Bessent, Bonds, and Bitcoin

Bitwise CIO Matt Hougan thinks Treasury Secretary Scott Bessent may have just handed bitcoin one of its strongest macro setups in years… without trying to. In the span of a few days, Treasury moved to support the long end of the bond market while also reminding the world just how powerful access to the dollar system can be as a geopolitical weapon. Hougan argues both developments reinforce two very different parts of the bitcoin bull case, and that markets are starting to notice. Read more →

LayerZero unveiled ATLAS, an exchange engine for institutions and trading apps, and ZRO jumped ~10% on the news. It handles the behind-the-scenes work – matching trades, clearing them and managing risk – but has no consumer app of its own. ATLAS will also run on Zero, a blockchain developed with involvement from Citadel Securities, DTCC and Intercontinental Exchange. Part of the fees will buy and burn ZRO, tying the token more directly to trading activity. Read more →

In October 2025, the U.S. seized 127,271 BTC tied to the Prince Group Chairman Chen Zhi, accused of running forced-labor scam compounds in Cambodia. The coins were traced to the now-defunct Chinese mining pool LuBian, which the U.S. says was used to launder proceeds. Now, 9/11 victims’ families are claiming they should receive the BTC, alleging LuBian was a China-Iran joint venture used to evade sanctions, and that the U.S. failed to disclose its Iran links. They also believe the government may hold other undisclosed Iran-linked crypto. Read more →

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