"Private credit promised stability and delivered a locked door. Bitcoin promises nothing except a market that never closes." View quoted note →

Any change in macro-economic headwind just destroys the Bitcoin price.

That surge above $70k was short lived. A quick opportunity for miners to dump their treasuries as they exit the industry..

Will the last spot buyer of Bitcoin turn the light off on the way out?

Every week, Bitcoin makes you feel worse about your recent DCAs. With greatly diminished bull market gains and bear market that continue to collapse at prior rates, it just doesn't make sense to invest across cycle years. This is likely why long time holders and whales continue to abandon Bitcoin at record rates.

Dark days for digital sound money

The unrelentingly sales pressure on Bitcoin is extraordinary.

Great piece 👏🏼