Bitcoin fell under $67,000 at noon. Down five thousand in two days. One billion in liquidations across crypto. BlackRock's spot Bitcoin ETF sold four hundred forty million in a single session. The tape is loud and bearish. Here is what does not show up on that tape. 84.7% of the transactions on our exchange today are buys. 76% of transactions this week are buys. The price chart is the redemption flow at BlackRock. The price chart is the Strategy filing. The price chart is the leveraged liquidation cascade. The story the price chart misses is the saver who looked at the move this morning and bought another stack. The saver who bought yesterday. The saver who has been stacking every day this week on the exchange that lets them withdraw to their own keys. A retail Bitcoin holder watching the price drop is not selling. A retail Bitcoin holder watching the price drop is filling the order they have been praying would hit. The price chart shows volatility. The buy tape shows conviction.

Warren Buffett is holding three hundred ninety seven billion dollars in cash. Largest pile in Berkshire's history. He famously believes Bitcoin is rat poison squared. Watch his words and his actions. Buffett's words say productive equities always beat inert commodities. Buffett's actions are holding the largest cash hoard ever recorded by a value investor, against an S&P 500 priced at the most expensive valuation in market history. More expensive than the dot com bubble. More expensive than the run up to the Great Depression. Buffett's actions are saying that the price of every productive equity on his radar is too high to buy. Cash is a hedge against the price of markets potentially going down. Bitcoin is a hedge against the cash itself. Different tools for different problems. A four hundred billion dollar cash pile is the loudest possible vote that the value investor cannot find a place to park it at current prices. The reason value cannot be found at current prices is that the markets measured in fiat are no longer trustworthy. Buffett built a generational fortune by buying productive assets cheaply in honest money. Honest money still exists, but it might require swallowing some rat poison and pride.

Bitcoin dominance just dropped below sixty percent. The alt-season posts have started again. Capital rotates out of Bitcoin. Risk appetite returns. The chart looks like 2017. The chart looks like 2021. The chart looks like every cycle the lottery ticket lobby has tried to sell you. Watch what the dominance chart actually measures. Bitcoin dominance is the percentage of crypto market capitalization that is in real money. Everything below the line is in something else. Tokens that were premined. Tokens that were airdropped to insiders. Tokens that have a founder who can change the supply schedule by writing a blog post. Tokens that need a venture round to keep the lights on. Dominance dropping is not a signal that capital is rotating. It is a signal that capital is being recruited. The brand of the recruiter changes every cycle but the underlying recruitment does not. A Bitcoin-only holder watches the dominance chart and reads it the way a Treasury holder reads a junk bond rally. Spreads narrow. Spreads widen. The risk-free asset does not move because the risk-free asset is the unit that everything else is priced against. Forty two percent of the crypto market is now in lottery tickets. Bitcoin still doesn't need one to win.

Bitcoin's biggest June conference is not in Miami. Not in Las Vegas. And not in Nashville. It is in Nairobi. Bitcoin Nairobi Conference runs at ASK Dome in Jamhuri Park this month. Bitcoin Plus Plus Nairobi runs June seventeen through nineteen, open source edition, with developers flying in to hack on Bitcoin protocol code. Bitcoin School Kenya is shipping a new student Bitcoin app every week through its VibeCode program. The center of gravity in this industry moved while nobody was watching. Miami sells real estate. Nairobi ships code. Bitcoin started in a North American mailing list in 2008. It scaled in Salvadoran beach towns in 2019. Kenyan students are building it in 2026. Sovereignty is contagious. The country that needs Bitcoin the most learns Bitcoin the fastest. Kenya is one of the largest mobile money markets in the world and one of the youngest tech populations on the planet, and the people closest to the problem are the ones doing the work. A Bitcoin conference in Miami is a marketing event. A Bitcoin conference in Nairobi is a survival skill. Real adoption looks for the people who need it. — Zach 🟧

El Zonte was a fishing village in El Salvador. Most of the houses ran on candles. Most of the residents had never seen a bank account. Six years ago a few cypherpunks held a Bitcoin class on a beach. The classroom is now a boutique hotel. Bitcoin Beach started in 2019 with a small handful of locals learning to install Wallet of Satoshi on a phone. By 2021 El Salvador had made Bitcoin legal tender. By 2026 the original meeting spot has been rebuilt as a working business that runs on Bitcoin. No central bank approved this. No development agency funded it. No NGO white paper preceded it. Volunteers showed up with a node and a printer for paper wallets. Locals showed up with phones. The rest of the work was just time on the chain. Adoption looks slow until you look at it in years. The same playbook is now running in Bitcoin Ekasi in South Africa, in Motiv Peru, in Bitcoin Lake Guatemala, and in fifteen other circular economies that nobody has heard of yet. Real adoption does not look like a price chart. It looks like a fishing village six years later running a Bitcoin hotel. — Zach 🟧

May 2026: The Month the Bear Market Ended and the Sovereignty Fight Began

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Bitcoin for Beginners

Bitcoin for Beginners teaches the basics of why bitcoin is a powerful savings tool, how Bitcoin self-custody is incredibly safe, and how you can st...

