The Wolf Den
One important argument every weekday at the intersection of crypto, markets and money - for real investors in a fake world.
- Top in Finance
- #29
- Subscribers
- 137K
- Followers
- 155K
- Recommends
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rounded by Substack
other newsletters
What they write about
One argument each weekday at the intersection of crypto, markets and money. Recurring subjects include Bitcoin treasury companies, stablecoins and Tether, token valuation and buybacks, exchange and protocol security failures, and how crypto market structure is converging with traditional finance.
- crypto
- bitcoin
- stablecoins
- tokenomics
- market structure
- security
Recent examples: Your Bank Is Counting On You To Do Nothing · Hester Peirce Is Leaving The SEC. Her Ideas Are Staying.
Written from The Wolf Den’s own published post titles and openings in Sep 11, 2026. It describes the subjects the newsletter covers, not its views, and is not investment advice.
Most-mentioned tickers
Symbols named in the headline of a post from the last 30 days, most-covered first. The number is how many of those posts mentioned it.
Read from 1 post headline in the last 30 days. A newsletter that names a company only in the body of a post will not appear here, and a mention is not a recommendation — it only means the symbol came up.
Growth history
Subscribers (thousands, nightly)
137K on Sep 10, 2026 → 137K on Sep 30, 2026
Followers (thousands, nightly)
Rank in Substack’s finance leaderboard: #29 today · #28 a week ago
Stats worth sharing
Tracked since Sep 10, 2026 — 21 daily snapshots so far. The card below is built from what we track and refreshes nightly.
- Percentile
- Top 6%
- Best rank seen
- #25
- Rank, 7 days
- −1 place
- Followers added
- −202
- Posts
- 19
- Reactions per post
- 58
- Reactions tracked
- 1.4K
- Tickers covered
- 1
of 525 ranked finance newsletters
on Sep 17, 2026
since tracking began
last 30 days
average, recent posts
across 24 posts
in tracked posts
Most-reacted post we have seen: Crypto Is Coming For The Most Exclusive Assets In The World — 133 reactions on Sep 3, 2026.
Recent posts
- Your Bank Is Counting On You To Do Nothing
Somewhere in your financial life, there is probably an account paying you almost nothing. You know it is paying you almost nothing. The bank definitely knows it is paying you almost nothing. There may be another account available that pays considerably more, perhaps even at the same institution, but moving the money requires opening something, linking something, remembering which bills come out when and spending part of an afternoon doing administrative work that will somehow require three passwords you do not remember. So the money stays where it is. This is not an accident. Much of banking…
- Hester Peirce Is Leaving The SEC. Her Ideas Are Staying.
When I sat down with Hester Peirce for one of her final interviews as an SEC commissioner, I expected the conversation to focus heavily on what went wrong with the CLARITY Act. The bill had just failed its procedural vote after more than a year of negotiations, crypto had once again discovered that “inevitable” is not the same thing as “has 60 votes,” and Peirce told me she had expected it to pass. She was surprised by the outcome, but she did not sound defeated. Her response was considerably more practical: “We can do a lot even without having that in place.” That sentence is a pretty good…
- Crypto Lost $2.1 Trillion. The Economy Underneath It Barely Shrunk.
If you only watched the price of crypto over the past year, you would assume the entire industry had been hollowed out. The market lost roughly $2.1 trillion in value. Bitcoin suffered its largest dollar decline from peak to trough. Altcoins did what altcoins tend to do when the music stops, which is discover that there were fewer chairs than tokens. By almost any measure visible on a trading screen, this was the worst crypto bear market since the spectacular collection of collapses and scandals in 2022. Then Chainalysis published a number that complicates the entire story. During the 12…
- Crypto Is Replacing The Part Of Your Credit Card You Never See
The next time a SoFi customer taps a Mastercard at a restaurant, nothing particularly futuristic will happen. The waiter will not present a QR code. The customer will not open a crypto wallet, approve a transaction or wonder which network has the cheapest gas. The card will work exactly as it did before, the receipt will look the same and everyone will move on with their lives. Somewhere behind that completely ordinary experience, however, the money will now be settling with a stablecoin on a blockchain. That may be the most important kind of crypto adoption because almost nobody involved…
- Iran Sentenced Him To Death. Then He Built A Crypto Empire.
