicles at Tesla could find themselves in the fast lane starting next year. On the Roadster Again Last month, Tesla’s vehicle sales fell 12.4% in China. US sales have been even worse, dropping 14.6% in the first half of 2026. Still, the company has not lost its core loyalists, with superfans and car enthusiasts who haven’t even seen the final version of the new Roadster yet depositing $50,000 just to get in the queue to buy one. Patent filings show the new Roadster’s aerodynamic design could include a Porsche 911-like wing and rumored features include sub-two-second zero-to-60 mph acceleration, over 250 mph top speed, and a 620-mile battery life. Musk said last year that production would be capped at 10,000 units per year, though there may also be a limited edition version with James Bond-like cold-gas thrusters co-developed by SpaceX for anyone who wants to get side-eye on the freeway. Making good on the long-delayed Roadster isn’t the only way in which Tesla’s auto division is gearing up. Last week, the company launched high-volume production of its electric semi-trailer truck, the Tesla Semi. A dedicated factory in Nevada will produce up to 50,000 units per year, putting the Semi on the road after it also suffered years of delays, with production originally slated for 2019. But the days when new vehicle rollouts were Tesla’s most promising venture may already be a thing of the past, with Morningstar’s view bolstered by the company’s plans for AI, clean energy and humanoid robots, not a 007 Roadster: Morningstar estimates Tesla’s energy revenue will grow 30% annually from 2027 to 2031 compared with 17% for automotive revenue. They also project 30% annual growth at the “Services and Other” segment, a onetime money-loser that includes vehicle repairs, used car sales, Tesla’s charging network, insurance and software. It grew revenue 19% last year to $12.5 billion. Hail Fail: According to Zacks Investment Research, the average Wall Street price target on Tesla, at $406.30, is not quite as bullish as Morningstar, but still implies a 9.2% upside. In fact, the people on Wall Street who might end up the most worried are the cab drivers: Morningstar estimates Tesla’s autonomous Cybercab will ultimately be 25% cheaper than human-driven rides for hire. Written by Sean Craig PRESENTED BY CAPTERRA That Unused Software Is Still Billing You Photo via Capterra Only 31% of software buyers feel completely confident in their purchases, per Capterra ’s 2025 Tech Trends Survey. Confidence that thin can get expensive fast, as your new software sits in your stack unused while the invoices clear and your budget drains. After every product demo, asking the right questions of the vendor can be crucial in helping you decide whether the investment holds up. Things like: How long the rollout takes, from signed contract to your team actually using it. How the price changes if you add seats next year. What support looks like once onboarding ends. For more insights to help you buy software your team will actually use, check out Capterra ’s free guide, 5 Tips for Buying Software With Confidence . Read it before you shop for your next tool. MEDIA & ENTERTAINMENT Netflix Struggles to Regain Engagement Momentum, Escape YouTube’s Shadow It’s a new day in Hollywood, with Paramount’s acquisition of Warner Bros. Discovery looking closer to completion than ever (provided it completed its court-mandated weekend “homework.”) And that means more attention on what rival Netflix can do about its sinking share price. The stock received its second key analyst downgrade in as many weeks, and is now down nearly 21% this year. So why the skepticism for the undisputed victor of the Streaming Wars? No, it’s not fear of David Ellison’s new media empire, but rather the persistent threat of its now longtime archrival YouTube. TV Time When Wells Fargo analyst Steve Cahall downgraded the stock to a sell-equivalent rating on September 18, his reasoning was succinct: “TLDR: NFLX has lacked big original series & it’s showing.” The knock on the platform’s slowing engagement numbers is not new, and has been nagging Wall Street all year. In a downgrade to hold from buy last Tuesday, HSBC analyst M

