The Canadian Bitcoiners Podcast - Bitcoin News With a Canadian Spin - Custodians are LOSING CONTROL — Pressure is building in real time. WE AREN’T SELLING. | CBP 251 Pt 1

Episode Date: February 10, 2026

🚨 LIVE: Custodians are losing control — pressure is building in real time. WE AREN’T SELLING.As pressure builds across exchanges, institutions, and centralized custodians, cracks are starting to show in how Bitcoin is held, managed, and controlled.Accounts are frozen.Bitcoin is seized.Positions are liquidated.Threats are issued.This moment goes beyond price or short-term market moves.It’s about custody, forced decisions, and what happens when control starts slipping during periods of systemic stress.From exchanges under legal and liquidity pressure, to governments retaining seized Bitcoin, to institutions making forced moves to survive — today’s live discussion breaks down why these developments matter now, and what they reveal about the limits of centralized custody.Money is changing.Power is shifting.Bitcoin is in the middle of it.📡 Live discussion.This conversation connects money, power, technology, and the future of individual freedom in a rapidly reorganizing global economy.Please Like, Share, and Subscribe to the channel!SponsorseasyDNShttps://easydns.comAnycast DNS, domain registration, web & email services — fast, reliable, privacy-focused.Pay with Bitcoin.Use coupon code CBPMEDIA for 50% off your first purchase.Bull Bitcoinhttps://mission.bullbitcoin.com/cbpThe CBP recommends Bull Bitcoin for buying Bitcoin simply and securely.Use the link above for 25% off fees for life.256Heathttps://256heat.com/Heat your home, garage, or office while earning more Bitcoin than it costs to run.Book a call with a hashrate heating consultant today.Listen to The Canadian Bitcoiners PodcastApple Podcastshttps://podcasts.apple.com/ca/podcast...Spotifyhttps://open.spotify.com/show/6WzoIyT...Fountainhttps://fountain.fm/show/VaB9E0KrXGqg...RSShttps://anchor.fm/s/538d43f4/podcast/rssSocialhttps://x.com/CanadianBTCPodhttps://x.com/JoeyTweeetshttps://x.com/TheBTCPriceBotDiscord  / discord  ⚠️ DisclaimerEverything in this episode reflects personal opinions only and should not be considered financial advice.#bitcoin #custody #selfcustody #exchanges #liquidations #markets #macroeconomics #geopolitics #soundmoney #sovereignty #power #institutionsCanadian Bitcoiners

Friends and enemies, welcome back to the Canadian Bickhwiners podcast this week. Len, is it possible that industrial mining is finished? I think it is. We'll talk about some fake paper Bitcoin being sent out to 2 million people and a bunch more street name changes here in the Great White North. But as always the intro first, hang in. So, you know, the government can say whatever they want about this thing not competing. It's for black market only. It's for this for that.

but they're really treating it like a threat. And one of the things that can't be attacked is your self-custody Bitcoin. And one of the things that can be attacked is the ETF. Can't be exposed to that. That's my view. It's not a good idea. And by the way, that'll hit MSTR too. It'll probably hit other stuff as well.

Friends and enemies. Welcome back, Canadian Bitcoiners podcast. Friends and enemies, welcome to the CBP. Want to be better informed. Listen to Levin Joe E. Spots is taking care off right off the top. Oh, Bitcoin and Easy D.N.S. the media is feeding the slop.

Welcome back, everybody. Great to be back in Ontario. Good to see you, Len. Busy weekend for me. How's it going? How are things? How are you doing? How are you feeling?

Price is way down, by the way. Not sure if you want to talk about that today. But our guy, Andre put it put it in the thumbnail or in the title. I should say, we are not selling. I'm not a seller. Are you? No, no, no, no.

No way. Why would you be? We know where this thing is going. That's right. Like I told known last week. I think it was last week. I'm not sure if I told it live or not. The price, look, if it's 120, it's on sale.

If it's in 70, it's still on sale. We know where this is going. Why even bothered doing any trading? Don't risk yourself by doing leverage trading or trying to time the market. Just buy in, hold on to it. In the long run, you should be okay, not financial advice, of course. My brother, I agree. Let's do the sponsors.

Then I'll do a little housekeeping. We'll talk a bit about the weekend I had and we'll get into the show EasyDNS is the chief sponsor, the banner sponsor, the headline sponsor. Mark is a long-time Bitcoiner, takes Bitcoin for his products at EasyDNS. If you want to do any website work, domain registration, you name it, he's got you every single time, 100% of the time, works every time, cheap, easy, fast. And don't forget, it's mostly white glove. I understand it's pretty close to White Glove if he uses DNS, which is great. You can pay a couple extra bucks for something like easy mail or domain share, extra security, not only for you in your domain,

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You like bull Bitcoin. They are the best in the game. They do not hold on to your Bitcoin. And we'll talk about that later in a show, why you don't want to deal with an exchange that does that. So in order to facilitate a buy or sell, you've got to provide a Bitcoin address. That's the way you want it. Non-custodial exchange.

These guys, they have your privacy in mind because once you do the buy, they've mix it and send it over to you. So really cool stuff over there. You could do limit orders. You do a lot of different things that you can normally not do on a non-custodial exchange. These guys are not just in Canada, but they're also in Argentina, Colombia, Mexico, Costa Rica, a whole bunch of other countries, Western Europe as well. So they got a good chunk of the globe covered. Check them out. You could pay your bills what you want with them. So like, heck, if you got some bills you got to pay from Christmas still, you're kind of a delinquent. You could use your Bitcoin to pay those bills. And bold Bitcoin will be happy to

facilitate that transaction for you. So if you haven't already done so, what the heck you're waiting for? Open an account with them. User link below. Do that. And all your buys and sales are going to be cheaper moving forward. Do it now. Yeah.

Stop listening to the show and just do it right now. I don't know why you wouldn't. So little housekeeping to start. We'll talk about the interviews first. Mr. Arnome last week, always a popular guest. I haven't listened to that episode yet. I've obviously been busy. But good reception so far.

I see a lot of YouTube comments talking about, you know, whether Core is dead or Knott's is dead and how far did Luke push this, maybe too far. If you haven't listened to that episode yet, I recommend you do. I know I'm going to. So thanks to Mr. Arnaud, I'm always a favorite of this show and a friend of the show and a friend of ours. So we appreciate his time. On Thursday, I'll be talking to Duneberg. I'll probably release that in a week or two weeks. I just wrapped up an interview with Kevin Muir, who's been on the show before.

before he sat down with me. I actually spent probably like four hours with Kev on Friday. Kev has a mailing list of like 100,000 people. He's got a podcast, market huddle that gets some of the best guests you can get. He's, you know, got a history of trading and market understanding. He was one of the headliners at the conference. I'd ever want to hear from him. And so for him to spend a few hours with me on a Friday, it was a lot of fun. We shared stories about life. You know, I took some shit from him about Bitcoin. And, you know, we just had a great time.

