June 12, 2026

Is This Bitcoin Bottom Different? Cycles, MicroStrategy, and Real Bitcoin

46 minutes

Brady and John open with sports talk, covering the Knicks’ dramatic OG Anunoby tip-in and the World Cup kicking off in North America

Bitcoin is back near $63K, prompting a discussion of whether current drawdown conditions resemble past cycle bottoms

John reviews Alex Thorn’s Galaxy analysis showing that only 4 of 13 classic Bitcoin bottom signals have triggered, while the prior October 2025 top also showed only 2 of 11 classic top signals

The hosts argue Bitcoin’s cycles may be changing as the asset matures, with ETFs, institutional capital, and deeper liquidity potentially compressing both tops and bottoms

They revisit supply-in-profit metrics, noting that the percentage of Bitcoin supply in profit has fallen to levels similar to prior cycle bottoms

Brady and John emphasize long-term conviction, recurring buys, and education as the antidote to emotional reactions during sharp Bitcoin drawdowns

The episode explores whether MicroStrategy’s large Bitcoin holdings are a threat, with both hosts arguing that permissionless accumulation is part of Bitcoin’s design, not a weakness

They discuss OG coin distribution, institutional absorption, miner selling, and AI-driven market distraction as possible contributors to Bitcoin’s recent 50% decline

Macro coverage includes a hot CPI print, persistent inflation above target, Kevin Warsh’s Fed dilemma, and why rate cuts may still arrive despite elevated inflation

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