Updated Market Thesis I’m adjusting my market thesis. Let’s start with the big one: the old patterns are dead. The 4-year cycle, the Q4 pump, the tidy halving-to-parabola arc…they’ve all dissolved into a messy hybrid of trap dynamics mixed with just enough lingering belief to occasionally become self-fulfilling. The market isn’t repeating history; it’s weaponizing the memory of history. I’ll break down why the 4-year cycle is fully cooked in a separate post, but here’s what pushed me to update my views right now: Yesterday I watched the battlefield unfold in real time. And “battlefield” isn’t hyperbole. This was not panic, not capitulation, not human emotion. This was deliberate. Price was walked down with surgical precision over several hours - not panic-sold - walked. Sell walls advanced like infantry. Buy walls retreated like a forced withdrawal. Each inch gained by bulls was immediately met with a repositioned wall just above it. This wasn’t indecision. It was orchestration. When I zoom out to macro, the picture gets even clearer. Markets have had no choice but to reprice around a cluster of U.S.-centric catalysts: Rising confidence in no December rate cut The pending U.S. Supreme Court ruling around Trump tariffs A data-light period in the United States economy A government shutdown “extension,” not a resolution And there are more I’m not listing - you can feel them in the air even if you don’t itemize them. The reason is obvious: The United States is the gravitational center of global markets. I don’t love that reality, but we can't ignore it either. Equities told the same story yesterday: steady bleed, increasing stress, VIX spiking over 20% intraday. Fear is rising. So where does that leave us? Right now I believe we are in: A scalper’s market: modest leverage, tight stops, fast exits. A spot-accumulation window: slow and boring, but good entries appear for patient hands. A disciplined sideline environment: when conviction is low, positioning must be low. No signal? No trade. Markets like this are designed to exhaust everyone. They drain energy. They drain confidence. They drain attention. Until only two types of players remain: The Apex Predators, and the fresh prey. My conclusion: This phase isn’t the end of anything - it’s the reset before the real trend forms. 🫡 From the depths — The White Whale 🐋

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Michael Saylor

Wizard Coin retweeted

Michael Saylor

@saylor

10 Nov 2025

Strategy has acquired 487 BTC for ~$49.9 million at ~$102,557 per bitcoin and has achieved BTC Yield of 26.1% YTD 2025. As of 11/9/2025, we hodl 641,692 $BTC acquired for ~$47.54 billion at ~$74,079 per bitcoin. $MSTR $STRC $STRD $STRE $STRF $STRK strategy.com/press/strategy-…

Strategy Acquires 487 BTC and Now Holds 641,692 BTC

November 10, 2025

strategy.com

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Jeff Walton

Wizard Coin retweeted

Jeff Walton

@PunterJeff

10 Nov 2025

Why have Bitcoin treasury co's like Strategy $MSTR and Strive $ASST shifted toward Perpetual Preferred Equity? We believe Perpetual Preferred Equity is a structurally superior form of amplification for a LONG DURATION asset like Bitcoin $SATA $STRF $STRC $STRE $STRK $STRD

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