And I will talk a bit about the conference maybe before we start as well. But I want to thank him for his time on the interview. Duneberg, Thursday. And then next week, I'll be talking to Scott Horton. I am not going to stream any of those. I'm going to record them, put a little post production into them, and then put them on the channel when they're finished. Because, as you guys know, we have, I know, I don't.

want to say Andre is like on staff, but we are paying somebody to help us with the YouTube side to give us some time back. Especially me. I want to spend time with my daughter now. I'm not work on thumbnails and intros. So all that is coming. I was away obviously for the conference. Mike Campbell's World Outlaw Conference. Big thanks to Mike and Grant, Annabelle, Dustin, the whole team over there at at HPC and Mike's Money Talks and the conference just staff, the hotel staff, everything amazing. You know, you may not know who this guy is, Len, but I was at the, basically from the time I got to the airport, I was like turned on to the whole conference financial Bitcoin, you know, macro markets point of view. And like I basically never turned off the entire weekend, maybe until I was in the airport Sunday morning kind of reflecting on things with just a tiny bit of a headache from the night before.

I shared a cab from the airport with Jim Thorne, Dr. J. strategy on Twitter just by pure chance. we had a 45-minute ride home from the airport. That was an incredible 45 minutes. That guy's a lit fuse in a lot of ways. And I really appreciated talking to him. And he appreciated, he appreciated talking to me. And, you know, one of the things I like about guys like that, that no matter how famous they are, no matter how much money they got, I think he might have an extra comma, that guy, I'm pretty sure. I saw him in the lobby after his talk and he remembered me, introduced me to a friend of his. And, you know, that kind of stuff is invaluable. the entire conference was like eight speakers.

Some of them have been on this show. Some of them I want to have on this show down the road. Tony Greer, Kevin Muir, Heather X. Repiro, who's been on the show. Keb's obviously been on the show. Me, Martin Armstrong, Sarah Weber, Kyle Irvine. Who else is on that list? I'm missing somebody. Paul Beattie, Joseph Shackner.

Like, unbelievable. Ozzie Jurek, who I sat next to at dinner. I think I sent you in Boomer a picture of Ozzy. Ozzie and I having a couple of beers. And of course, Mike Campbell, Gordon Campbell, the premier, unbelievable amount of just firepower at that table. And I said to my wife earlier, I don't often get imposter syndrome,

but around those guys, it's hard not to. Because just the depth and breadth of knowledge really does remind you that Bitcoin is just this small little thing. It is growing. It is important. I do believe that. I will always believe that. But there's so much knowledge out.

there that we just don't have in this space. And I think, like I've said before, one of the best things about Bitcoin is as you get invited to stuff like this and as Bitcoin grows, you will get some of this great knowledge coming toward you. Some of it hostile, I will admit. Paul Beattie and I had a nice conversation at dinner that started off, I think a little heated, but he's a great guy too. Some of it hostile, but some of it really well-meaning. And so guys like Kev Mear, Tony Greer, those other guys I mentioned, girls I mentioned, fantastic people. I had a blast. And I just want to thank those guys again for having me.

And it sounds like I'll be back next year, which is awesome. I'm really looking forward to that as well. And I will try my best to release the presentation. Don't forget, okay? The tickets for that conference are about 500 bucks. So for me to release the presentation, like privately, probably not kosher. I will say that it was about 36 minutes, just me and my slides. and I was going to do kind of a prices down, I don't know what to say, presentation,

because I had the deck done by the time I got on the plane on Thursday, and the price dropped 20%. So I ended up rewriting a lot of the slides and just really getting on my horse, sharpening my knife, and I went after gold for half of the presentation. Basically said, you know, your gold is worthless. I don't know why you guys are wasting your time here. You haven't performed anything. It hasn't protected your wealth.

You can't store it. You can't secure it. You can't verify it. You can't do any of that stuff. Talked a bit about mining and grays. and stuff like that as well. But I will try to post something from it, even if not the whole talk. I'll talk to Grant and see what he's willing to allow.

And we'll go from there. But I got a lot of messages of support from listeners, a lot of messages of support from people who just know me from Twitter, maybe don't even listen to the show. And I'm appreciative of all that. And it made a big difference because I got to tell you, like I said, I am not often nervous. But I didn't eat the morning of that talk. I had half a cup of coffee because I knew I was going to be jittery if I had more

than that and I just basically sat in my room until 11 o'clock. I watched Tony Greer at 1115. He finished his presentation with five minutes telling everyone that Bitcoin was going to 20,000 and that it was related to the Epstein files and all this stuff, right? Now, I don't expect him to know a lot about Bitcoin, but, you know, it was good. I really enjoyed it. And I, you know, it was an experience I'd never had before. That room was about 2,000 people in if I had to guess between 1,500 and 2,000 people. So that's new for me. I tried to tell myself that every week, you know, if I look at the play count to the show, it's more than that. I won't say how much more, but it's more than that. And I don't consider that a big number when it's just you and me talking, Len, and people are

listening after the fact or during. But I'll tell you, in a room full of people, it's a bit of a different ballgame. So thanks, everybody, for all your support. And I'll do my best to see if I can share that. Joy, how energetic are you today? Pretty energetic. I feel fine. I, I, you know, I told Boomer, like, I, he offered to co-host. I told him I thought I'd be okay. I did my best to stay on EST while I was over there. So I was going to bed at like eight and then getting up at like five. Okay.

Yeah, just try and stay. Stay tight. Why I ask is because this may go extra long. There's too much to, there's not. I mean, we got to try and cut it. If you want to disappear at any time, feel free to do so. No, no, no, no. Let's go to let's go to late 30, the normal length.

No, no, no. There's there's way this can't be a hard cut off. There's so much to talk about today. We, we have to hear. Okay. Well, I, okay. Yeah, because my mother-in-law is upstairs, so I can't stay for that long. Yeah.

So then if you got to go, let me know. And I'll do the, the last part by myself. But there's just too much boost, Joey. Sure. Number one, Dan Wedge 513. Wedge. Wow. He says, this is the bear podcast you need.

Jamie, 4,000 sats. you baited me into a bigger boost. I shouldn't get any airtime with 200-sat boost. It's like a one-sat sap, smiley face. Thanks. Enjoy your weekly show. Keep up the great work, guys. Sure. Thank you.

