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- Tether Is Outprofiting Wall Street
Tether Is Outprofiting Wall Street
PLUS: Solana ETFs Go Nuclear
Welcome back to The Warmup.
It’s Monday, coffee’s ready, charts are loading, and CZ’s already plotting how to mess with our emotions again.
Here’s what we’re watching:
Market Snapshot
Tether’s $10B Profit Puts Wall Street to Shame
BTC Swing Setup
Solana ETFs Crush Their First Week
Calendar
Market: Crypto cooled off while stocks and gold ticked higher, showing a brief rotation out of risk assets.
Tether’s $10B Profit Puts Wall Street to Shame
What’s going on:
Tether just reported another monster quarter, and barely anyone is talking about it.
The stablecoin giant booked $1.1B in profit for Q3, bringing its 2025 total to roughly $10B. That puts it right next to Goldman Sachs in earnings and far ahead of Coinbase.
Almost all of that came from interest on U.S. Treasuries, where Tether now holds $91B in reserves, more than countries like Brazil or Canada.
But it is not just stacking cash. Tether has started investing in Bitcoin mining and AI infrastructure, using its Treasury profits to diversify into real-world businesses.
USDT’s supply has climbed above 122B, with 70% on Tron and 18% on Ethereum, showing how deeply it has become part of the global crypto system.
What it means:
Tether has quietly become one of the most profitable companies in the world and one of the most powerful in crypto.
With over 120B USDT in circulation, any hiccup could send shockwaves through every exchange and blockchain.
At current interest rates, Tether earns around 25M to 30M dollars per day. A private company making billions off U.S. debt without U.S. oversight will not go unnoticed for long.
BTC Swing Setup
What’s going on:
Bitcoin is still maintaining a strong uptrend structure, with higher lows forming along an ascending trendline on the 4H chart.
After facing another rejection from the $107K resistance area, price is pulling back toward a key confluence zone aligned with the trendline and previous support.
The broader daily structure remains bullish, suggesting this correction could be a healthy retest before continuation.
Key levels we’re watching:
Entry zone: $106,000–$107,000 → ideal DCA accumulation range
Support: $106,000–$107,000 → key demand zone aligning with rising trendline
Resistance: $111,000 → local highs
Breakout target: $126,000+ if buyers regain control above $117K
Breakdown risk: Clean break below $100K would invalidate the setup
Directional Bias: Cautiously bullish
Momentum on the daily chart supports a higher-low structure.
What we’re waiting for:
Confirmation of support on 4H retest near trendline
Volume pickup or reversal signal near $107K
Stop-loss adjustment as trend structure evolves
Solana ETFs Crush Their First Week
What’s going on:
Spot Solana ETFs from Bitwise (BSOL) and Grayscale (GSOL) just wrapped up their first week of trading, pulling in nearly $200M in net inflows. That’s one of the strongest ETF launches in crypto history.
Bitwise’s BSOL led the pack with $420M in total flows (including seed capital), outperforming every other crypto ETF last week despite launching midweek. Grayscale’s GSOL followed with $2M in inflows and now manages over $100M in assets.
Both funds stake their SOL holdings for added yield, with Grayscale passing 77% of staking rewards to investors.
What it means:
ETF demand for Solana is booming.
Institutions are buying in, staking adds an extra kicker, and liquidity is deepening fast.
If this pace holds, Solana could see its own version of the Ethereum ETF breakout.
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Key Events this Week
Major token unlocks:
Ethena (ENA): ~$62M unlock on Nov 5 (~2.5% of supply)
Avalanche (AVAX): ~$30M unlock on Nov 13 (~0.3% of supply)
Macroeconomic data calendar:
Data remains limited amid the ongoing government shutdown (now day 34).
Earnings Season Continues (~20% of S&P 500): Roughly one-fifth of major US companies report this week → investors will watch for earnings guidance to gauge Q4 momentum.
Mon (Nov 3):
ISM Manufacturing PMI: Key indicator of factory activity → readings above 50 signal expansion, below 50 show contraction.
Wed (Nov 5):
ADP Nonfarm Payrolls: Preview of the official jobs report → strong gains point to labor market strength; weak results could raise expectations for more Fed easing.
Fri (Nov 7):
Michigan Consumer Sentiment: Measures household confidence → higher sentiment suggests resilient consumer spending and optimism about the economy.
Major Earnings Releases:
Mon (Nov 3): Palantir, Hims
Tue (Nov 4): Uber, AMD
Wed (Nov 5): Snap, Figma, Robinhood
Solana’s around $200 after the ETF hype. What’s next? |
This bull run isn’t over, it’s evolving.
AI is fueling a global spending boom that’s forcing governments to print more money, and that liquidity is rocket fuel for crypto.
Use pullbacks as opportunities, keep dollar-cost averaging into strong assets, and don’t let the doomers shake you out early.
Until we see real warning signs (like soaring inflation or debt-fueled AI excess) it’s still game on for this cycle.
— The Warmup Team
Always do your own research. This newsletter is supplemental material to help educate readers as they make their own decisions. Projects mentioned here are provided to give a potential early-mover advantage.