Nick Szabo described bit gold in 1998. Ten years before the Bitcoin whitepaper, Szabo had already sketched the structure. Proof of work for issuance. Cryptographic chaining for sequence. A public registry that did not require a bank to verify or a state to authorize. The idea was complete. The protocol was unfinished. Bit gold was never built into a working currency. It sat in academic papers and a personal blog. Then somebody ran the code. Szabo did the hardest part of the work. He sat with the question of what money could be if a computer enforced its own scarcity. He answered it on paper. Someone else answered it in software. Most of what gets called innovation in this space is a remix of an idea that was already written down almost three decades ago. Satoshi just happend to be the one that built the thing. The cypherpunks were not theorists. They were architects who did not have the construction crew yet. If you hold Bitcoin today, you are holding the running version of a thesis that took ten years to compile. Read Szabo. Then check your seed phrase.

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Nine billion dollars in Bitcoin options expire this morning. Bitcoin is at a six-week low. Three hundred forty two million in long bets got wiped out overnight. Every cable desk on the timeline is calling this a referendum on Bitcoin. It is not a referendum on Bitcoin. It is a deadline for the people betting against it this week. Bitcoin has a habit of clearing the table on the way to the next move. The longs got cleared last night. The shorts are piling in this morning, leaning on the same chart, betting the next leg is down. They are about to learn the same lesson the longs just learned. Bitcoin does not move in the direction the most-crowded trade is pointing. Luckily you can skip all of this noise by just holding spot (see: actual) bitcoin in your own wallet.

Bitcoin slipped out of the top 10 global assets by market cap this morning. Above it on the chart this afternoon are Apple, Microsoft, Nvidia, Alphabet, Amazon, Saudi Aramco, Meta, Berkshire, Eli Lilly, TSMC. All private companies, not open sources software. The protocol doesn't know it dropped in fiat denominated comparison charts. Bitcoin issued the same 144 blocks today that it issued yesterday. The supply schedule didn't flinch. The hashrate was unefected. The only thing that moved is the dollar-denominated number on the chart. Apple makes phones. Berkshire makes allocations. Silver makes hats. Bitcoin makes unchangeable records of value transfers. A market cap ranking is a measurement of what other holders think a thing is worth right now, denominated in the unit those holders are trying to get away from. When the unit moves, the ranking moves. The thing being measured did not. Bitcoin will return to the top 10 the same way it left. By doing what it does day in and day out. The protocol does not optimize for the leaderboard, it optimized for truth.

Tether traded at 99.8 cents on Coinbase overnight. Kraken showed 99.83. Bitfinex got dragged with them. The peg is back already, but what can we learn from this? A stablecoin is a promise that one unit is always worth one dollar. The promise is collateralized by Treasuries, commercial paper, and the willingness of an arbitrage desk to buy below par when the spread opens. The collateral works most of the time. The arbitrage works most of the time. But what is "most" of the time worth, especially when the thing your pegged to is already losing value every day? Bitcoin made no such promise. The protocol does not target a price. It targets a supply. It produces a block every ten minutes whether the dollar is 1.00 or 0.97 or 1.04 against another currency. The chain has no peg to defend. Stablecoins stabilize against the dollar. They do not stabilize against the conditions that move the dollar. When the conditions move hard enough, the peg slips, the arbitrage opens, the spread closes, and the chart looks normal again two hours later. The thing the spread was telling you about the system underneath is the part you are supposed to remember. Bitcoin does not chase a price. 1 BTC = 1 BTC always.