Business cat, 4-4-4-4-sats. Looking forward to Scott Horton. I listen to his podcast, Provoked with Daryl Cooper every week. Yeah. Let's fucking go. Yeah. He wrote the book on the U.S.

basically U.S. and Ukraine provoking that war with Russia. That's the sort of crux of the book. We're going to talk about that. I like Scott a lot, so I'm looking forward to that conversation. And last but not least, we have Jared. 5,000 stats. He says the community stepping

up the boosts. Love to see it. Me too, man. Yeah, I don't know what we're going to do with it. I think in the past we've done like donations and stuff, but it's kind of hard to find people willing to take Bitcoin at 50% off the highs. We'll see. We'll see what we do with it. We'll figure something out. Or maybe I'll just take it.

I don't know. Whatever. Our hands are always open. That's right. That's right. All right. Buckle up. This is going to be a dandy.

Let's do it. Where do you want to start? Bit Farms. Yeah. Love this. Bit Farms is no more. Say goodbye to them. Say hello to Keel infrastructure.

Keel. K-E-E-L. That is, that name just rolls off the tongue. It's like the keel Center in St. Louis. It's also the ticker name. K-E-E-L. That's what it is is the mining operation keeling over. dying. That's what it actually

is. Yeah, that's exactly it. No longer is BitFarms doing Bitcoin mining. They have pivoted into something that is more lucrative. At least they believe to be more lucrative for them, high performance computing HPC and AI data centers. This seems to be all

the rage these days and they want to get on that gravy train. I do not blame them. They are a publicly traded company and they have to provide as much value to their shareholders as possible. And not too long, bit farms, they had a riot chasing them, right? The riot was trying to do a takeover of them.

That was what, a mere two years ago, maybe less. Yeah, if that. Well, well, that's, maybe longer. When did we have Jeff Lucas on? Jeff Lucas is their CFO. I think it was, I'm pretty sure that was 23. I was living here, but I don't think I'd been here that long. I definitely didn't have my daughter yet.

So, yeah, I don't know. Well, anyways, riots, they have to find some other. company they want to they could gobble up because bid farms they want to do gobble them up they're no longer doing bitcoin mining with respect to to bit farms no longer in bitcoin mining like who could have predicted this i'm like a company that does not generate their own electricity they are obviously they're not in the best position to mine bitcoin and uh they are in the past they've been primarily dealing with the province of quebec i know they have exposure in united states and in South America, Argentina, Peru as well, maybe. They were doing a lot of expansion into those energy-friendly jurisdictions, trying to anyway. And I remember in Quebec, the Quebec government put a kibosh to any new expansion to Bitcoin mining operations because, you know, let's be honest, there's only a finite amount of electricity being generated by the province of Quebec.

And they want to keep that to keep their citizens happy, nice and cheap energy for them thanks to people like the province of Alberta for funding this. And I'm wondering if they're going to have that same tune when it comes to this shift towards HPC and data centers. I wonder if they're going to have that same type of we don't want any more expansion. I'd like to see this. But either way, they say they're going to be getting Nvidia GPUs and they'll be expected to be delivered sometime in the latter part of 2026.

Good luck. I don't believe that for a second. It's just going to make it even more challenging for people. that want to get them if there's a shortage of these GPUs. And this isn't the only one that capitulated this past week. A company Biden, I never heard of this, Kango Group, C-A-N-G-O group. They announced that they're no longer doing Bitcoin mining. And they too are pivoting towards AI computing.

And they're going to be doing launching eco-hash technology, deploying modular GPU nodes, and targeting long-tail AI demand. They say this is going to be helping for scalability and reoccurring revenue. Like I say, if you don't have your own energy that you're generating, it's probably most likely going to be pivoting to something else. If you have stranded energy, then it's a possibility you're going to stay in Bitcoin mining, which is, you know, it is what it is. But everybody could do whatever they want.

It's their electricity. If they want it to find something else, chase profits elsewhere, all the more power to them. But with respect to this, too, we had these two announcements come out, but also in conjunction with this, the Bitcoin network difficulty adjustment went down 11.16%. That is the fourth largest drawdown, negative drawdown in, sorry, the 10th largest in Bitcoin history. The 10th lasted 4th. It was actually 10th. And so some of this is attributed to stuff like BitFarms and Kango, I guess, doing their thing.

some of this, a lot of this is to the deep freeze. Yeah. It's impacting North America. Demand response, right? Let's not forget about that. They have to stop. The energy has to be used for heating homes and businesses. I get that.

So let's not look at this as a huge negative or it's the end of Bitcoin mining. Because right now last I checked, there's going to be an upward adjustment of around 15%. That now, that was the last time I checked was yesterday. It was still relatively recent in this whole. adjustment period, but let's not look at this and say it's the end of the world for Bitcoin mining. It's just, it's a change, you know, China bend Bitcoin. That's finally in the Northern Mongolia report. We no longer do that. So this is just a change in Bitcoin mining. It's a just the way things are going to happen. It was the inner Mongolia mining. I know. There could have been more stuff

going on in Northern Mongolia. We didn't cover it as well. Okay. So let's talk about sort of this theme here, okay? If I look at my notes, the list now of companies that have pivoted away is growing. HUD-8, core, iron, and now these guys. Not just a little bit, but like basically a full pivot because you can't use the A6 for HPC. The A6 are application specific, like everyone knows. The interesting thing to me is really the language that Ben and, you know, his C-suite were using over the past year. You'll remember when we had Jeff on, or maybe you don't remember, not you, but the listener, sort of the Royal You. You'll remember that Jeff talked a lot about the synthetic the synthetic Bitcoin hedge they had, how important it was they were in Bitcoin. Ben has been

like maybe the strongest proponent of Bitcoin mining anywhere for the last five years. He's been on CNBC, he's been on every business channel, every podcast, including this one, talking about how this is the way that businesses should be thinking. It should be about Bitcoin mining first. Everyone else is going to fall behind, blah, blah, blah. Well, here we are now with another company getting off of the network. So I think there's probably two things at play here, two sort of factors. Number one is, I do believe that it's going to get really hard to get A6, not because A6 are being bought up, but because the people who are selling wafer level hardware for ground, graphics cards and for other HPC applications, including Bitcoin mining, they're not selling them to Bitmain.

They're not selling them to ant miner, whatever. They're not selling them to all these people. They're selling them to AI, like AI data related functions at the wafer level. Like I've said before, it's going to be hard to get that equipment over the next few years, which I think is a risk that not enough people are talking about. Even if we stay at the level of industrial mining that we see today, the hash rate, you know, in order for it to grow, you either have to put more hardware down or you need better hardware. And I'm not sure either of those things is going to happen over the next two or three years until we figure out what's going on with this AI stuff. Because as long as people want to make videos of Elon Musk squaring off against Donald Trump in a boxing match at all hours of the day, that that hardware is going to go to those places. And worse, it sounds to me like at least in the U.S., that entire sector is becoming too big to fail.

