Bitcoin smashes through $112K, and the Token Narratives crew is back to ask: are we entering a reflexive bull market—or a leverage-fueled trap?
Graham, David, and Andrei dissect the rally through a mix of macro indicators, funding rates, and sentiment charts. They explore what it means when TradFi—not crypto natives—are leading the charge, and why altcoins are getting left behind.
The episode dives deep into M2 money supply expansion, funding rates on perps and Aave, and whether indicators like Google Trends and app store rankings still matter in a Bitcoin-led rally.
Later, they debate the growing thesis that Bitcoin is evolving into a pure store-of-value—sucking in institutional capital while retail and altcoin rotations stall. Andrei questions whether stablecoins now serve as the dollar’s true replacement for exchange, while Bitcoin becomes its own monetary base.
The conversation closes with Arthur Hayes’ capital controls thesis, a sobering look at Michael Saylor’s “boomer Ponzi arb,” and why MicroStrategy bonds might eventually go negative—just for Bitcoin exposure.Topics include:

• Bitcoin at $112K: ETF flows, corporate treasuries, and the supply squeeze narrative
• Indicators of a real bull: M2 money, MV/RV ratio, perp funding, stablecoin borrow rates
• Why altcoins are underperforming: no rotation, no new retail, no meme coin magic
• The rise of institutional-only flows—and what that means for crypto natives
• Hyperliquid, valuations, and the danger of VC hype cycles
• Arthur Hayes on capital controls and Bitcoin at $1M
• MicroStrategy’s bond model: genius or ticking time bomb?