In this edition:
- Market: Bitcoin rallies to an important level – for several reasons we are nervous. Global Liquidity indicators are flashing warning signs and volatility has collapsed.
- On-Chain: Bitcoin transactions pick up, ETH underperforms, the altcoin rally is already mature. Stratum V2 ensures bitcoin mining is more decentralised
- Macro: Bond yields, inflation and commodities continue to rise. Saylor tacitly acknowledges the Ponzi-lite nature of his schemes. Major concerns about the AI boom, the distortions of passive investing, continued decline of the UK’s capital stock. Sound money as the life boat.
