Must watch x.com/i/status/20216…

Are Shareholders Funding the Stack While the Founder Captures the Carry? Strategy Class A capital is underwriting every incremental BTC acquisition, while founder-held Class B captures the same pro-rata BTC economics with effectively zero incremental capital outlay. If Class B

Is buck.io $BUCK the next Terra/Luna? Not exactly. Terra failed via algorithmic peg reflexivity. BUCK’s risk is different: discretionary yield, indirect treasury exposure, and confidence-driven liquidity. Think structured crypto note, not hard-collateral

If Michael Saylor indeed keeps compounding for another 4 years as suggested by Willy Woo, then Strategy’s capital stack evolution ( $STRC and related instruments) is less about leverage optics and more about engineering a bridge toward a quantum-resilient, sovereign treasury

BIP-360 - the draft proposal for Pay-to-Merkle-Root (P2MR) remains under discussion: a Taproot-like construction that removes the key path, committing only to a script Merkle root to reduce long-lived pubkey exposure to CRQC threats. A structural mitigation, not full post-quantum

Another Tulip By Andre Cronje

🚨 Important Crypto Tax Update 🚨 The IRS’s Rev. Proc. 2024-28 mandates per-wallet cost basis tracking starting Jan 1, 2025 - ending the universal method many investors relied on. Tools like CoinLedger are rolling out support to ensure compliant gain/loss reporting. Check Easy

It’s only a matter of time before covered call premiums on $IBIT become fully institutionalized. U.S. Securities and Exchange Commission filing (sec.gov/Archives/edgar…) signals where this is headed: structured yield extraction on spot BTC exposure at scale. Giovanni's BTC_POWER_LAW

Is this a 2007-style canary? Not yet - but telling. The move by Blue Owl (per FT) to gate a retail private credit fund spotlights liquidity mismatch, model-smoothed NAVs, and looming valuation catch-up risk. Watch flows, spreads, and the refinancing wall. ft.com/content/b2f299…

Market cycles and %corrections

Bitcoin charts are red, but accumulation is relentless. Whales see asymmetric opportunity where retail sees fear. ~26% of supply sits with top holders as BlackRock, Fidelity Investments, and Strategy scale positions. Custodied reserves on Coinbase and Binance reflect retail

Major shift in U.S. crypto taxation: universal cost-basis pooling is ending. Starting tax year 2025, investors must track gains and losses wallet by wallet under new IRS guidance - a change that could materially impact capital gains math and compliance workflows. In this deep

Bitcoin’s long-term trajectory may be less about endless exponential growth and more about gradual maturation into a global monetary asset. As adoption scales and capital bases expand, CAGR naturally dampens - a sign of institutionalization, not weakness. CAGR dampening since

X sentiment scan (Feb 24): ~70% bearish / 30% bullish. ETF outflows + deleveraging driving “Extreme Fear” (FGI=8), while long-term allocators continue to accumulate. Panic dominates narratives; positioning may be nearing a contrarian inflection if $62K holds. #Bitcoin #BTC

Late-cycle signals are increasingly coherent across liquidity, flow, and valuation dashboards. Spot liquidity remains elevated but is rolling over, derivatives liquidity has compressed, and net flow momentum has turned negative - a classic transition from momentum-driven

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