And so they will receive not only government, like monetary support from the government, financial support from the government, but they'll also receive supply chain preference. They'll also receive political preference that Bitcoin miners have always had trouble getting. But now I think it's probably almost impossible to get over one of these AI companies. That's number one. Number two, there's just no doubt that mining is not a good business. It's never been a good business. And I think you're seeing this more and more. How many mining companies are really biting the dust here?

Guys that were so passionate, so, so front and center, excuse me, about this application for hardware have basically all fallen off in the last few years, whether it's Cathedral, BitFarms, HUD-Ate. Like, HUD-8 was emailing us cold trying to get Sue on this show like two years ago. We want to get, we want to talk to people about HUD-8. We want to get like, and we at the time, we're not talking to minors because we thought this was going to continue. And here we are. It did continue. I know we had this right a long time ago. The question that Bitcoiners have to answer here, and this is going to be hard to hear,

but if all these industrial miners leave the network, you're talking about a security risk. Plain and simple. You need industrial miners now for this thing because not enough people are mining at home, for sure. And I see in the chat difficulty will adjust. Definitely. Definitely it will. But you need that network security. You really want that.

That's something that when I presented at the Money Talks conference, a lot of people were impressed with that if you put a graph of hash rate against price, it's not, they're not correlative. They're, you know, the price goes up and down all around. Sharp, sharp jumps, sharp falls. But hash rate, generally speaking, is up and to the right. So, you know, I think it's important that we can try and keep that up. It's just going to be difficult. So how many industrial miners are left now, really, that you, you know, that are investable, let's say. There's not that many. Three, maybe four? I don't know. What's the number? And so if, if If you start seeing those drop off, I think you got to consider like, yeah, there's a bit of an issue here because you want that network security big time.

So in terms of the publicly traded miners, the top 12, what do you think they make up the hash rate? This is at late 2024. Top 12? Yeah. 80%. Public 28.9%. Okay. The question is those are public traded.

How many are not publicly traded, like the Exxons and the Saudis and the Qaari? The problem is, you know what the problem is? We're going to find out how much is not publicly traded, how much is not public. We're going to find out, I think, which will be interesting. Because this is a beautiful thing that anybody could come in and come out. There's no reporting requirement required. Yeah. It's just, it's a floating thing.

It's just, you know, it's wonderful. You want to participate in the network? You can. You want to just if you're anytime you want, you can. I want to address, I want to address John's comment there that they might be shedding those ASICs to individuals. Individuals can't use ASIC minors in a lot of jurisdictions. Like I talked to a guy, this guy, Greg, at the conference who listens to the show and actually got in touch with Twan. Twan will know who I'm talking about.

This fella told me that he tried to get a mining set up at a farm that he has in Alberta, sort of a farm compound. and the math just didn't work for them. And, you know, it's not necessarily about power costs, as he pointed out, but about transport costs, infrastructure costs that's attached to your terawatts or your kilowatt hour cost, I should say. So, you know, those costs are very, they're independent of what electricity costs to produce. Provinces set those, territories set those, and states set those. And if they want more tax from certain people or certain jurisdiction,

they're going to get it that way. So, you know, it is, it is fair to say they might shed those units to individuals, but individuals might not be able to use them. It certainly won't be able to use in 24-7 like these guys do. They're not going to be sort of price agnostic miners. And then to your point, Len, you know, people can come in and come out. The problem is no one is coming in. So.

This is not exclusive to Bitcoin. I'm not saying it is. But Bitcoin needs it more than other things. Because you're saying it, but you're not saying the whole story. There's more to it. Try buying some DDR5 memory. Oh, for sure. I know.

It's everywhere. It's everywhere. Right. So if you're Nintendo, the Switch 2 is impacted. If you're Sony, the upcoming PlayStation 6 is impacted. And those are heavy hitters. So it's not just strictly a Bitcoin mining thing. This is a global shortage with respect to certain types of computer components.

Yeah. And when it comes to that, it all comes down to who is the highest bidder. If Bitmain can provide a bid that's high enough, they'll be able to get the stuff. They probably won't be able to. But whoever is providing this, the ones that provide the highest bid for the largest volume,

obviously they're going to get the lion's share of what's coming out. And that's just, that's capitalism, right? You have... Yeah, I don't disagree. It's an open system. It's in flux.

And it's something to keep an eye on. I think there's some... I don't know how much risk there is, but there's some risk, for sure, if this keeps up. Bitcoin CA, the subreddit, some dude on there, posted about an old Binance account he had. Or he has?

I don't know. Either way, he said he bought Bitcoin from a Bitcoin ATM. This is a very unique story. So the guy went to a Bitcoin ATM. He bought Bitcoin and he used the Binance account, his account as the storage for that Bitcoin, the wallet. So he's not using something that he has total control over. He thinks he has control, but Binance is the one that actually has control.

At the time he bought the Bitcoin at the ATM. He was under 18 at the time. He faked his age, his name. And so Binance, sometime between then and now, they went to KYC route. And they effectively shut him out from his account, even though he still has the password and the email address for that account. But one thing he's missing is the phone,

the phone number that had the 2FA. It's no longer in his possession. So that's a bit of a challenge over there. With all this being said, Binance is not budging, and I don't blame them for that. All this to be said, though, is another reason why you don't want to leave your shit on an exchange, right? I know this was an exceptional circumstance. The guy didn't buy from Binance per se and leave it on there. He bought somewhere else to move with the Binance.

Pretty funny, if you ask me. Still, it just highlights the fact you shouldn't leave anything on an exchange. This guy, I'm not sure how much he didn't say how much he bought initially. He didn't say he has 0.2 Bitcoin. that's now worth $14,000. This could have been a few hundred dollars when he made the purchase. 0.2 Bitcoin is now lost, it looks like.

I appreciate the donation. Actually, it's probably not totally lost. Finance is going to use it for their own gains in the future. But this guy made a... It's part of the Safu Fund now. Yeah, they increased that today. I'm not sure if you saw that note, they got bigger and bigger.

But you know what I mean? Just to show you for everybody out there, why it is you don't want to leave anything in an exchange. Because even if you have good intentions, you fuck up along the way, it's not the ATM or it's not the exchanges fault. Just things change. Circumstances change. Granted, he faked his name and his age. And still, like if he had his own Bitcoin wallet, you know, if he had a cool.

Wouldn't have to worry about it. That's right. Exactly. It does not care your age. Does not care your name. Doesn't I care anything. It just has, do you have those 12 or 24 words? Yes.