Altcoin OI has crossed above Bitcoin OI, and that crossover has a bad history. Derisking BTC While AltS Races With Regulations Altcoin OI has crossed above Bitcoin OI, and that crossover has a bad history. Sep 28 READ IN APP None of this is financial advice. Do your own research. By reading this newsletter, you acknowledge and accept the terms and conditions outlined in our disclaimer . GM Investors Bitcoin is grinding near $82,700 after failing to decisively expand beyond its May highs. The broader crypto tape looks increasingly disjointed. Aggregated open interest in altcoins has aggressively surpassed Bitcoin open interest. Historically, this speculative imbalance has preceded severe washouts. Meanwhile, capital is rotating fast into high-beta ecosystems. The SEC’s recent staff guidance on liquid staking and programmatic token buybacks has triggered a high-velocity sprint across Defi . Traders are actively pricing in a finite regulatory window before policy shifts again. The market is rewarding immediate structural utility while punishing passive leverage. Here’s what our desk is watching. This Is The Only "Buy The Dip" That Matters In September. TOKEN2049 . The discount code expires with your window. You wouldn't fade a 10% discount on a trade. Don't fade it on the one conference where Vitalik, CZ, and BlackRock share the same stage. GET 10% discount and register Bitcoin Structure Confronts Vanishing Spot Demand The primary engine of the digital asset market is stalling beneath its technical surface. On the higher timeframes, Bitcoin printed a constructive milestone by claiming its 50-week simple moving average around $77,661 and breaking a multi-month weekly RSI downtrend. Relative strength against gold has also expanded, with the BTC/Gold ratio breaking out of a textbook double-bottom base. Gold dropped below its 50-day moving average toward $4,153, mirroring past drawdowns of 18%. Yet nominal momentum has failed to deliver the standard 20% to 30% expansion historically observed after reclaiming the 50-week line. The reason lies directly in the underlying liquidity dynamics. Futures demand collapsed from 164,000 BTC to just 3,000 BTC, while cumulative spot demand remains deeply negative at -174,000 BTC. Without organic spot buyers lifting offers, the market is relying entirely on synthetic tailwinds. When derivatives lead and spot liquidity retreats, upside expansions become fragile. Long-duration assets are struggling to build genuine trend continuation against an unforgiving macro backdrop. Bitcoin is preserving critical price levels, but it lacks the organic volume required to absorb an aggressive derivative unwind. Speculative Overhang Across Altcoin Derivatives Capital is bypassing major spot accumulation to push peripheral leverage to historically dangerous thresholds. Altcoin open interest has decisively eclipsed Bitcoin open interest for the third time in two years. The previous two instances, in December 2024 and September 2025, resulted in rapid market-wide drawdowns ranging between 30% and 50%. Retail and systematic desks are loading speculative leverage into altcoins, creating an asymmetrical liquidation surface. Altcoin Aggregate Open Interest : $30.46 billion, reflecting aggressive positioning outside majors. Bitcoin Aggregate Open Interest : $26.87 billion, trailing total altcoin positioning. 30-Day Total Bitcoin Demand Growth : -171,000 BTC, illustrating severe net spot and perp contraction. Historical Correction Precedents : Previous open interest flips catalyzed 30% and 50% BTC market flushes. Gold 50-Day Benchmark : Gold slipped beneath its 50-day SMA ($4,312) to $4,153, breaking defensive correlation. The broader macroeconomic environment offers little margin for error. If benchmark yields firm or geopolitical risk causes equity indices to wobble, overextended altcoin perps will serve as the primary catalyst for rapid deleveraging. Traders ignoring this leverage overhang are mistaking reflexive momentum for durable balance sheet accumulation. 25,000 People. One Building. 