How the Bitcoin ETFs Have Affected Bitcoin Companies

Robinhood launched a feature this morning that lets you connect an AI agent to your brokerage account. The agent reviews your portfolio, reads analyst notes, and places trades for you while you sleep. The CEO called it "extending our mission of democratizing finance to AI agents."Which, is just a weird way to word that. Not enabling its users to use new AI tools, but democratizing finance to software that runs on a server you do not control, attached to a brokerage you do not custody, executing trades on a schedule you did not write.You handed them your custody. Now you are handing AI your decisions, most of which are just run by other corporations that could be telling their AIs to run certain trades without your permission.Wild times!Bitcoin runs on a different stack. You hold the keys. You sign the transactions. You decide when to send and when to wait. There is no agent on a Robinhood server placing your stack into a rebalancing trade at three in the morning because a prompt hallucinated or an AI CEO wanted to push the market a certain way.Self-custody is not just about who holds the coin. It is about who decides what happens to it.A Bitcoin transaction is a sentence you wrote. A Robinhood agentic trade is a sentence someone else's model wrote in your name.Your free will choices are worth holding onto; just as much as your keys.

Senator Lummis posted a few hours ago that if the CLARITY Act fails this Congress, American software developers will be prosecuted again for the crime of publishing code. She is not exaggerating. The Samourai Wallet developers were arrested in 2024 for writing privacy software. The Tornado Cash developers were charged for shipping open-source contracts. The BitcoinFog operator went to prison for running a tool that other people chose to use. The pattern is established. Bitcoin runs on code that anyone in the world can read, fork, and ship. The same legal theory that puts a Samourai developer in handcuffs puts every Bitcoin Core contributor inside the same dotted line. Code is speech. In 2026, speech can be a felony. The CLARITY Act is not a Bitcoin bill. It is a free-press bill for the digital century. It draws the line between writing a program and running someone else's money. If that line is not drawn, the law treats every git push like a money-transmission offense. Hal Finney published the running-Bitcoin tweet from his living room in 2009. In a world without CLARITY, that tweet is a probable-cause affidavit. The cypherpunks were not paranoid. They were early.

The headline this morning is that Bitcoin apparent demand has fallen to a five month low. The chart is real. CryptoQuant's net-buying signal is at the lowest reading since December. Cable news will run this clip for the next 48 hours claiming the sky is falling. Here is the part the chart doesn't show. Apparent demand is a measure of public-market vehicle buying. ETF inflows, treasury company allocations, exchange net flows. It's a slice of the demand picture. It is not the demand picture. And it moves in cycles. It was at a five month high in December. It will be at a five month high again. Demand fluctuates. It always has. Supply does not. Every ten minutes, the Bitcoin network issues roughly 3.125 fresh coins to a miner who solved a block. Roughly four hundred and fifty new coins enter circulation per day. That number falls again in 2028. It falls again in 2032. It keeps falling on a schedule written in 2009 by someone who never read a CryptoQuant chart. Apparent demand can fall. Apparent supply cannot rise. The vehicles got tired. The chain did not.

The Nasdaq is printing 1999 valuation metrics. The S&P is printing 2000 valuation metrics. Cisco hit $80 a share in March of 2000 and then spent the next eight years getting back to a third of that. The chart that has every macro account talking this week is the same chart, 26 years later. Mises wrote this story before anyone alive on this app was born. Easy credit pushes capital into the riskiest end of the risk curve. The riskiest end gets bid past any cash-flow story the underlying asset can support. The cash-flow story eventually arrives. The bid does not survive it. Bitcoin is on the same chart as Cisco was in 2000 in one sense, and on the exact opposite chart in another. Both go up when the dollar weakens. Only one has a supply that cannot expand to meet the buying. The supply of stocks went up forever. The supply of Bitcoin will not. When the Nasdaq corrected from 5,000 to 1,100, the Federal Reserve printed its way out of the hole. There is no Federal Reserve for the Bitcoin supply schedule. Some assets get bailed out. Some are the bailout.

Bitcoin is below $76,000 this morning. Stocks are at all-time highs. Gold is climbing in the same chart frame. Half of crypto Twitter is calling capitulation. The other half is calling manipulation. Both halves are looking at the wrong picture. Yesterday the Federal Reserve added another sliver to the balance sheet. The Treasury rolled another tranche of maturing debt at a higher coupon. The dollar lost a little more purchasing power against every asset that has not yet been issued, allocated, or printed. Stocks at all-time highs are not a strong-economy signal. They are a soft-currency signal denominated in the asset everyone has the most of. Gold runs because the same dollar is buying less of it. Stocks run because the same dollar is buying less of them. Bitcoin runs harder over a longer horizon than either, for the same reason and one additional one. The supply schedule is in the code. The other two assets do not have a code. Stocks are not at all-time highs. The dollar is at an all-time low against stocks. Bitcoin isn't lagging, its readying the next face melting bull market.