All the more power to you. That's all it fucking cares, man. I really don't have much to say about this, except strange that he waited this long to try and get it back, right? He probably has been doing it for some time. And he's just posting about it now. You think he's just lamenting. I think he's reached the end of his line in terms of what he can do with what he knows.

And I suspect he's just asking for advice. Is there anything somebody can provide me in terms of getting, you know, it's just it's a sad story. So, yeah, I would have. imagine he's done this a long time ago. And he's, you know, he probably just started maybe the past few years. He's like, oh, shit, 0.2 Bitcoin.

Wouldn't even have to be that long. 125Ks. Yeah. It's not life changing, but it's a, you know, it's a cheap car. If you bought, if you bought underage during like COVID, you know, 0.2 back then compared to now, you know, that's a big game. Poor kid.

Now I won't be able to afford a car. I'll have to buy one of these Chinese EVs instead of a nice. nice Lexus or Volkswagen let to buy a Xiaomi Xiaomi SUV whatever's coming over The good news is

They'll be able to know Everything and everything Like he does Where he'll never lose a password Again They'll have it all Yeah It's beautiful

So he will He'll be surveilled Until the end of his days Trump Trump baby Your guy Your favorite guy Yeah

I you know He is what he is Donald Trump Paper-handed it looks like because at least when it comes to wrapped bitcoins, World Liberty, they supposedly sold 73 of those wrapped guys for about $5 million. They sold at $69,000 a piece. It looks like they were trying to make me material out of this, and they probably did.

The reason for the sale is because they're DGens, and they need to repay a nearly $12 million loan in USDC stable coin, and they needed to do this to avoid being liquidated. It's shit like this I almost wish joy that the price of Bitcoin can go down to Just for like a nanosecond The 15K or less

Just to wipe out all this garbage And then climb back up to where it was Just let's get rid of all this fucking trash So the people involved here I decided to take a look World Liberty Fine You know there's four co-founders here That are listed here

You got the Donald Donne You got Donald Jr. You got Eric and Barron. So I don't know which of the four is the most paper-handed, the one that's fucking pulling the levers here. But if I had a guess, Eric, that's my guess. What the fuck do I know?

Anyways, they have 73 rap Bitcoin. Still left, it looks like. That's been sold. They sold another 73 wrapped Bitcoin not too long ago. And so, yeah, they just continually selling and selling. And whatever. just another reason why you don't want to play with leverage. You don't want to deal with this garbage.

Because this kind of didn't really wasn't the main reason for the price dip we just experienced. But you know, a drop here, a drop there, liquidation here. It all adds up. And in the end, we all benefited from it, right? We all able to buy more Bitcoin on the cheap or even cheaper thanks to this. But in the end, these fucking DGens, world liberty. What the fuck? And wrap Bitcoin at that.

I mean, are you surprised? You're not surprised by this. A little, I wasn't aware they were doing this leverage trading over there. Maybe I'm just so naive. I am so naive. I'm just flabbergasted. Why the fuck? Just trying to make huge gains.

If only they bought Bitcoin, just bought Bitcoin. Never mind their rap shit. Never mind the leveraging and all this. You know how much Bitcoin they would still have today? the same that they have when they bought it the first time. They would have lost nothing. You know what I mean? What a beautiful thing.

You're truly there. Don't matter what the price is. It's going to be the same amount as that regardless of whatever price is. I look at that. That makes a lot of sense. Why would it not? Whatever. I don't know why you're taking Abe loans, but.

I agree. Yeah. Whatever, I guess. I think if I had a guess, you know, I would say that it's Eric and Don Jr. that are the problem here. Barron, I suspect, is much more sure-handed with his funds. Yeah, I do think that's probably the case.

I mean, those guys are a lot older than him. And just, you know, if you think about what the older generation cares about, they care about fiat gains, they care about leverage. And real estate, you know, leverage is really the name of the game. Obviously, they come from that world. So I suspect that's the problem. But, you know, at the end of the day, like, this doesn't have any bearing on anything.

People who hated Trump before are going to hate them after. If you liked them before, you're going to like them now. And like you said, as far as Bitcoin goes, like, who cares? It's a whatever. They also had some Ethan there too. I don't know if you saw that. But it's like a pretty, yeah, it's a mixed bag of stuff. They tried to sell.

Yeah, exactly. So they, they're not just hurting the Bitcoin network. They're going after ETH too, which is nice. Good for them. Sell it all, baby. Sell it all. And they're not the only ones. So SQ and Siquin.

Sequin. Sequins. Sequin Barclay. Yeah. Yeah. So Barclay here decided to sell some more Bitcoin. Looks like 970 was sold a few months ago. Another 100.

It looks like they got rid of. They're slowly capitulating with respect to the treasury company side of things. They're going to be soon to be a former treasury company if it continued down this path for long enough period of time. They still have about 2,200 Bitcoin left in their reserves. Yeah. But if things stay the way they are, the price doesn't rebound all that much. I don't think this is going to be the only company out there that is going to say, I've had enough.

You're going to have some others that are just going to flood the market. And if they do, that's a huge pressure that's going to be adding to the existing cell pressure. And that could really dry it in and then just it fucking spirals out of control. This is what you want, man. You want to just flush their shit down the toilet, buy Bitcoin on the cheap. and let's start again. This is a, listen, I'm going to say something, okay? People are not going to like this.

Sequins today, MSTR tomorrow, okay? I think you're going to see more of these companies selling Bitcoin to make ends meet. I realize MSTR, you know, Jeff Walton, who I like, I always preface when I talk about him that I do think he's an honest doctor and a smart guy. Oftentimes, you know, at 110,000, 120,000 would say, look, you know, MSTR is 100 times over collateralized. Would you still do this loan if it was 50 times over collateralized? Yeah, you would. Well, now they're at the 50 times. And Sailor on his earnings call, which happened to be on Thursday land. I don't know if you knew that, but the worst day for Bitcoin ever, he has to do

his earnings at the end of the day, him and Fong Lee. And he noted that he does have a number where they'd have to raise capital to cover some of the outstanding debt commitments. And that number he thinks is $8,000 Bitcoin. Now, I personally wish you wouldn't have said that. And I also think that number is probably actually lower. Important date coming up in Q4 this year. I'm kind of half working on a video, like some research for a video that I want to do on why I think MSTR is going to be forced to sell. But some of it is just a little too far above my pay grade.

But if I do learn enough about this, I will make the video. Anyway, to get back to Sequence here. No, no, let's stick on this. I'm amazed that there's even a price. That's what he says. That's what he says. He says. He says.

He says 8,000 is the number. And he may say that. And I still think everything is going to be up to how much, if somebody's going to willingly lend him debt. That's exactly it. Yeah, it's exactly it. If the price even goes, say, to 8,000, if there's debt that could be had and he could justify getting that debt, then this circus is going to continue.

