$350M Bitget Hack, BTC Market Outlook, Global Macro | BMTV Sep. 25, 2026

Grace Remington (0:06)

Good morning and happy Friday. Welcome into BMTV. I'm Grace Remington with Sean Hagan. We got a packed show for you as domestic and global headlines continue to change and we're tracking them all, of course. Here's who we got coming up on the show today. Gary Cardone, founder and CEO of Cardone Digital Ventures, and Grant Cardone, founder and CEO of Cardone Capital, our very own Kristyna Mazankova, head of PR, right here at BTC Inc. Katie Stockton, the Fairlead Strategies founder, and Dr. Pippa Malmgren, economist and former presidential advisor. So big day ahead, Sean.

Sean Hagan (0:42)

What a lineup.

Grace Remington (0:43)

It's going to be a good one. But let's not wait any longer. Let's get right into our headlines of the day. Crypto exchange Bitgett has confirmed a major hack that resulted in approximately $351 million in assets being stolen from its hot wallets. The exchange has paused withdrawals as it investigates the breach while saying its cold wallets and vast majority of customer assets remain secure. US. Treasury yields are surging to fresh two-decade highs, with a 30-year yield climbing as high as 5.47 percent, its highest level, in 22 years. The 10-year yield also rose to 5.18 percent, its highest since 2007 as oil prices climbed above 108 a barrel.

Mortgage rates are surging to a three-year high, with the average 30-year fixed rate jumping to 7.45 percent on Thursday. That's according to Mortgage News Daily. The sharp move comes as the 10-year treasury yield continues to climb, pushing borrowing costs higher for home buyers. The Federal Reserve is proposing a new regulatory framework for payment stablecoin issuers supervised by the Fed under the Genius Act. The rules would require stablecoins to be fully backed by permitted reserve assets while also establishing capital, risk management and custody requirements. The Fed is accepting public comments for 60 days after the proposals are published in the Federal Register.

The Federal Reserve is working on a plan to raise the asset thresholds that trigger stricter oversight for large banks. The proposal could raise one key threshold from $700 billion to around $960 billion, potentially reducing regulatory requirements for some mid-sized banks and encouraging consolidation. US. Equity Fund saw $37.6 billion in net inflows last week, marking their first week of inflows in five weeks. The surge was driven by renewed optimism around AI, strong demand for large cap technology stocks, and a pullback in oil prices from recent highs. And with that, let's go to the markets.

Bitcoin, with a little surge, as of in the last 10 minutes, actually, up 4 tenths of a percentage point to $83.894.

Gold also in the green, up 2 tenths of a percentage point at $4,277 per ounce. Let's go to equities. Stocks with a lot of action this week. The SPY, up 4 tenths of a percentage point to $767.18. The QQQ, up almost a full percentage point, 0.8 at $741.10. And the treasury is obviously the big story of the last few weeks. That 10-year yield, up 3 basis points today to $517. And the 30-year yield, up a basis point to $547. And Sean, what is standing out to you?

Sean Hagan (3:39)

Well, it's hard to not get caught up on the treasury yields.

This is BMTV, but it feels like sometimes it's treasury watch TV. Because this has been insane over the past couple of weeks. These are record highs. We haven't seen the likes of which since 2007 So all eyes are on the treasury. Although I will say, this seems to be increasingly the Fed's market.

Grace Remington (4:05)

Well, of course, our biggest story of the day is that BitGet hack. So let's go back to there. And can you walk us through what we're seeing?

Sean Hagan (4:11)

Yeah, 100%. Well, first of all, I want to give credit to Arkham Intelligence for these numbers and this research. They've been uncovering a lot of what went down. But, you know, just following these funds, it appears that around $350 million have been drained from BitGet as of yesterday. It happened between 630 and 920 UTC. BitGit's own figure is $351.6 million that were affected. Now of note, this is within their insurance policy window and they say no customers are affected. What's interesting is that this happened on the eighth birthday of BitGit during a regional holiday as well. So some, you know, the hacker knew what they were doing with the timing there. Certainly, seven chains were impacted, five wallets were compromised, and Arkham's labeled the hacker addresses across about 26 initial addresses, although funds have been split further. $228 million of $350 million left in about an 18-minute window. So it was really, really fast and a hard hit as well. The largest single hit was one wallet on their XRP wallet, about $153 million of Ethereum or $153 million of XRP, about $66 million of ETH and about $35 million of USDT, followed up by $13 million of USDC and another $13 million of Tether Gold. So the XRP address, obviously the huge hit. Most of the ETH accounts have been split amongst about 10,000 individual wallets.