Joined February 2018
1,550 Photos and videos
We have another inflation reading today... interestingly the market has effectively not moved since the last.
Every time inflation has crossed as high as it has today, the market has crashed -30% on average over the next 1-24 months. All of the big crashes occurred in this environment (-47% in 2000, -55% in 2008). On the rare occasion we have gone higher.
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Bitcoin DATs are levering up at record rates. Back in Oct 2025 I warned exactly this would happen as this unsustainable business model is incentivised to rely on debt to generate fake "yield".
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We are currently witnessing record Institutional selling of Bitcoin. The most selling in history, led by ETFs, nuking over 460% of the daily mined supply, every day.
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One of the more concerning long-term Bitcoin metrics. The Annual Fees miners earn (ex. block reward) over trailing 12 month period has just dropped to its lowest point since 2019! Bitcoin's transaction throughput fee revenue is in free fall, block rewards keep halving and AI compute demand is through the roof. It's no wonder every single public Bitcoin miner is pivoting away from Bitcoin and into AI. At some point in the future, this line needs to go up if Bitcoin is to be sustainable in years to come. On the positive side, this metric does normally hit a major low at the bottom of bear markets when interest in Bitcoin is lowest.
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Yikes. Bitcoin rarely does much positive when Apparent Demand is down
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Anthropic just gave North Korean hackers a nuclear bomb today. Mythos is out. Make sure all your software is updated and auto-updates are on.
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Bitcoin is trading back at its Production cost. Miners are now just breaking even on average. The best Long-term value opportunities have historically been between here and Electrical Cost, currently at $50K.
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Saylor soon
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Bitcoin's quantum discount has hit 28%. It grows higher every day no action is taken. Tick tock, quantum is coming.
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MSTR is basically Terra Luna. The only question is when does the music stop.
🚨 SOMETHING MIGHT HAVE BROKEN INSIDE MICHAEL SAYLOR’S BITCOIN MACHINE. $STRC was designed to stay near $100 forever. Strategy launched it in July 2025, raised $2.5 BILLION from investors, and used that money to buy more Bitcoin. In return, investors got an 11.5% yearly yield paid monthly in cash. The entire structure depended on one thing: keep the price near $100. If STRC dropped below $100, Strategy could raise the dividend to attract buyers back. That is why STRC stayed stable for months. Now the system is cracking and STRC just dropped to $94.84. But Why? Three things hit at the same time • Bitcoin dumped toward $67K • Strategy sold Bitcoin for the first time in 4 years • Investors are now questioning how sustainable the dividends really are The company sold 32 BTC worth $2.5 MILLION specifically to help fund STRC dividend payments. That may sound small. But it completely breaks the never sell Bitcoin narrative Saylor built for years. Markets are now pricing in the possibility that Strategy may eventually need to sell more BTC to support nearly $1.7 BILLION in yearly preferred dividend obligations. At the same time, Strategy refused to raise the STRC dividend above 11.5% for the fourth straight month even as competitors started offering higher yields. Strive is now offering 13% on a competing product. The entire trade now depends on one thing: Bitcoin going higher. Because if BTC keeps falling, pressure on the entire Strategy structure starts rising very fast.
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How long will Saylor be able to tolerate his billionaire friends getting hilariously (more) rich on AI before he abandons ship?
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Bitcoin/Crypto has a lot of structural issues today that simply never existed in prior cycles.
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Beeple knows
Jun 3
PERMANENT UNDERCLASS
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Charles Edwards retweeted
Bitcoin will likely never make a new ATH until Bitcoin Core takes Quantum risk seriously.
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RT @capriole_fund: The Capriole Fund returned 18.0% in May, outperforming all major benchmarks, including Bitcoin by 21.5%, in our stronge…
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Charles Edwards retweeted
Jun 1
Call me stupid but I find the strategy of averaging in over like 6 years and then selling below your average 6 years later Kind of retarded? Especially considering the fact BTC went up 10x from where he first started buying
BREAKING: Michael Saylor's 'Strategy' sold 32 Bitcoin worth $2.5 million.
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Charles Edwards retweeted
UPDATE: Nasdaq at 875 trading days after the release of Netscape on 12/19/94: 144.55%. Nasdaq at 875 trading days after the release of ChatGPT on 11/30/22: 144.77%. Past performance is no guarantee of future results!
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Charles Edwards retweeted
Try Claude 4.8 today free. Anthropic's best model is out now.
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