48 Hours. Zero Excuses. TOKEN2049 Singapore is where the next cycle’s partnerships get signed. If You’re Not At Marina Bay Sands Oct 7–8, You’re Reading The Recaps. Two Weeks To Lock $539 Entry To The Biggest Crypto Room Of The Year. Use code CRYPTOBANTER at checkout for 10% off the $599 . The Regulatory Window Accelerates High-Beta Ecosystems While systemic leverage flashes warnings, capital is concentrating aggressively where on-chain execution meets regulatory clarity. The SEC staff’s latest guidance established that functional token buybacks and liquid staking assets do not automatically constitute investment contracts. This administrative posture provides immediate operating clarity, even as legislative initiatives like the CLARITY Act remain stalled in Congress. Market participants recognize this as an administrative window tied to the current commission until January 2029. Solana has emerged as the clear institutional beneficiary of this rotation. The network is processing $2.35 billion in 24-hour DEX volume and generated $154.8 million in 30-day application revenue, handily leading alternative Layer 1 protocols. Furthermore, the Alpenglow consensus upgrade (SIMD-0326) currently progressing through Devnet targets deterministic finality via Votor within 100 to 150 milliseconds. Collapsing finality from 12.8 seconds directly benefits on-chain perpetual platforms like Jupiter and Jito’s JTX trading venue. Jito’s daily MEV tips crossed $300,000, supported by programmatic buyback models that convert protocol revenue directly into token burns. Similar tokenomic dynamics are surfacing around launchpads like Raydium, where 12% of trading fees feed programmatic repurchases, and Robinhood Chain’s emerging DeFi ecosystem. Robinhood’s upcoming summit and expanding Layer 2 activity show traditional finance distribution accelerating toward high-throughput execution layers. Capital is moving where fee

Middle East supply risk is doing the work a hot bond market needed. 🚨5 Cautious setups as Altcoin open interest surpasses BTC Middle East supply risk is doing the work a hot bond market needed. Sep 28 READ IN APP None of this is financial advice. Do your own research. By reading this newsletter, you acknowledge and accept the terms and conditions outlined in our disclaimer . Hey Traders, The tape is digesting a rates shock, not a truce. Washington rejected an Iran deal, and the easy-Fed story stayed dead. Yields are still pressing multi-year highs. Equities are drifting with duration, not leading it. Oil reversed Friday’s fade as diplomacy broke and Middle East supply risk came back. Crude is off the wider panic highs, but it is not cheap, and it is not settled. A rejected truce bought no relief on energy. It put the war premium back in the session. Bitcoin is holding the low $80,000s after failing the recent high. ETFs are still buying even as price stalls, while altcoin leverage sits heavier than Bitcoin’s and gold is no longer the hideout. Crypto is trading the same stack as stocks: tighter-for-longer policy, a bond market that will not ease, and geopolitics that can reprice oil in a session. The risk bid is selective. It has not rolled over. Here is what we are watching. Poll of the Day ( Presented by Rain Trade ) 🎯 POLL BTC reclaimed the 50W SMA. Your play on $BTC into Q4? 🟢 Buying dips heavy 🔴 Fading this rally ⏳ Waiting for $85k break 💤 Ignoring, playing alts Today’s Charts: Chart #1 – BitcoinCash(BCHUSDT) 1-Day Chart #2 – Arbitrum(ARBUSDT) 1-Day Chart #3 – Cronos(CROUSDT) 1-Day Chart #4 – Stable(STABLEUSDT) 1-Day Chart #5 – Strategy Inc.(MSTR) 1-Day Chart #1 – BitcoinCash(BCHUSDT) 1-Day Chartist: Kapoor (For the chart screenshot, ) Bitcoin Cash is undergoing a pullback retest following an aggressive multi-day breakout expansion above summer consolidation, finding dynamic bids off the ascending retest vector above the $258.2 horizontal shelf to trade near $307.2 on the daily timeframe. Engineered as an on-chain scaling, low-fee peer-to-peer electronic cash network, Bitcoin Cash combines expanded 32MB block capacity with CashTokens for native smart contracts, dApps, and tokenized settlement, reinforced by institutional liquidity tailwinds surrounding regulated CME futures access. This long trade setup targets an upward continuation toward the $434.7 overhead resistance target as long as the $212.9–$258.2 support base holds. Trade Levels: Entry: $258 Stop Loss: $212 Take Profit Levels (TP): TP1: $434 Powerful narratives create powerful moves. With 247 Research , you get the