UK Opens Doors to Retail ETNs

Plus: the meme coin season that's heating up Ethereum 👇

Author

Macro Point Daily
October 08, 2025

👋 Welcome Back to Macro Point Daily, The smartest crypto take of the day — macro trends, market moves, daily charts, and a side of memes.

Every day we provide the 5 stories which matter most in crypto, and one just for the degens.

In Today’s Edition

  • 📉 BTC retreat ahead of macro shocks

  • 🇯🇵 Japanese bond yields drag on risk assets

  • 🏦 UK lifts crypto-ETN ban (finally)

  • 🚀 Recall Network preps native token launch

  • 🧱 RWA deals putting TradFi and DeFi elbows-locked

  • 🎯 Meme alert: Pump.fun still stirring chaos

Let’s dive in.👇

Today’s Edition

📌 UK Opens Floodgates to Retail Crypto via ETNs

FCA finally lets everyday investors tap regulated Bitcoin & ETH notes.

The Financial Conduct Authority lifted its four-year ban on crypto exchange-traded notes starting today, allowing retail investors access to Bitcoin and Ethereum exposure through regulated vehicles.
This is a symbolic turning point: retail in the U.K. now has a regulated bridge into crypto, albeit with caveats. Platforms still have to get prospectuses approved, and many are scrambling to operationalize infrastructure. The real ETP/ETN flow will show how deep UK retail appetite launches once “safer” paths open.

  • 🇬🇧 Adds a regulated on-ramp for UK retail

  • 🔄 Might catalyze flows into BTC/ETH — or siphon them

  • ⏳ Implementation delays may blunt the initial thrust

📈 Japan’s 10-year yields hit 17-year highs, pressuring global risk assets.

Rising JGB yields ripple through global markets and squeeze crypto liquidity.

With Japanese government bond yields surging, borrowing costs are creeping upward across developed markets. Bitcoin, acting more like a levered risk asset than store-of-value this week, feels the squeeze. The yen’s depreciation is amplifying USD strength, further pressuring crypto allocated in cross-border capital flows. If global yields continue their march upward, liquidity may retreat from speculative assets fast.

  • ⚠️ Rising yields = risk spreads tightening

  • 💵 USD strength vs weak yen adds capital drag

  • 🧭 Watch U.S. yield curves — if they mirror Japan, crypto could bleed

📉 Bitcoin Smashes a New All-Time High

BTC breaks past its previous record, testing market euphoria.

Bitcoin surged to a fresh all-time high today, finally clearing its 2021 peak and igniting broad risk-on sentiment across crypto. The move came on strong spot buying and renewed ETF inflows, with derivatives markets flipping aggressively long. While bulls are celebrating, leverage is building — meaning volatility could spike fast if profit-taking hits or macro headwinds return.

  • 🚀 BTC sets a new record high, breaking 2021 levels

  • 📈 Spot demand and ETF flows drive momentum

  • ⚡ Leverage rising — pullbacks could get violent

📈 RWAs Pull TradFi Deeper Into DeFi

Institutional players push tokenized yield products and chain expansion.

Real-world assets (RWAs) are gaining momentum. Plume Network is acquiring Dinero Protocol to bring institutional-grade yield products on-chain, while a Brevan Howard-backed tokenization firm is expanding to Sei Network. Together, these moves show TradFi capital leaning further into on-chain structures, seeking regulated-friendly yield and deeper DeFi rails.

  • 📈 RWA adoption growing across major chains

  • ⚙️ TradFi + DeFi blending faster than expected

  • 🔄 Could reshape risk-adjusted yield in crypto

🛠️ Recall Network Gears Up for Token Launch

Decentralized AI marketplace sets Oct. 15 airdrop and governance rollout.

Recall, an AI-skills marketplace built on Base, announced its RECALL token generation event for Oct. 15. The token will govern the protocol, fund development, and reward contributors of AI tools. With AI + crypto crossover narratives heating, Recall is positioning itself as a hub for composable AI models — if adoption sticks, it could become a core piece of the emerging AI-DeFi stack.

  • 🚀 Token launch and early airdrop next week

  • 🧠 AI + crypto still a hot narrative

  • ⚖️ Utility and governance could drive real traction

Degen Domain

🐸 Pump.fun Keeps Solana’s Meme Machine Alive

Hyper-fast token launches fuel frenzy but raise volatility and rug risk.

Pump.fun, Solana’s viral memecoin launch engine, keeps breaking the internet. The PUMP token itself is down about 6–7% today, but the platform’s instant token spawns continue to attract degens. With market cap hovering near $1B and no signs of retail fatigue yet, Pump.fun remains the epicenter of Solana memecoin chaos — but rugs and volatility are everywhere.

  • 💥 Instant token launches fueling wild speculation

  • 🔄 $1B market cap keeps attention hot

  • 🚨 Risk: rugs and regulatory blowback loom large

💬 Quote of the Day

"The best time to plant a tree was 20 years ago. The second best time is now. The third best time is during a Bitcoin dip."

— Unknown Crypto Twitter Sage

See you tomorrow. Forward to a friend who still thinks ETFs are boring. Not financial advice/ do your own research. Adios.

📉📈🧠🫡
— Macro Point Daily