The more I think about this $9 bln sale, the more likely this was motivated by political force or political will. If you owned that kind of size of bitcoin since inception, you would never liquidate for fiat currency for risk of hurting the very value of the network, especially the way it was executed in under a month. If it was actually meant to liquidate for fiat without harm, you would’ve executed over a long period of time on a VWAP basis similar to how CEO’s sell stock on a 10b5 plan. If you’ve held that long thru the cycles, you have a political conviction antithetical to fiat manipulation. At most you would sell smaller size for whatever liquidity you’d need or you would borrow against it now since you can use bitcoin as collateral. The more likely game theory of this supply is some large sovereign forced the seller into liquidation or the seller is actually thinking about who they want to win the sovereign reserve game by choosing who to sell to. These are the games govt’s will play going forward as bitcoin becomes recognized as a replacement of pristine collateral instead of US Treasuries. The question I’m asking… “Will we find out on July 31st if this sale was for a sovereign Strategic Bitcoin Reserve by a willing company or citizen looking to give their country a lead on 21st century capital base?!?”

FWIW I traded for a $100 bln fund and moving a 1% position would sometimes take weeks given the liquidity in the stock, size of the company and footprint you’d leave. It is incredible the market took $9 bln BTC of supply so well, and shows the depth of the BTC market now- super bullish for the sovereign reserve thesis. Regardless, the timing and speed of the execution was super suspect even if a lot of it was OTC. It’s so fishy someone who held BTC since its inception punches out in under a couple weeks during July summertime vacation, while every market was breaking out to the upside. Totally agree there was massive slippage costs, but I bet the client ordered the execution this way. No way Galaxy traders would recommend dumping BTC this way esp in the middle of the night with US markets closed. This felt like some sort of psy-op on market liquidity. Doubt he responds but would love @novogratz to comment.

A little Friday night reminder that the real heroes of life are those that stare fear in the face & never back down. Two of my close friends were recently diagnosed with Colon & Breast Cancer and instead of wallowing in pessimism, they attack life with such optimism & strength. With all the nonsense that goes around social media, this is the real stuff that nails what it means to be human. They are such inspirations I had to share- Gave me the chills getting these. Don’t ever take a day for granted! Keep fighting! Throw some prayers up for Chris Kowalski & Jeannie Lee- Father, & Husband, Mother & Wife. Absolute Champs!🙏🏻

My global macro view

😂 massively oversubscribed. There is a dearth of REAL yield in the fiat world with credit spreads so low. This is generational arbitrage.

If you don’t think we are in a productivity boom consider this from @DisruptionHedge . The age of robotics is here! “Case in point: starting in the 1960s, the largest US automaker, General Motors, steadily transformed its production lines. Today, they incorporate over 30,000 robots, which handle 90% of the spot welding for car frames and exteriors. Beyond heavy machinery, Samsung Electronics is taking automation to a new level at its display plant in Asan, South Korea, where starting in 2026, more than 10,000 robots will produce over 10 million OLED panels annually for flat-screen televisions. The Asan facility automates over 80% of panel assembly and inspection, slashing labor costs and saving the company hundreds of millions of dollars. If you were wondering why prices for the popular 55-inch OLED panels have dropped 90% since 2013, wonder no more. At this point it’s safe to say that every manufacturing industry already utilizes robots. The impact of a growing array of upgraded AI-driven industrial robots will be profound, with factories becoming ever more efficient, lowering costs to consumers.”

The amount of hate on $STRC makes me want to buy it 😂 It’s gonna be oversubscribed. Why would you pay 6% yield on a HY bond with credit risk, relative to this product?

**Free Alpha Alert while I can talk single-stocks for another month;)** Obviously there is macro risk heading into month end pension rebalancing & earnings, but this chart looks perfect for a breakout higher if you have a longer time horizon. It's a 3 year cup & Handle. @ShardiB2 @JC_ParetsX $CIFR will have ~2.5 GW of access to power and the race for AI infrastructure is just heating up. To maintain global AI leadership we need at least 50 GW of power. We are in an AI/Space race. Two pieces of news this am: From Anthropic- "We project that 2GW and 5GW data centers will be needed to develop single advanced AI models for Anthropic in 2027 and 2028, respectively. With several other U.S. companies developing frontier AI models, we expect total frontier AI training demands in America to reach 20-25GW in total by 2028... Put another way, the U.S. AI sector needs at least 50GW of electric capacity by 2028 to maintain global AI leadership." "OpenAI and Oracle entered an agreement to develop 4.5 gigawatts of additional Stargate data center capacity bringing total capacity under development to over 5 gigawatts running over 2 million chips, significantly advancing progress toward their $500 billion commitment announced at the White House in January to invest into 10 gigawatts of AI infrastructure over the next four years." 1.21 GIGAWATTS! GREAT SCOTT! Hat tip to @ShanuMathew93 @mikealfred @theBTCMiningGuy @leopoldasch @ns_whit

There cannot be a recession until we reach 50 GW of power. This is the new AI/Space war. It's existential.

Why is this so shocking to you? Money throughout history has always moved from public money until it gets co-opted to private money which is a more stable store of value. If you look back hundreds of years that’s been the norm….