Maybe. Well, I mean, this is my personal. I don't know. Yeah. The only way that they'll really sell is if the price goes super low. I don't even think four figures would be the price. experiment territory on a down swing. Like, you know, 69 or 59 or wherever we were on Thursday, wasn't it? But it's 39, is 29.

And so to your point, while it is true that the commitment has trouble at AK, according to him, the raise, because the raise relies on Bitcoin is going to outperform the debt, the raise depends on people still thinking there's a chance that that's doable. And, you know, you may feel that way at 60, you may feel the way of 50, but are you going to feel that way at 30, 20? Like the number is actually much higher than where the commitment becomes a problem because the capital raises also stop. And so he may not be a for seller at 20, but that will start the clock for him if he

can't raise capital because people don't have the same faith in the asset. And I think he's, you know, no one asks him that on the, on the investor call. Like no one's ever like, you know, asking difficult questions. And I wish they would bring on somebody who would ask difficult questions. but so far it's been pretty, you know, inert. But there is something that said that he's not going to do any OTC buys anymore. He doesn't, he wants to switch to market buys. Yeah, yeah.

Now, he said that. Not me. He said that. Now, to go back to the other statement you said, do you trust any exchange? And I say it all the time. What? You don't know what the custodians? Just in general.

Like when I buy Bitcoin, I don't leave on an exchange. And I say this. I fucking believe it. And I hope you believe it too because you nod your head at the same time. And if you believe that statement, then the same also applies for somebody holding on your Bitcoin on an industrial stage. If somebody else is holding on your Bitcoin, it's just on a retail level, you might, you know, 500 sats.

The thing is that Coinbase doesn't use the same, you know, Coinbase is not using an Indian low wage guy on the health desk to secure sailors coin. You know, Fidelity is not using whatever Joey and Len get in terms of account protection at Fidelity, Sailor doesn't get that. So am I worried about fidelity as custodian for you and me? Yeah. Am I worried about it for him? No. Neither with Coinbase,

neither with the others. I think as long as there is a weak link, and that's somebody else holding on to it, that's something to be concerning. We've had governments. People in governments give up the information. And they weren't, as you mentioned, they had the background just because people got to them,

they were able to persuade them, twist their arm and information could flow. And things could be done behind scenes that you don't know. Shit could happen. And I'm not exactly sure whether the mechanism behind those closed doors to secure those Bitcoin. But I could tell you for a fact that I have way more faith in myself securing my Bitcoin. And I'm pretty certain that micro strategy could do some sort of internal multi-sage.

They certainly could. Yeah. And it would alleviate a lot of concerns, a lot of not to say that they don't have it. They certainly, they bought that Bitcoin. And that Bitcoin, I'm sure, that was purchased for them. It's not fucking paper and it's not fake. Yeah. It's just the access to it and the long-term security of it is something that I have concerns about.

And I'll continue to have that. Let's talk about maybe the largest lightning transaction done to date. This is wild. A million dollars? At the time. Yeah. It's 500. It's 500K now, yeah.

But let's go with the narrative a million dollars worth of Bitcoin. It's the bit, it's the bit size, okay? Not the dollar amount that matters. That's what we care about. And we don't have bit size envy. That's right. Secure digital markets. That's a Toronto-based regulated institutional cryptocurrency brokerage and liquidity

provider. They've been around since 2017. Maybe we should go to their studios and shoot a, have a rip with them. You think they'll have us? Yeah? Should we go down? I'm not going to fucking go and talk to this.

You don't go anywhere. Exactly that. Go see secure digital markets. They said that they sent $1 million worth of Bitcoin at the time this was done to Cracken over the Lightning Network. This was done on January 28th,

2026. And be it one sat, be it 100 million sets, the Lightning Network can work. And the capacity of Lightning Network right now is at an all-time high. 5,600 Bitcoin has been secured or locked up within the Lightning Network as of December 2025. And if you want to compare that to the previous year, that's up from 4200 compared to late 2024. Number go up.

And they say in this article that I read from Yahoo, it says that Lightning now handles roughly 15% of Bitcoin payments from Merritt. Now, I don't think that Bitcoin payments for merchants is relatively large. So it's probably just a drop in a bucket more than anything else. And I can't verify anything this 15%. This could be a number that they just fucking pulled up their eyes. But it seems plausible. I'm going to go with it. That's fine.

But the big thing here that we have to take away from this story is just the fact that they were able to move that amount of Bitcoin. There's liquidity in the channels. Yeah, for that. 100%. Yeah. You know, there are times when you're trying to send something and there's not enough. You remember what it was like like three years ago at conferences trying to send lightning transactions

people for stuff? And now people are sending a million dollars. Joy, even this week, I had some difficulty sending some of the line transactions. Now, granted, I try to undercut the, but, you know, still, I don't know, man. I just, I look at this and I know, there's issues with lightning scalability. with lightning can't reach all 8 million or 9 billion or 9 billion people in this or whatever the fuck the number is i get it but so it's just it goes to show you that you could send large so you could buy theoretically you could buy a house with lightning yeah theoretically with this i wouldn't

recommend it it's so go on chain but interesting i like this pretty cool stuff i think so too uh you know one of the things a lot of people asked me about at the conference was transaction uh optionality Because one of the points I made in my slides was, you know, millennials and zoomers don't want to have to deal with banks, don't want to have to deal with brokers, don't want to have to, you know, sign in, verify all this stuff. They want a wallet on their phone and they can send Bitcoin from them. He fixes that liquid and other option. You know, bold Bitcoin uses the liquid network as well. There's many choices you have if you want to send Bitcoin without any custodian, without any need to sign into anything. And of course, quickly, right? If you don't want to wait for the blocks to confirm for finality, you can do it over lightning and have the, you can do it over lightning and have the. confirmation come later. Most of the time when I give that spiel, as I'm sure you do, as I'm sure people in the chat do, it's always, yeah, small transactions. You want to do something like 50 bucks, 100 bucks, pretty easy to do these days. But now you're talking a million. The problem, I think we are going to start to see if this becomes frequent is exactly what you said, that now you're talking major taxable transactions, completely untraceable. That's,

That's significant. And I'm a little worried it puts a bullseye. I mean, no one in the media or politics is paying attention to the Lightning Network, I think. But looking at that is significant. Senator Lummis in the States trying to do the de minimis tax exemption right now for Bitcoin sends, spends, however you want to phrase it. What's the limit you're saying they want to? I don't know what it is, but it ain't a million.