insights to be early to the biggest trends in crypto. Chart #2 – Arbitrum(ARBUSDT) 1-Day Chartist: Kapoor (For the chart screenshot, ) Arbitrum is exhibiting a bearish rejection following an impulsive expansion into overhead range resistance, failing to sustain acceptance above the $0.2130–$0.2200 zone to print $0.2068 on the daily timeframe. Functioning as Ethereum’s premier optimistic rollup scaling suite powered by Arbitrum Nitro and Stylus, the network provides high-throughput, low-fee smart contract execution alongside modular infrastructure for Layer-3 Orbit chains. This short trade setup targets an extended mean-reversion drop toward the $0.1450–$0.1500 liquidity shelf as long as overhead resistance caps relief bounces below the $0.2130–$0.2380 zone. Trade Levels: Entry: $0.234 Stop Loss: $0.214 Take Profit Levels (TP): TP1: $0.147 Chart #3 – Cronos(CROUSDT) 1-Day Chartist: Kapoor (For the chart screenshot, ) Cronos is executing an ascending pullback retest following an impulsive multi-week range breakout, absorbing supply above the $0.05965 horizontal pivot to trade near $0.06394 on the daily timeframe. Built as an interoperable, EVM-compatible Layer-1 and Layer-2 network within the Cosmos ecosystem utilizing the Cosmos SDK and IBC protocol, Cronos powers decentralized finance and gaming dApps while serving as the foundational settlement and utility token for the Crypto.com platform. This long trade setup targets an upward expansion toward the $0.07845 overhead resistance target as long as the $0.05207–$0.05965 support base holds. Trade Levels: Entry: $0.059 Stop Loss: $0.052 Take Profit Levels (TP): TP1: $0.072 This Is The Only “Buy The Dip” That Matters In September. TOKEN2049 . The discount code expires with your window. You wouldn’t fade a 10% discount on a trade. Don’t fade it on the one conference where Vitalik, CZ, and BlackRock share the same stage. GET 10% discount and register Chart #4 – Stable(STABLEUSDT) 1-Day Chartist: Kapoor (For the chart screenshot, ) Stable is confirming an impulsive recovery bounce off its macro support shelf, sweeping sell-side liquidity near the multi-month low before reclaiming the $0.02528 horizontal pivot to trade around $0.02798 on the daily timeframe. Built as an optimized settlement and high-throughput execution blockchain designed specifically for payments, digital fiat rails, and high-frequency stablecoin transaction architecture, Stable facilitates ultra-low latency, low-fee decentralized transfers and scalable financial infrastructure. This long trade setup targets an upward expansion toward the $0.03768 overhead resistance target as long as the $0.02234–$0.02528 support base holds. Trade Levels: Entry: $0.0253 Stop Loss: $0.0223 Take Profit Levels (TP): TP1: $0.0376 Chart #5 – Strategy Inc.(MSTR) 1-Day Chartist: Kapoor (For the chart screenshot, ) (MSTR refers to the Stock of company Strategy Inc. and not a cryptocurrency.) Strategy Inc. has initiated a bullish breakout sequence from its multi-month rounding accumulation base, absorbing selling pressure to trade near $158.61 (with pre-market bidding at $153.81) after breaking above the $137.51 horizontal pivot on the daily timeframe. Operating as the world’s leading corporate Bitcoin treasury company alongside its enterprise business intelligence software division, Strategy Inc utilizes disciplined capital-m

But nothing is locked in just yet... 🥛 This stock has what AI needs 🤝 But nothing is locked in just yet... Chevy Cassar GM. This is Milk Road Stocks, the newsletter that reads the 10-K so you never have to. The crypto-to-AI pivot continues. Today we’re covering the latest company to cross the picket line and change its title from ‘Bitcoin miner’ to ‘AI datacenter’. First, a quick detour. Milk Road’s audience doesn’t just follow markets. They obsess over them. 