In this episode of the Fere AI Morning Alpha Show, we decode the TradFi–DeFi fusion, Robinhood’s Layer 2 degen pivot, and Grayscale’s multi-asset ETF debut.

The SEC just approved Grayscale’s Digital Large Cap Fund ETF, giving BTC, ETH, SOL, ADA, and XRP exposure in one TradFi vehicle. Meanwhile, the REX-Osprey Solana + Staking ETF went live, sharing staking yields with holders. But it’s not all greenlit — DOGE ETF and ETH staking ETF still face delays.

TradFi is sprinting to catch up: Circle applied for a U.S. trust bank charter, Germany’s Sparkassen Bank is launching crypto trading, and AllUnity’s EURAU stablecoin got BaFin approval. On-chain stocks are trending — Robinhood launched tokenized equities on Arbitrum, Kraken’s xStocks are live, and Jupiter now supports AAPL, TSLA, and NVDA trades.

On the product front: Coinbase acquired LiquiFi, and Wormhole ($W) listings are set to go live on Solana. Meanwhile, Katana L2, Stablechain, and Botanix’s BTC-layered EVM signal an L1 innovation wave, with modular systems and cross-chain agents heating up.

Markets? Mixed. BTC ETF outflows hit $234M, and ETH ETFs shed $10M, but stablecoins added $1.95B to total market cap. Bitcoin mining difficulty just saw its sharpest drop since 2021, while DeFi loans hit an ATH of $25.9B.

Degens aren’t slowing down: FRAG’s Solana-native restaking airdrop is now live on Bybit and MEXC, and ICNT debuts on Binance with 50x futures leverage. BUGSCOIN, ECHO Protocol, and early movers like QuantZ and NULL (AI + DeFi agents) are gaining momentum.

From tokenized TradFi to modular chain wars, the crypto narrative is no longer about sectors — it’s about convergence.