Bitwise CIO: STRC selloff signals bitcoin's end-of-cycle reset
Matt Hougan frames the preferred-stock reset as a late-cycle shakeout, with a fresh BTC bull run he expects to start this fall once forced sellers clear.
Bitcoin (BTC) is the first decentralized cryptocurrency, introduced in 2009 by an individual or group operating under the pseudonym Satoshi Nakamoto. It runs on its own blockchain, the Bitcoin network, secured through a Proof of Work consensus mechanism in which miners use computing power to validate transactions and produce new blocks roughly every ten minutes. The protocol defines a hard cap of 21 million coins, and the block reward given to miners is automatically halved approximately every four years, embedding a predictable, disinflationary issuance schedule into the network. This scarcity, combined with permissionless access and resistance to censorship, has led many to characterize Bitcoin as a form of digital gold or a store of value distinct from traditional fiat currencies. Beyond peer-to-peer transfers, the Bitcoin ecosystem has expanded to include Ordinals, a method of inscribing data onto individual satoshis that enables NFT-like assets directly on the base layer, and BRC-20, an experimental fungible token standard built on those inscriptions. Emerging Bitcoin Finance (BTCFi) initiatives extend these capabilities further, allowing BTC to be used in staking, lending, and cross-chain security applications, positioning Bitcoin as a foundation for a broader decentralized financial ecosystem.
Matt Hougan frames the preferred-stock reset as a late-cycle shakeout, with a fresh BTC bull run he expects to start this fall once forced sellers clear.
Dovish Warsh comments at Sintra flipped the script: BTC is back above $60K, liquidations flipped long, and smaller tokens are leading, the kind of breadth that has historically marked durable bottoms.
The bounce is real, but the macro backdrop hasn't changed: headline CPI prints are softening while core inflation keeps grinding higher, leaving the Fed little room to ease into a recovering BTC.
5.7K $BTC (≈344.4M) moved from unknown wallet to unknown wallet.
The lift came from a single dovish line at Sintra, not from fresh demand, and it stood out because Asian tech was getting crushed the same hour on AI-chip jitters.
The forced seller is a canary for the whole cohort: when refinancing tightens, the "buy more BTC" pitch stops working and the equity gets marked against NAV until the math clears.
The Fed chair's panel remarks on AI policy and lingering inflation scars landed as $BTC and $ETH recovered, while a BlackRock–Ripple push into USDC-backed reserves reframed the stablecoin rails.
CryptoQuant data shows wallets under 1 BTC sending an average of 329 BTC a day to Binance, against a 2021 peak near 2,690 BTC, a 12x drop that frames this cycle's missing retail bid.
Small-wallet inflows collapsed to 329 BTC a day on Binance, against 3,700 BTC a day in 2018, suggesting the retail side of the largest venue is quieter than at any point in its history.
The Tokyo-listed buyer's pace has roughly doubled its BTC stash in less than five months, making it the largest non-US corporate holder and tightening a corporate bid that the broader market is…
The pace slowed from earlier quarters, but the bid stayed consistent. With 43,000 BTC now on the books, the Japanese corporate-treasury playbook keeps compounding.
The $170M lift cements Metaplanet as the world's third-largest public BTC holder, behind only Strategy and Twenty One, while a $10.85M quarterly income-generation print proves the options-funded…
2.2K $BTC (≈131.9M) moved from unknown wallet to unknown wallet.
2.2K $BTC (≈131.9M) moved from unknown wallet to unknown wallet.
SEC's Atkins says he wants US to be the crypto capital; Bitcoin just printed its lowest monthly close since September 2024, with $100M of shorts already flushed in day-one trade.
The Japanese treasury company's pace of accumulation has accelerated, not slowed: it added more BTC in Q2 than in any quarter since launch, lifting holdings past 43,000 with an average cost near JPY…
The cross-asset split is small in dollar terms but sharp in direction: $BTC's $294M outflow day swamps the gains on the altcoin books, which is the real signal for positioning.
The macro read is the story: a Fed chair publicly walking back inflation alarm, even with the Fear & Greed Index still in extreme fear, is the kind of divergence that historically sets up the next…
The 30-day net position change has crossed positive after a stretch of distribution, with 50K-100K BTC of demand forming even as the largest whales stay neutral and BTC sits near $60,000.
A $295M Bitcoin ETF outflow day is large but not historic; the more telling beat is that ETH ETFs kept printing inflows, with BlackRock's ETHA alone accounting for nearly the entire daily total.
Bitcoin is the world's first decentralized cryptocurrency, created in 2009 by the pseudonymous Satoshi Nakamoto.
Bitcoin (BTC) launched on 2009-01-03.
Bitcoin (BTC) is categorised as: Smart Contract Platform, Layer 1 (L1), FTX Holdings.
The official Bitcoin site is http://www.bitcoin.org.
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