Over 10.5 million Bitcoin are currently underwater. Everyone is panicking about a grueling bear market, but I see things differently. In today's Take, I explain why this recent drop actually signals deep liquidity and a historically accurate market bottom. The traditional four-year cycle is breaking. And as the national debt keeps doubling and the fiat printing won't stop, let's talk about why staying patient right now means everything.

Chapters

(00:00:00) - Another big dump & 10.5M BTC underwater

(00:01:25) - Capitulation signal that’s called every bear bottom

(00:02:22) - From 90% crashes to a muted bear

(00:03:10) - Liquidity, ETFs, and Bitcoin as collateral & SoV

(00:04:57) - Patience: the rarest Bitcoin skill

(00:05:28) - Exponential US debt and the long‑term Bitcoin lens

(00:06:15) - How past cycles felt vs how they look on the chart

(00:06:42) - From $15K to a $60K+ floor: what that implies

(00:07:10) - Self‑custody, ETFs, and why keys matter

(00:08:01) - Volatility vs risk in a fast‑growing asset

(00:09:21) - Max pain, hopelessness, and where opportunity lives

(00:10:08) - Blood in the streets & hunting one more dip

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References from the episode

Coindesk: tinyurl.com/26l8pqzbInvesting.com: tinyurl.com/2a2wubsq

BitBo: tinyurl.com/2anzw6g2

FT: tinyurl.com/23eglpaz

Reason: tinyurl.com/2687zybx

Yahoo Finance: tinyurl.com/27crbd6v

Fortune: tinyurl.com/25nvhgzt

CNBC: tinyurl.com/2ynpzq8v

Yellow: tinyurl.com/28e43f7o

FRED: tinyurl.com/2ddoz54u

Decrypt: tinyurl.com/2ylup3hm

CoinDesk: tinyurl.com/253cflvk

Guardian: tinyurl.com/2bynazae

Reuters: tinyurl.com/26p89zjm

Trading Key: tinyurl.com/2cceq344

Yahoo Finance: tinyurl.com/2boso8gs

Spark: tinyurl.com/2422njur

Yahoo Finance: tinyurl.com/29yn59sx