Most people sentenced to death over billions in missing money from their country’s oil company do not get a second act. Babak Zanjani got several crypto exchanges, a gold-backed token, an airline, a ride-sharing company and an $800 million railway deal. It is a fairly aggressive return to the workforce. If you have never heard of Zanjani, the simplest way to understand him is as Iran’s most famous sanctions-buster. Long before Bitcoin became useful for moving money across borders, he built an international network of banks, front companies and trading businesses that helped Iran sell oil and…
- The Bitcoin Bear Market Is Officially Over.
For the third cycle in a row, Bitcoin has made its first higher high after a brutal drawdown. That changes the trend – even if it does not guarantee what comes next. I have written almost exactly the same sentence twice before. On April 2, 2019, with Bitcoin around $4,200, I posted that the bear market was officially over because Bitcoin had made its first higher high since the all-time high. Four years later, on March 19, 2023, I posted it again, almost word for word, when Bitcoin traded above $25,000 and finally broke the sequence of lower highs that had defined the previous bear market…
- Congress Failed. The SEC Immediately Found Another Way To Put Wall Street Onchain.
The Senate spent more than a year trying to write one giant answer to crypto. On Tuesday, it failed to even begin debating that answer. Forty-eight hours later, the SEC did something much more practical: it created a temporary legal path for actual U.S. stocks to trade on public blockchains. I think that may turn out to be more important than it sounds. The SEC’s new Innovation Exemption allows approved Tokenized Securities Venues to trade tokenized versions of National Market System stocks using automated market makers and liquidity pools. These are not supposed to be casino chips that…
- Circle Invited BlackRock. Crypto Brought The Meme Coins.
Circle spent months assembling what might be the most institutional blockchain launch crypto has ever seen. BlackRock. Visa. Mastercard. DTCC. ICE. Standard Chartered. MoneyGram. More than 100 institutions and ecosystem companies were already building on or integrating with Arc before the public mainnet opened, and Circle positioned the network as infrastructure for payments, tokenized assets, foreign exchange and AI agents conducting economic activity. Then they opened the doors to crypto. Within 24 hours, Arc processed roughly $411 million of decentralized exchange volume. About $336…
- Everyone Has Someone To Blame For CLARITY. Bitcoin Doesn’t Care.
After more than a year of negotiations, 635 pages of legislative text, 126 changes Republicans say were made at Democrats’ request, a last-minute ethics compromise and enough Washington horse-trading to make anyone reconsider the meaning of the word “clarity,” the Senate finally voted Tuesday on whether to take up the CLARITY Act. It failed. The vote was 49–50, well short of the 60 votes required to invoke cloture and formally move the bill onto the Senate floor. Every Democrat who voted opposed it, while four Republicans also voted no. This was not final passage of CLARITY. The Senate could…
- America Finally Wants To Fix Crypto’s Stupidest Tax Rule
One of the stranger things about using crypto in America is that the technology can move billions of dollars across the world in minutes, but paying a few dollars to make the transaction happen can create a separate accounting problem for the IRS. Under current rules, using crypto to pay a network fee is itself generally treated as a disposition of property. If the ETH, BTC or other asset you used to pay that fee changed in value after you acquired it, congratulations – you may have just created a tiny capital gain or loss while trying to pay for the privilege of creating another transaction…
- Crypto Asked For Rules. Washington Named Its Price.
For years, the crypto industry had a fairly reasonable complaint about Washington: tell us what the rules are and give us a way to follow them. Instead, companies spent fortunes on lawyers, regulators explained themselves through lawsuits, and everyone argued about whether a token was a security while Americans traded it anyway. Now there is a 635-page CLARITY Act substitute heading into a critical Senate test, and we are getting a much better look at what it takes to turn that request into legislation. Banks want protection from stablecoins taking their deposits. Democrats want restrictions…
- Bitcoin Is Finally Getting The Crisis It Was Built For
Bitcoiners have spent 15 years describing the environment in which Bitcoin should matter most. Governments borrowing too much. Central banks trapped between inflation and growth. Bond markets questioning fiscal credibility. Geopolitical conflict disrupting global trade. Energy prices surging. Investors losing confidence in the ability of policymakers to keep every plate spinning at once. Well, here we are. Brent crude briefly traded above $108 on Thursday. The U.S. 10-year Treasury yield pushed toward 5%, reaching its highest level in almost three years, while the 30-year moved above 5.3%…
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Data: Substack public leaderboards and publication archives, refreshed nightly, plus public beehiiv sitemaps and recommendation pages, refreshed weekly. Source for this page: The Wolf Den. Subscriber counts are Substack’s own rounded public figures, so week-on-week changes move in steps. beehiiv audience sizes are self-reported by the publisher and are not verified. Last snapshot: Sep 30, 2026.