We've entered a new era for bitcoin.
I'm sure many of you are well aware of the fact that a 2011-era bitcoin wallet moved 80,000 bitcoin to Galaxy Digital last week and market sold every UTXO for more than $9B. The individual who accumulated those bitcoin back then had a specific estate plan in place that led to the forced liquidation of the bitcoin into cash. This was the one of the largest notional bitcoin transactions since the protocol launched in 2009. Massive shout out to this OG for 1.) holding for 14 years with incredible conviction and 2.) making multi-generational wealth for his estate.
I hope that wasn't his whole stack and that his estate still has material exposure to spot bitcoin, but even if it was this is still a massive win and a testament to bitcoin's function as a long-term store of value going through its monetization phase.
One thing is for certain, this was one of the largest amounts of bitcoin smash sold on the market and the price barely flinched.
The market fell to just below $115,000 before quickly recovering to the $117.000-$119,000 range where it stands right now. A measly ~4.5% drop from the heights it stood at two days prior to the sale. That 80,000 plot of $115,000 bitcoin was bought up immediately. Proving that the market for bitcoin is extremely liquid, robust, and in extreme demand right now.
If this were to happened only three years ago, I'm pretty confident that we would have seen a 15-20% correction. Despite everything happening right now with bitcoin treasury companies, the Trump administration passing "crypto friendly" regulations, and ETF flows - which everyone seems to be hyper-focused on - this smash sell was the most bullish thing to happen this year.
Bitcoin is a mature market and we are slowly but surely beginning to find out just how truly robust it is.
Governments are priming the pumps for unfettered fiscal spending.
Many are turning to Orwellian wrong think laws that outlaw free speech.
People are calling bullshit on the market for real estate and the idea that inflation issues have been solved.
More and more people are recognizing that a globally distributed neutral monetary network with a native currency that has a hard capped supply of 21,000,000 is something worth owning during the times we live in.
And there are many, many, many, many more people who have yet to come to this realization but will inevitably get there as time moves forward.
Yael and I dove deep into how the Bank Secrecy Act has become Bitcoin's biggest regulatory roadblock. As Yael pointed out, this 1975 law still uses the same $10,000 reporting threshold despite decades of inflation - a number that should be adjusted for the dollar's massive devaluation. The compliance burden is crushing businesses while catching a pathetic 0.1% of actual money laundering. Even banks despise this system, as Yael explained, because they're forced to maintain entire compliance departments just to file millions of suspicious activity reports that no human could ever review.
"The more that you instill regulations and you put things there, you're not harming the big companies. The big companies have the resources to fight it." - Yaël Ossowski
What's most concerning is how these reports create permanent marks on citizens' financial records. As Yael revealed through Jim Jordan's weaponization committee findings, ordinary Americans buying guns, attending rallies, or simply sending money to family members get flagged in government databases. This surveillance apparatus doesn't stop crime - it just makes financial freedom impossible for law-abiding citizens trying to use Bitcoin for everyday transactions.
Check out the full podcast here for more on negative rights policy, Section 230 for energy, and strategic Bitcoin reserves.
New Gallup Poll Shows 14% US Adults Own Crypto - via X
Bakkt Announces Public Offering for Digital Assets - via X
Jack Dorsey's Bitchat Now Live on App Store - via X
Bitcoin Voter's Legislative Agenda Unveiled - via X
US Treasury to Borrow $1.6T in Second Half 2025 - via X
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Final thought...
My kids have been outside for 7+ hours a day for 6-weeks straight and they're both growing out of their clothes at an accelerating clip. The sun is a powerful performance enhancer.
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