Insider Trading Story About Insider Trading Had Its Own Insider Trading 🤔
OVERVIEW
Insider Trading Story About Insider Trading Had Its Own Insider Trading 🤔
Before we dive in, here’s today’s crypto market heatmap:
Source: finviz
And here’s a look at crypto’s total market and altcoin market cap charts:
Source: TradingView
NEWS
Crypto’s Matryoshka Doll Of Fraud: Scam Inside a Scam Inside a Scam 🪆
ZachXBT just torched Axiom Exchange. 🔥
Twitter tweet
For those who don’t know/remember: Axiom is a Solana-based meme coin trading terminal – speed-optimized on-chain execution for degens who want to ape in faster than a regular DEX allows.
Now, a platform like Axiom sits on some of the most valuable front-running data in crypto – private wallet addresses, buy timing, linked accounts. Everything KOLs desperately don’t want public. Axiom had it all neatly organized in an internal dashboard. And just left the door unlocked.
Broox Bauer, a senior BD employee – Business Development, the guy who’s supposed to be closing partnerships, not running intel ops on users – allegedly turned that dashboard into his personal alpha terminal. He was recorded explaining how he capped lookups at 10-20 wallets at a time and scaled slowly so it wouldn’t look suspicious.
A second Axiom BD employee and a recently hired moderator are also implicated, with Broox allegedly outlining a plan to help the moderator clear $200K.
ZachXBT’s conclusion is fair: even if founders Mist and Cal had no idea, the access control failure is on them. No monitoring, no guardrails, no limits on what BD employees could pull.
But Wait, There’s Moar
I really don’t even know where to put this, but here is as good a spot as any:
Twitter tweet
Yes, you read that correctly, someone associated with ZachXBT or who had knowledge of the story ahead of time used insider information to make money on a wager/story about insider information.
Oh, It Just Never Ends Today
And as I’m thinking, “ok,. time to work on the rest of this newsletter… wait, nm’ this pops up:
Twitter tweet
No idea if it’s the real BROOX or not, but the one in that screen recording admits what did was wrong…
Also, since Broox is NYC-based, ZachXBT is essentially gift-wrapping this for SDNY. 🎁
The Free Newsletter Fintech and Finance Execs Actually Read
If you work in fintech or finance, you already have too many tabs open and not enough time.
Fintech Takes is the free newsletter senior leaders actually read. Each week, we break down the trends, deals, and regulatory moves shaping the industry — and explain why they matter — in plain English.
No filler, no PR spin, and no “insights” you already saw on LinkedIn eight times this week. Just clear analysis and the occasional bad joke to make it go down easier.
Get context you can actually use. Subscribe free and see what’s coming before everyone else.
CRYPTOTWITS SHORT
Did My Dad Accidentally Train Me To Gamble With Baseball Cards? 🤔
NEWS
Florida Man Allegedly Ran $328M Crypto Ponzi 💵
Well as long as we’re on illegals stuffs, here’s something from the DOJ: Christopher Alexander Delgado, 34, of Apopka, Florida – CEO and President of the laughably named Goliath Ventures – was arrested last week on federal wire fraud and money laundering charges. 👮
The DOJ alleges he ran a classic Ponzi scheme for three full years, from January 2023 through January 2026, under the guise of generating returns through cryptocurrency “liquidity pools.”
Delgado allegedly used some of the money to buy four luxury homes ranging from $1.15 million to $8.5 million each, throw extravagant company gatherings, and fund what the DOJ diplomatically described as “luxury travel accommodations.”
Prosecutors say Goliath – formerly Gen-Z Venture Firm, which somehow sounds worse – hoovered up at least $328 million from victims lured in through professional marketing materials, charitable sponsorships, and swanky events designed to project legitimacy.
Delgado is presumed innocent until proven guilty. The the frosted blonde hair, sunglasses, and four houses are not.
Source: WESH 2 News
Oh, and he got let out on a $1,000,000 bond wand an ankle monitor… and drove away in a Roles Royce… 😠
If you believe you’re a victim, contact the IRS Criminal Investigations team at Goliathvictims@ci.irs.gov.
STOCKTWITS
Stonk Market News 📰
ON-CHAIN ANALYSIS
Ethereum Got Thrown Off the Cliff ⛰️
Yesterday, we looked at Bitcoin’s on-chain activity and condition based on four metrics: Mean Dollar Invested Age (MDIA), Percent Of Total Supply In Profit, MVRV Ratio, and the NVT Ratio. Today, we’re looking at Ethereum and Cardano the same way.
If you want a refresher on what each measures, check out yesterday’s Cryptotwits newsletter, here.
Mean Dollar Invested Age
Click to enlarge.
The MDIA hit its floor at 106.2 days on September 18, 2025 – right when Ethereum was running hot, supply in profit was near the top, and older money was deciding that whoever wanted to hold the bag next was welcome to it.
Since then it’s been climbing steadily, adding 25.9 days of age over the last 90 days. At 136.3 days, coins are sitting still again. New buyers and accumulators are not selling what they picked up on the way down. That’s the one genuinely constructive signal in this stack right now.