And if this gets out, one of the criticisms of that bill will be, hey, you're telling people they can spend the minimis and the only de minimis transactions are happening on this network because the fees otherwise make it sort of unpalatable in some cases. And this network can now send a million dollars. You're telling people they're going to, you're going to send people to an underground network to send tax-free transactions of up to a million dollars when the de minimis amount is, you know, whatever ends up being 200, 500,000, I don't know.

It's, there's, there's some cause for concern there. But man, how can anyone, I'll just close on a high note, how can anyone say lightning doesn't work if you're sending a million-dollar transaction? How can you say it doesn't work? How can you say, you know, to these guys, I remember at the conference, people saying to Sean Anstey, well, you know, we don't think Lightning Network is a reasonable business to get into. We don't think Lightning Network is going to work. All these guys saying Lightning Network is failed, blah, blah, blah. How can you say that?

How can you say that? It works for a million dollar transaction. What is the case for that now? It just, I think it more than anything, it goes to theoretical upper limit. Yeah. I'm not sure exactly how this was done in terms of everything being. Like, did they have to really fund the, they had to fund their outgoing and incoming channels to make sure. Yeah.

And John is saying that too. They need some support. But I mean, they need support today. But are they going to need that same support two years from now? I don't know. I'm not sure. This is like it. It's liquidity at the end of the day more than anything, right?

And so if the price of Bitcoin goes up, then like, shouldn't you be able to, I don't know. Something to think about, man. I think there's a lot. It's like when they're trying to achieve it. achieve nuclear vision. Fusion. They could do it like just a, you know, within a set, set of parameters and for just a brief moment of time.

Theoretically, it's possible, but to scale this out, so it's done it in the real world, it's just, it's good luck. I think this could be similar to that, but at the very least, it goes to sure you can. I like these stories. Yeah. And we definitely need more of them, especially nowadays with Bitcoin to show that, you know, We're not just fighting each other. We're building on the fucking thing or than anything.

And we're not being fucking stupid. Bitham. Bithum. The fuck is this. I never heard of Biththum. Very strange. Because like, you know, this is why people, when we talk about, okay, say the story first. And then I'll talk about why I think this is.

Have you heard a bit thumb before? I have. I have. You have. Okay. And I don't. That's pretty good because they are, apparently one of the largest and the most prominent

exchanges in South Korea. But obviously I don't leave the fucking basement so I don't get to experience this shit. But they fucked up. They either fat fingered or fat thumbed something along the way because they were supposed to send out 2,000 Korean won as a reward,

which is, you know, pennies or, you know, dollars. Instead, they sent out 2,000 Bitcoin to hundreds of users out there. The fuck. You know, once people got it, it's We just started selling. They recouped some of it.

I think like 97% of the Bitcoin they sent out that was recouped. But the question I had, 2,000 Bitcoin. That equates to this past weekend, around 142 million if my math was done correctly. It's a lot of money. How does an exchange have 2,000 Bitcoin that you're just sitting on? There was a problem with their database. So it thought they did and it just sent it out to the accounts. This is what happens when a paper Bitcoin.

Exactly. And by the way, like not that shake pay is rehousing. apothecating or doing paper. But when you send, if me and you send Bitcoin to each other on shakepay, it's this type of transaction, this like, you know, backside of the ledger, this account sent to this account, no Bitcoin moves, right? But the problem is when you start filling accounts, they can sell at market and you're in trouble after that, you know, like that stuff because now you got these market sales. And if you don't have the Bitcoin, well, you don't have the ability to. That's right. If people were able to act in this and be.

either sell or move it off the exchange. Immediately without them knowing, they would be done. There would be no recovering from this 142 million dollar fiasco. They'd be in the whole probably a million, two million, whatever the fuck

that they have on hand. And that's that. That would be the end of bit thumb. Then you got a fucking bit finger after this. The claim is that they recovered some of this, but I don't know how that's possible. Because some people didn't sell. The way I think what happened is

They sent it out. It went from, you know, and it was on the account. You know, nobody locked. Yeah, it wasn't really framed that way in the stories that I read. It was more like, you know, people nacing. Like, it turns out that people can just go get your Bitcoin back. I thought that's kind of, must be something wrong. The way I believe it and I could be wrong.

This is just what I'm trying to connect dots here is they moved it to the accounts. The money, the Bitcoin had didn't move off the accounts that were on the exchange. The keys are held by BitThumb. Yeah. And just fucking Custodians, man. Change something on the database move to Bitcoin

and what they go. Be careful with custodians. You never know what you're going to get into, for sure, especially with the less reputable ones. Like, what is the rationale for using BitDum over any of these other options?

Yeah. In Korea, I don't know. Maybe, yeah. Is that the problem? I don't know what options they have over there. Yeah. Maybe this is the premier Bitcoin exchange.

It doesn't seem like that's the case. I think that they're a crypto exchange so you can get your Eith and everything else under the sun over there. Get your AVE there. Get your Ave for your loans. Gloria. Looks like she's had enough. Took her ball and went home.

Call it a day. For her no longer involved, least on an official manner along with Bitcoin Core. People are wondering what's the cause of this. It just abruptly came up this message. She posted it on the GitHub saying that she's just, you know, no longer going to be.

Hold on. to the keys to the GitHub, and that's it. And was she pressured out, was she forced out internally? I think that probably more she was pressured out. And she faced a ton of backlash over the past while. Oh, yeah. Social, political, her BIP support, you know, leanings. Yeah, yeah.

The opertern stuff. That's life and core, man. Like, what do you want? You need, you know, that's, we talked about it. She was, I don't think she's cut out for it. And what we have to do now, Len is, uh, just, just kidding. No one cares.

Okay, what else do you want to talk about? Well, I was just going to say, there's always the possibility that she may go in an anonymous route here. Maybe saying I'm done, but then. Zoria, Zoria gal is that what are we? Change a letter moving around. it's not impossible for anybody to do that to just go nym and continually do their work with now at that point she's then disconnected herself herself from any work that she's doing

and she could still doing whatever work she can to torpedo bitcoin in the way she's trying to torpedo bitcoin maybe she is maybe she is i don't know i know she's taking a lot of fucking backlash for this it's pretty fucked up i don't think we'll see here again to be honest with you for obvious reasons like i don't think so yeah no if anything like she'll go dev for some shit coin maybe or something she seems to think bitcoin is serving the wrong function or that we're not focused on the right thing so find a token that is if that's your you think of what's at counter no i somehow i doubt it um i'm not going to talk about whatever whatever you know what's going to happen yeah yeah anything could happen roll free will and yeah yeah the

some news out of the Bitax camp. Solo Satoshi was tweeting about this new Bitax 650 gamma duo starting at, this is USD 129, 130, we'll call it. And it uses 2BM 1370 A6 ships. Those are from the Antminor S-21XPs. Total hash rate, 1.63 terahash,

drawing a mere 25.8 watts. That's about the same amount of watts as like an inkjet printer would be used. using when it's in use. So it's not very much at all. The efficiency is 15 joules per terahash. And where this 650 gamma dual falls in, it's in between two existing products. You have the 602 gamma.

