“I think traders are anticipating a two-week shutdown.” – 01:14

Matt Cheslock, Trader at Virtu Financial, joins Remy Blaire at the New York Stock Exchange to discuss the implications of the ongoing U.S. government shutdown, which is now in its second day. The shutdown follows lawmakers’ failure to reach a funding agreement, with Democrats advocating for the extension of key health care tax credits. Remy highlights the historical context of government shutdowns, noting that while they have had limited impact on Wall Street—where the S&P 500 has risen during every shutdown since 1990—the average drop during a shutdown over the past 50 years is approximately 1.6%, with the most significant decline occurring in 1979.

The pair discuss the current state of the S&P 500, which is up 14% year-to-date and recently closed above 6,700 for the first time. Matt shares his insights on the political deadlock in Washington, expressing that traders are becoming somewhat desensitized to the shutdown. However, he warns that a prolonged closure could raise serious concerns for both the economy and Wall Street.

The conversation shifts to the upcoming jobs report and the potential impact of the shutdown on economic data. Matt suggests that a legitimate jobs number in November could provide a clearer picture of the labor market, as the lack of data during the shutdown complicates analysis. He notes that October is historically a strong month for markets, and despite mixed economic data, the markets are trending higher.

Remy and Matt also explore the pharmaceutical sector, which is currently experiencing a surge. Matt points out that pharmaceutical companies are cutting costs to benefit consumers, leading to positive reactions in their stock prices. They touch on the topic of tariffs, with Matt indicating that the news surrounding tariffs is becoming stale, as companies like Nike have already adjusted to the situation.

“It’s been a massive shift in the sentiment in America for crypto and blockchain technology.” – 03:20

Kyle Chassé, CEO of MV Global, joins Remy Blaire to discuss the current dynamics of Bitcoin and the cryptocurrency market as they enter the final quarter of 2025. The segment begins with a discussion about Bitcoin’s recent surge above the $119,000 mark, which occurs against a backdrop of uncertainty stemming from a potential U.S. government shutdown and rising expectations for Federal Reserve rate cuts. Remy highlights that October has historically been a strong month for Bitcoin, with the cryptocurrency rising in 10 of the last 12 years, and notes that this seasonal strength often extends into Q4.

Kyle affirms Remy’s observations about the current price action, emphasizing the significance of seasonality in the cryptocurrency market. He explains that the recent price increase follows a typical pattern where Bitcoin often experiences a sell-off in September, only to rebound strongly in October. Kyle notes that the evidence supporting this seasonal trend is compelling, particularly in the context of Bitcoin’s historical performance after halving events.

The conversation shifts to the regulatory landscape in the U.S., especially following a landmark roundtable held by the SEC and CFTC—the first in nearly 15 years. Remy and Kyle discuss how this meeting represents a significant shift in sentiment towards crypto and blockchain technology. Kyle shares his personal journey, recounting how he left the U.S. due to regulatory uncertainty but returned to be part of the movement aimed at making America a leader in the crypto space.

As they look ahead to 2026, Kyle emphasizes the role of institutional investors and Treasury liquidity in shaping Bitcoin’s price action. He discusses the ongoing consolidation among digital asset treasuries (DATs), noting that larger entities are acquiring smaller ones at discounted rates, which could lead to a more stable market structure. Kyle predicts that this consolidation will continue, while also highlighting the global expansion of leading digital asset firms.