Percent of Total Supply in Profit
Click to enlarge.
This is where Ethereum separates itself from Bitcoin in the worst possible way. Not only is 31.1% of the supply in profit near its all-time dataset low, but it got here in a way that should make your eyes water: down 30.4% in just the last 30 days. For comparison, Bitcoin’s 30-day drop was 13.5%.
The low is 27.6%, hit on April 9, 2025. We’re sitting about 3.5 percentage points above that right now. The fact that Ethereum has been this deep before and recovered is the relevant historical note. The less comforting note is that it took several months of sideways misery to build a real base from there.
MVRV Ratio (365d)
Click to enlarge.
The average person who bought Ethereum in the last year is sitting on a loss, has no gain to protect, and would have to actively choose to crystallize that loss in order to be a seller. That dynamic tends to dry up the available supply of motivated sellers, which is the silver lining here.
The cycle peak was 0.875 on March 11, 2024. That was the signal to start getting cautious. The distance between 0.875 and -0.397 is the entire story of what happened to Ethereum holders over the past two years, and it is not a story that ends with anyone feeling clever about their entry.
NVT Ratio (Circulation)
Click to enlarge.
At 200, the NVT sits in the middle of its historical range and 69 points below its 90-day rolling average of 269. That means the current price – beaten up as it is – is not outrunning the economic activity happening on the Ethereum network.
There’s no speculative premium baked in. What you see is closer to what you get. That’s more than could be said at the August 2025 peak, when nearly 100% of supply was in profit and the price was running well ahead of on-chain fundamentals.
Putting It All Together
Ethereum’s on-chain data tells a story that is simultaneously bleaker and more interesting than Bitcoin’s.
Bleaker because the profit destruction has been faster and more complete – nearly 70 percentage points of supply wiped from profit in roughly six months, a 30-day deterioration rate that would make a commodity trader reach for antacids, and an MVRV sitting two ticks away from its worst reading in this entire dataset.
More interesting because all of that pain is exactly what creates the conditions for a real recovery rather than a dead-cat bounce. You can’t build a durable base when everyone is still holding unrealized profits. Ethereum doesn’t have that problem anymore. 🧠
STOCKTWITS
Latest Stocktwits Podcasts & Videos 😱
The Latest Cryptotwits Podcast – “Privacy Isn’t for Criminals” – Lisa Loud on Secret Network, AI, and Encryption
The Howard Lindzon Show – Five Hindenburg Omens + AI Taking Over-What’s Actually Happening
True Odds Podcast – Discipline Trades, AI Panic, WBC Futures, and Random Markets
Retail Edge –Is PayPal About to Be Acquired?
Talking Tickers – Meta’s CapEx, Palantir’s “Unbelievable” Valuation, and Nike’s Turnaround Path
StocktwitsTV – Nvidia Earnings Blowout: Demand “Off the Charts” and the Next AI Bottleneck
The Philosphical Quant – Why Tight Stops Beat High Accuracy Every Single Time
Boardroom Exclusives – Boxabl CFO Martin Noe Costas: How They’re Mass Producing Homes Like iPhones
Get In Touch 📬
Email me, Jonathan Morgan, feedback; I’d love to hear from you. 📧
Follow me on Stocktwits 🫂 And Sponsor this newsletter 😎
Terms & Conditions 📝
Securities Disclaimer: STOCKTWITS IS NOT A TAX ADVISOR, BROKER, FINANCIAL ADVISOR OR INVESTMENT ADVISOR. THE SERVICE IS NOT INTENDED TO PROVIDE TAX, LEGAL, FINANCIAL OR INVESTMENT ADVICE, AND NOTHING ON THE SERVICE SHOULD BE CONSTRUED AS AN OFFER TO SELL, A SOLICITATION OF AN OFFER TO BUY, OR A RECOMMENDATION FOR ANY SECURITY. Trading in such securities can result in immediate and substantial losses of the capital invested. You should only invest risk capital, and not capital required for other purposes. You alone are solely responsible for determining whether any investment, security or strategy, or any other product or service, is appropriate or suitable for you based on your investment objectives and personal and financial situation. You should also consult an attorney or tax professional regarding your specific legal or tax situation. The Content is to be used for informational and entertainment purposes only and the Service does not provide investment advice for any individual. Stocktwits, its affiliates and partners specifically disclaim any and all liability or loss arising out of any action taken in reliance on Content, including but not limited to market value or other loss on the sale or purchase of any company, property, product, service, security, instrument, or any other matter. You understand that an investment in any security is subject to a number of risks, and that discussions of any security published on the Service will not contain a list or description of relevant risk factors. In addition, please note that some of the stocks about which Content is published on the Service have a low market capitalization and/or insufficient public float. Such stocks are subject to more risk than stocks of larger companies, including greater volatility, lower liquidity and less publicly available information. Read the full terms & conditions here. 🔍
Author Disclosure: The author of this newsletter holds positions in AVAX, ADA, PUDGY, WLC, IMX, XTZ, NEAR, HBAR, ALGO, INJ, LTC, LINK, ZEC, XLM, and FET. 📋
