The Fed just delivered its first rate hike since 2023, raising 25bps to 3.75-4.00%, and BTC barely flinched — holding near $76,500 while crypto stocks took a 4-6% hit 📊. That kind of resilience is worth paying attention to. Meanwhile, the SEC's new 5-year Innovation Exemption could open the door for permissioned on-chain trading of tokenized US stocks, sending UNI up 21% to a 6-month high 🚀. Circle's Arc mainnet also went live with $650M USDC on-chain in a single day, with BlackRock and Visa as founding validators. With Goldman now forecasting another hike in October, the macro backdrop stays tight — but the structural crypto narrative is clearly shifting toward institutional on-chain finance 🔗.