Jamesvanst

The two largest Bitcoin treasury companies, MSTR and Metaplanet, both have a positive mNAV of 1.19 and 1.17.
This follows a +50% correction in Bitcoin's price.
mNAV is a forward-looking metric.
It captures market expectations of future BTC scaling.
The premium exists because of anticipated growth in BTC holdings beyond current levels, not just today's snapshot.
When mNAV compresses toward or below 1x, it signals fading confidence in that future accretion story.

One of my mates had a loan with Ledn and got liquidated in the downturn. Substantial amount.
Back to my theory of time based capitulation.

Bitcoin did not enter backwardation last week.
This may not occur this time around due to low industry vol and leverage, which is a major difference compared to 2022.

Bottoms take months to form and, by design, are the choppiest period.

I have never seen so much hate toward a stock that people don’t even own towards MSTR.
If you don’t own the stock, why do you care?
Or were in the depths of a bear market and this is normal behaviour

Bitcoin Back at $70k the Singularity

Wonder what the market makers have in store for us this weekend.

Anyone who is solvent, has cash flow, and is not trading on margin with a liquidation level hanging over them is not panicking. The ones who are panicking can\'t manage risk, and any margin should have been removed after Oct. 10.

The market makers that are left have done a fantastic job.

The guy who got me into Bitcoin back in 2017, just called me. He was about to sell today. He’s never sold before……

"Power tends to corrupt, and absolute power corrupts absolutely."And that is the beauty of bitcoin

"Market madnes, BTC, gold and silver"

Longest consecutive negative months in BTC history2011 Saw 5 consecutive negative months2014 Saw 4 consecutive negative months2018 Saw 6 consecutive negative months2026 Currently 4 consecutive negative months

IBIT holders have to wait another 40 hours until they can capitulate

The biggest bubble in any asset globally is the US bond market. If you continue to suppress volatility and don’t let price discovery occur in yields, vol will eventually find itself popping up elsewhere ie metals. Metals lead and Bitcoin vol is massively underpriced

Just to point out, no systematic collapse happened, no bank failures, no dead bodies rose to the surface.On this unprecedented metals run.One exec at Goldman Sachs left.What does that tell you?

Just waiting for the Financial Times to report bitcoins death.

Bitcoin/Gold is a more important trading pair now than BTC/USD.