Bought back some overnight, felt like I couldn't breathe without being long significant amounts of BTC. The market had many reasons to go down and failed to do so: 1. Saylor bought OTC, thus $2.5bn in expected demand gone. 2. No bills shift in QRA, delaying the "running it hot" thesis and suggesting Bessent wants to manage to a steady grind vs. parabolic rise. 3. Powell hawkish, and decisively communicating he will not cave to Trump. 4. TGA refill telegraphed at full $850bn and will be a liquidity drag for a couple months. 5. DXY putting in a bottom and bouncing meaningfully over last few days. Call me old school but price failing to go down on bad news is one of the most critical signs the market can give you. Of course equities ripping helped it a lot. Two giga sized companies up massively speaks to the speculative appetite and general liquidity conditions. One interesting factor is that the OG whale related selling continued until the time of the Saylor announcement. Galaxy was still moving coins out of the wallet into exchanges after they gave the all clear signal. They likely took down the remaining coins onto their balance sheet so they were "sold" and then post announcement could take advantage of the bounce. Thus, while the Saylor announcement was a disappointment, the source of supply finally ended at the same time, hence the range low holding. The $115-117k support is being well respected and the current consolidation looks like a mini version of the one in the $100-110k range. The myriad of bearish factors above are all still valid and could play out, but I didn't want be too cute when the downside is not that much (likely $110-112k max, and maybe $100k in an extreme scenario) and upside is huge over longer time horizon. The more I thought about this the more it was eating away at me. It was worth a shot to try being more cautious but the immediate PA tipped over my internal odds enough that the better move is to simply stay long. Going to touch the book less from here.

[ ZOOMER ] SEC LAUNCHES PROJECT CRYPTO TO MOVE ALL MARKETS ONCHAIN: SEC