🫵 More BTC than you

The best part about calling top signals is that if you do it for long enough, you’ll eventually be right.

Still, today’s episode of the Supply Shock podcast throws cold water on the idea that we’re anywhere near the bull market peak.

Institutional onramps are multiplying, and Hans Thomas, CEO at 10x Capital, says that can only be good news: “I think it's actually a huge bull signal. I don't think it's a bear signal at all that people are trying to participate in these vehicles.” 

The pitch is blunt: “The reason you hand me or Michael Saylor a dollar is because we can go and buy more [bitcoin] than you can, right?”

Thomas believes that institutional adoption is fundamental to Bitcoin’s survival at this point. 

“It's healthy for the ecosystem for crypto to proliferate, right? For fiat to be, you know, deprecated,” he told Supply Shock host Pete Rizzo.

On flows and intent, he waves off the notion that OGs are using DATs to cash out. “We’ve raised money from over 350 investors and they've invested well over $10 billion in various treasury companies…I have not seen one cynical investment being made here.”

If you’re sizing these vehicles, the framework is simple: who can grow BTC per share fastest with the lowest cost of funds — and who can actually run the flywheel. The rest is noise.

Full episode on YouTube, Spotify, Apple Podcasts, and X.

This newsletter was created with assistance from AI tooling.

• BTC/USD is looking for support after giving up $115,000. Current price: $114,250, around 7.5% below last week’s all-time high.

• ICYMI: Monday was the 17th anniversary of Satoshi Nakamoto registering the Bitcoin.org domain.

• A Solo CK miner snagged another block on Sunday, raking in 3.14 BTC ($359,000). That’s the 14th block mined by a solo miner in the pool over the past year.