TIL many Bitcoiners do not understand ownership in BTC exposure. Which is weird because this cycle is being defined as the great BTC Treasury Co bubble.

It's not that there's no interest. Since circa 2019 people already know what Bitcoin is, they don't need to search for it. Google Trends

Self custody hodling is incredibly important. It makes BTC unruggable, gold got rugged into fiat by centralising the supply. Rules have exceptions: Consider whales, they hodl large concentrations of the supply and are a risk to the system. Whales divesting gradually (as they do in every bull market) is a good thing.

Decided to do 1000x There's a deeper look into the alt-season warm up here using the @swissblock__ framework which tracks liquidity flows in crypto. Also why you should de-risk when capital coming into BTC goes insanely high.

I was talking to an UHNW advisor to the most prestigious global macro hedge funds recently. His conclusion: BTC was the lowest risk asset based on the fundamentals of where we sit vs all other asset classes.

What past scholars taught us about the properties of money are no longer relevant, they lived in a physical world. We live in the digital world. Out of the 5 properties of money, only "acceptability" is relevant, the others are a given because money is digital.

All the hallmarks for a full blown bull run are coming together. They’ve never fired without the rotation to alts to ride an alt-season. The launch pad of ETH firing is normally the prelude.

Since spot ETFs became available the growth rate of self-custody users has been in decline, breaking a 15 year trend.

BREAKING: Everyone is SHOUTING in my feed. We are slaves to the game of the algo.

The amount of Bitcoin needed to retire depends on the country you live in. This will be the first of a set of iterated analyses where I aim to answer: what is that average BTC stack size needed to retire in 2035 by country and age? Much of the world requires less than 1 coin.