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
- 136K
- Followers
- 154K
- Recommends
- 19
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: Richard Heart Beat The SEC Case. The Tax Warrant Was Still Waiting. · The Dollar Is Going Digital. Europe Wants A Say.
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.
Growth history
Subscribers (thousands, nightly)
137K on Sep 10, 2026 → 136K on Oct 20, 2026
Followers (thousands, nightly)
Rank in Substack’s finance leaderboard: #29 today · #28 a week ago · #27 a month ago
Stats worth sharing
Tracked since Sep 10, 2026 — 41 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
- Rank, 30 days
- −2 places
- Subscribers added
- −1.0K
- Followers added
- −500
- Posts
- 20
- Reactions per post
- 41
- Reactions tracked
- 1.5K
- Tickers covered
- 1
of 525 ranked finance newsletters
on Sep 17, 2026
since tracking began
since tracking began
last 30 days
average, recent posts
across 38 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
- Richard Heart Beat The SEC Case. The Tax Warrant Was Still Waiting.
Winning a case against the SEC does not mean every other government has misplaced your file. Richard Heart, the founder behind HEX and PulseChain, had the SEC’s civil case against him dismissed last year. Last Wednesday, Turkish authorities detained him in Istanbul over Finnish suspicions of tax evasion and assault. Those are different proceedings involving different allegations, which matters considerably more than the satisfying version of the story either his supporters or critics would prefer. Turkey’s justice minister confirmed the detention Saturday. Heart, whose legal name is Richard…
- The Dollar Is Going Digital. Europe Wants A Say.
When a regulator calls your business “significant,” congratulations are probably premature. Circle’s USDC just became the first stablecoin classified as a significant e-money token under Europe’s MiCA framework. That sounds like something for the marketing department. What it actually brings is closer supervision of the money backing the token, how liquid that backing is and what happens when customers want out. Growing large enough to matter comes with someone looking more closely over your shoulder. The European Banking Authority announced the designation Wednesday, making USDC the first of…
- Kraken Is Buying The Business Crypto Was Supposed To Replace
There is something wonderfully crypto about spending years arguing that banks are obsolete, then deciding you would quite like to own one. Yesterday, Kraken’s parent company, Payward, announced an agreement to acquire the Finnish holding company behind Lithuania’s Saldo Bank. The industry built around an alternative to banks is discovering that a banking license is a useful thing to have. I think that deserves more thought than either declaring victory for adoption or accusing everyone involved of selling out. The deal is expected to close in 2027, subject to regulatory approvals and…
- What Happens To Bitcoin If The AI Trade Breaks?
Bitcoin went below $81,000 Monday night into Tuesday, then ripped back above $84,000 before settling around $83,300 Tuesday evening. Somewhere in that round trip, roughly $803 million in crypto positions were liquidated, about 86% of them longs. We covered the flush on Tuesday’s show, but the more interesting part was where the pressure came from and what happened afterward. South Korean stocks were getting hammered over AI valuations. Bitcoin initially joined the selling, then recovered while those stocks were still tumbling. That is worth watching. It is also nowhere near enough evidence to…
- Bessent Can Move The Debt. He Can’t Make It Disappear.
If borrowing money for 30 years becomes too expensive, you can borrow it for a shorter period instead. You have changed when the bill comes due, but you still owe the money. That is the basic trade-off behind a forecast from Citi that Scott Bessent could reduce long-term Treasury issuance and finance the difference with more short-term bills. It sounds like a technical adjustment. For Bitcoin investors, the reason Washington might make it is considerably more interesting. Citi’s Jason Williams expects Treasury to cut its 20- and 30-year auctions by $3 billion each, potentially announcing the…
- The Wallet Was Supposed To Be The Safe Part
Imagine doing what crypto people have spent years telling you to do. You buy a hardware wallet from an official reseller, take your Bitcoin off an exchange and accept responsibility for protecting it yourself. Then you discover that the device you bought to keep your money safe may be part of the problem. That is a particularly ugly possibility because it targets people at the exact moment they believe they are becoming safer. On Friday, Ledger said it was investigating fund losses among Southeast Asian customers who bought devices from CryptoBilis, an official reseller in Indonesia, Malaysia…
- Crypto’s Killer App Was Already In Your Pocket
For years, we have been asking what crypto needs to do to bring in the next hundred million users. Build a better wallet. Launch a better app. Make the technology easier to understand. Preferably find a way to explain gas fees without making someone regret asking. Almost every version of the conversation assumes that people will eventually leave whatever they already use and come join us somewhere new. Samsung is making a fairly compelling argument that we may have been looking at this backward. Later this month, eligible American Galaxy users will be able to access USDC transfers inside…
- Moody’s Just Gave DeFi A Junk Rating
There are few rituals more traditionally Wall Street than receiving a credit rating. Analysts study the balance sheet, a committee debates how likely the borrower is to meet its obligations, and eventually everyone gets a combination of letters that can determine who will lend it money and at what price. It is not particularly exciting, which is probably why it matters that this machinery has now been pointed at decentralized finance. Moody’s has assigned Sky Protocol a B3 long-term counterparty risk rating with a stable outlook, the first rating it has issued to a stablecoin protocol. Sky is…
- You Can Be Right About Bitcoin And Still Lose Everything
I talked about the SEC’s latest crypto approval on The Daily Wolf yesterday, and on the surface it sounds like exactly the kind of product this market has been building toward for years. Volatility Shares has cleared an important regulatory hurdle for products seeking three times the daily performance of Bitcoin and Ether. The SEC approved the exchange rule needed for Cboe BZX to list them, although they are not trading yet and their registration statements still need to become effective. These products will not hold Bitcoin or Ether directly. They are designed to use futures contracts and…
- Self-Custody Just Won A Six-Year Fight In Washington
One of the most important crypto policy victories of the year arrived Monday in the form of two fairly boring government notices. There was no ceremony, no bill signing and no row of politicians fighting to stand close enough to appear in the photo. FinCEN simply announced that it was withdrawing two proposed rules that had been hanging over crypto for years – one targeting transactions involving self-custody wallets and another targeting crypto mixing. The first proposal dated back to December 2020, during the final weeks of the first Trump administration. It would have required banks and…
- Why Smart People Keep Missing Bitcoin
The smartest Bitcoin skeptics usually begin with a perfectly reasonable question: where are the cash flows? A stock represents a claim on a business that can earn money. A bond promises interest and repayment. Real estate can produce rent. Bitcoin does none of those things, so the conventional model produces a conventional answer. No earnings, no yield, no intrinsic value. Case closed. The math is not necessarily wrong. The category may be. A discounted cash-flow model is incredibly useful when the thing being valued produces cash flows. It is considerably less useful when the thing being…
- Bitcoin Rose 43% While Bonds Got Crushed
If I had described the next three months to you on July 1, you probably would not have guessed that Bitcoin was about to have its best quarter in nearly two years. The Federal Reserve would raise rates for the first time in more than three years. Oil would climb above $100. The 10-year Treasury yield would jump nearly 90 basis points and finish at its highest level since 2002. Long-term government bonds would get crushed, the dollar would strengthen and Washington would once again prove that putting the word “clarity” in the name of a crypto bill does not make clarity inevitable. That sounds…
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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: Oct 20, 2026.