That's priced at $89. And you have the Bidax GT 801 priced at 206. Yeah. So the 602 is 1.1 terra hash. The 650, that what I'm talking about is 1.63 tera hash. and the 801 is 2.15 tarahash. Giving people options,

I like this. This is an open source project. Now the chips themselves are not open source, but everything else is open source. I like giving people options to choose whatever the fuck they want to do. And in the end, this is just a lottery ticket. I would not recommend solo mining this unless you really want to collect your 10%.

If you want to learn or have some conversation starter or support the Bayax team, you know, sure. But, you know, like you said, it's a lottery ticket more than anything and can give you an opportunity to learn a bit about mining software, pool, stuff like that if you want to do it that way as well. Also, you know, it flies in the face what we said earlier. You got keel bit farms leaving and these guys still producing stuff for the USB class miner, which... I didn't even talk about Mosson, Mosson infrastructure. Yeah, yeah, they're on.

That's another one. It looks like that they may be taken over by Indeastern. Devere blockchain, but there's a point in there, right? Yes, exactly that. Yeah, exactly that. I guess the last thing I want to mention here is somebody sent 2.565 Bitcoin to a Satoshi-cra address. Send it to me.

Why not send it to me? I love that. People are still saying. By the way, the Satoshi era thing, Len, was another thing that came up at the conference that people, you know, not to pick on Tony Greer, but I watched his presentation in full. And at the end, he did, you know, try to get on Bitcoin's case a little bit. And one of the things he said was like the Satoshi era people tell you to hold, hold, and then Satoshi era wallets end up moving coins.

And he was noting that there was like a $9 billion sell from one of the wallets from 2010 and talking about these hodlers just don't care. I would actually say that the opposite is true. Like, if you look at the number of coins held long term, you very rarely see Satoshi era coins moving, number one. And the number of people who hold through big price moves up is also going up. So just want to mention that. As far as this particular story, what are the reasons you would ever do this? Maybe to like make a, to like honor Satoshi to because you don't have anyone to give your coins to maybe.

Maybe this guy's on his deathbed. I don't know. Could be any number. I think I came from Bittham and they fucked up. If I had to get it. They fucked up along the way. I really don't know why they would do this. Now, to go back to about these Bitcoin, these are Satoshi era while it's now selling,

man, they've been holding on for 15. Listen, I have to not do a thing. They're buying yachts and they deserve it, you know. They held longer than any, than any equity holder would ever have. more conviction than any commodity holder could ever dream of. And they deserve to get whatever they want. They want to sell 2012, 11, 13 era coins at 100k US, 70K US. Oh, you earned it.

Before we wrap this one up, there's still one thing, because the recent price down. Yeah. The price drive of the Bitcoin went from 120 a couple of months ago. Yeah, yeah, yeah. Yeah. I think that more than anything, for me, I've talked next. negatively about the borrowing of your Bitcoin and using that to fund lifestyle because people are saying this is a great product moving forward.

It works great in certain environments. But when the price goes down, you have to pay the Piper. Yeah. And I'm a fan, you know, just trade your Bitcoin for something for a good of service on that day. And that way you don't owe anybody nothing going forward. Borrowing against it, I know it sounds good. And there may be rationale to use it.

But you have to be prepared for 50% or greater drawdown. And if that happens, the Bitcoin that you put up as collateral, do you have enough to continue to fund that? Could you put more collateral into? Yeah. If you can't, you're going to be part like the Donald Trump situation or sorry, the World Liberty Five people where they fucked up. I agree.

I agree. I'll share a couple of slides I did on this topic because I don't typically look at stuff like this, but that conference is... For the audio side, just explain it. Yeah, I have a couple of sides from GlassNode up about, you know, one of the cases I made to the crowd there was like, look, even if you're just a little bit curious about Bitcoin, you're looking to buy some, there's certain things you can look at to tell you whether or not a bottom is forming in the asset.

And, you know, those things are hard sometimes to understand if you're looking at it through like a Bloomberg terminal. But on GlassNode, they make it pretty easy. So this is the chart I was telling you about earlier. the number of sellers that move their coins at less than 155 days up into the right, you know, a lot more long-term holding. The mayor multiple, you're at a zone here where it's a good buy. Historically, easy to back test.

The other case I made to these guys is unlike, you know, trying to read the tea leaves with head and shoulders patterns and all this other stuff, you can look at perfectly transparent data because of the blockchain, because the blockchain makes it available to you for free. BTC markets realized value, the MVRV metric that GlassNode relies on a bunch. You can see here again, like below this, I think it's below like 0.4 or something, or below, is it 1.4? I forget.

But anyway, you can see here, these bottoms under one, they were historically good times to buy. And this price, I think, was a little high when I got this chart. It's probably lower now and it shows you it's good time to buy. And UPL, if you sold all the coins on the network land, like how much of it would be in loss, you'd have more people in loss now than people in gain, which is big, right? You want to see that kind of stuff. And then obviously, like the old faithful here, the RSI, you're way oversold. RSI ended up getting to the lowest point ever on Bitcoin during that drop off on Thursday. And I finished with this slide for that part. If you think it's going to zero after the drop, it just had, like you're the same guy who goes into Rocky 4 and tries to go along Ivan Drago on polymarket. Like, you just don't get it. It's not going to happen.

It doesn't matter how bloody this thing gets. It doesn't matter how bad it looks. It always bounces back. It makes people look stupid. It's always done that. And it's probably going to continue to do that for the foreseeable future. So, you know, that was the case I made to them that it's a good time to start to start buying and accumulating.

And I took that advice. And by the way, we can see on the bull Bitcoin like show account that a lot of volume went through on Thursday and Friday. So people who listen to this show are doing that too, which is a good indicator. This show's got a smart listener base. And I can't stress enough that you don't get looks like this all the time. And you got really lucky here. And by the way, I wasn't the speaker that said that. Jim Thorne on Friday night led the conference by telling people, you should be selling your gold and silver and starting to think about rolling into Bitcoin. Generational bottom, he was saying, buying opportunity of a lifetime on this. So it ain't

just us. It ain't just us. Yeah, do what you got to do. Yeah. Fuck you. I don't give a shit. That's right. I'm going to sleep good at night no matter what happens. Yes, sir. Yes, sir.

Yes, sir. Okay, let's go over to the notable stories. Oh, fuck. Yeah. This is going to be. Come back tomorrow. If you're on audio, if you're on video, stay with us. We will see you in a second.

Don't be a bit dumb.