👉 Partner with Milk Road A NEW $2.3B BET ON AI'S POWER PROBLEM 🔌 In April, Bitfarms (one of the bigger public Bitcoin miners) renamed itself Keel Infrastructure (KEEL), shut down its U.S. mines and started pitching its land and power to AI companies. It's been a big year for the stock, and our AI analyst Melvin took the whole thing apart for PRO members last week. Neoclouds like Nebius and CoreWeave own GPUs (the chips AI models run on) and rent out that computing power. Keel wants to supply AI companies with the land, power, cooling and buildings that hyperscalers (giant cloud companies like Amazon and Google) and AI labs need before the GPUs get plugged in. Melvin likes these kinds of businesses, because power is becoming the biggest bottleneck in the AI buildout. The way he put it: you can order another batch of GPUs, but you can't magically create a few hundred megawatts of approved electricity in the right place by next year. … and Keel has 648 megawatts (MW) of secured power, with ~2.2 gigawatts (2,200 MW) in its total development plans. Melvin says to be VERY careful with that bigger number though, since everything beyond the 648 MW is still expansion options and utility studies. (I.e. Don't slap a crazy dollar value on 2.2 GW and call it a $10B company.) Most of the secured power sits across three U.S. sites, plus ~170 MW in Québec. 👇 Source: Northwise Project Panther Creek (Pennsylvania) is the crown jewel, with 350 MW and room to grow past 500 MW. Sharon (Pennsylvania) adds ~110 MW. Moses Lake (Washington) is only 18 MW, though it's set to become Keel's first working AI data center in 2027. But this is where Melvin's biggest worry comes in… Keel has zero AI data center revenue today. Its $30M of Q2 revenue came almost entirely from Bitcoin mining that it has since shut down, and the company lost $65M in the quarter. Source: SEC Buying KEEL today means buying power plus a bet that management can sign tenants, finance construction and deliver on time. (Panther Creek's final environmental permits are also running a few months late.) The good news is the balance sheet buys some time. Keel had $819M of cash and Bitcoin as of August, and ~$1.05B of convertible notes (loans that can later turn into shares) at super cheap rates of 1.25% to 1.375%. He gives management credit for that cheap financing - but hundreds of MWs of data centers cost a fortune, so he expects Keel to need more (possibly through share sales). Keel also hired Ganesh Aiyer (ex-Digital Realty, a giant data center landlord) as President. Melvin thinks that's exactly the right hire, since getting a hyperscaler to sign a 10 or 15 year lease is a different skill set than finding power. Which brings him to Keel’s peers… Melvin puts them next to TeraWulf (WULF), Hut 8 (HUT) and Cipher (CIFR), other ex-miners making the same pivot. Those three have already signed AI deals involving Anthropic, Amazon and Google. If a hyperscaler or AI lab takes hundreds of MW at Panther Creek, Melvin says things could change for Keel. Problem is, the market is already starting to notice. At ~$3.70 a share, Keel is worth ~$2.3B, and the stock is up ~55% this year (even after sliding from a $7.37 high in June). Source: TradingView Melvin thinks a good chunk of that optimism is probably already priced in. On one hand - a big tenant could still send it a lot higher. On the other, any permitting delays or big capital raises could hurt it. So where does that leave us? Melvin just revealed exactly what he’s doing with KEEL inside Milk Road PRO. Try PRO for a buck for 7 days, here ! GET YOUR BRAND IN FRONT OF 500K+ INVESTORS Milk Road’s audience doesn’t just follow markets. They obsess over them. Every day, hundreds of thousands of investors come to Milk Road to discover new companies, understand new products, find new investment ideas, and stay ahead of what’s happening across crypto, stocks, AI and finance. And they want to hear about what you’re building. Milk Road gives brands a direct line to that audience across: 500K+ followers and subscribers 35M+ monthly content impressions 400K+ monthly podcast views and listens 187K unique monthly newsletter readers 4,200+ paying Milk Road PRO members Whether you’re launching a new product, introducing your company to investors, or just want more people talking about your brand, we’ll help you get it in front of an audience that’s actually interested. 👉 Partner with Milk Road This content is for educational purposes only. Read full disclaimer Interested in reaching smart readers like you? Sponsor Milk Road Update your email preferences or unsubscribe here © 2026 ImpactDM Inc. operating as Milk Road Stocks 1257 Dundas St W Toronto, Ontario M6J1X6, Canada