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BITCOIN BOX SCORE

Exchange Rate: $84,320
Market Capitalization: $1.67T
Hash Rate (90 days): 788.9 EH/s
Transactions (30 days): 11,939,751
Network Fees (economy): 2 sat/vB
Bitcoin Dominance: 60.77%

What do these numbers mean?

Bitcoin is on sale this week. After rising to over $108,000, bitcoin's dollar exchange rate dropped as low as $83,000 on Wednesday, providing investors a rare opportunity to acquire bitcoin at a discount. Pundits attributed the decline to broader market dumps as poor macro data pushed equities, especially tech stocks, into one of their worst drops in recent memory.

In more bullish news, the Securities and Exchange Commission (SEC) dropped investigations and lawsuits against many bitcoin and crypto companies, finally ending its "regulation by enforcement" approach. Firms including Coinbase, Gemini, and others reported that the agency had notified them of the change this week. Given what they’ve been through – the expense, stress, and distraction of poorly predicated enforcement action, is it any wonder that leaders in the digital asset industry are taking a victory lap?

Leaders from Fidelity, Coinbase and others also met with the SEC's new task force to discuss policy proposals. The SEC is expected to have an entirely different posture towards financial innovation going forward–if the agency isn’t completely eliminated, that is.

Meanwhile, the newly formed Senate Subcommittee on Digital Assets hosted a hearing entitled “Exploring Bipartisan Legislative Frameworks for Digital Assets" that primarily focused on stablecoin policy. This makes sense when you consider that Congress is likely to pass stablecoin legislation before working on clarifying market structure. Either way, weeks like this are why it's important to keep the long game in mind.

NEWS

Strive urges GameStop to put $5B into bitcoin

Strive Asset Management’s CEO Matt Cole sent an open letter to GameStop, recommending it deploy its $5 billion cash reserve into bitcoin. Cole argues that bitcoin offers superior returns against inflation, positioning GameStop as a “premier bitcoin treasury” in the gaming sector.

A bold treasury strategy

Converting large treasury holdings to bitcoin isn’t a new idea at this point, as MicroStrategy now has years of experience in this area. Should GameStop follow suit, it could see stockholders reward the company for making its balance sheet more resilient. Embracing sound money could broaden GameStop’s appeal beyond retail traders, marking a dramatic step in the company’s next chapter.

Study finds bitcoin’s adoption is still in its 1990 internet phase

A report by River compares bitcoin’s current global adoption rate to that of the internet in 1990 and that of social media in 2005. Only 4% of the world owns bitcoin, leaving immense upside for institutions, businesses, and sovereign states to ramp up bitcoin adoption in the years ahead.

Long runway for BTC growth

Seeing bitcoin’s trajectory parallel the early internet underscores its massively disruptive potential. As more institutions, governments, and individuals better understand what bitcoin has to offer, we’re likely to see exponential adoption. For investors, this perspective might be interpreted to mean that bitcoin is substantially undervalued at current prices.

Rezolve AI pledges $1B bitcoin treasury to fuel AI-driven payments

Nasdaq-listed Rezolve AI is raising up to $1 billion through convertible notes, initially deploying $100 million toward a bitcoin treasury. The move backs its upcoming AI-powered payment platform, aiming to let merchants accept bitcoin and Tether without exchange rate risk.

An AI-fintech bridge to real-world commerce

By tying a billion-dollar bitcoin treasury to everyday payments, Rezolve AI's project will further the use of bitcoin as money. While it starts with “paper” capital and ETF-like holdings, this development is a weak but clear signal that non-finance businesses are beginning to view bitcoin as a viable treasury asset.

Housing delistings surge, hinting at deeper market correction

A spike in property delistings – up 64% year-over-year – suggests homeowners are refusing to reduce list prices in a cooling real estate market. With mortgage rate lock-ins and inflation eroding the affordability of homes, experts warn of a possible wave of forced selling if economic conditions worsen, which could lead to a more significant drop in housing prices.

Lesson for investors

The standoff between buyers and sellers is an object lesson in how legacy markets are heavily influenced by monetary policy. In contrast, bitcoin’s supply and market activity are transparent and unable to be manipulated. Real estate is illiquid and vulnerable to externalities. For that reason, it is not very good at serving as a form of money. It is theorized that most of the value in real estate comes from a “monetary premium.” People in the past have been willing to pay inflated prices for real estate because they viewed it as a kind of low-risk bank account. However, that may now be changing. With the invention of bitcoin, there is an alternative to using real estate as money. This could mean that bitcoin begins to siphon away some of the monetary premium that real estate has held in the past.

Gold arbitrage spree as London-New York price gap sparks transatlantic shipments

A $70 premium in New York gold futures compelled traders to transport hundreds of tons of bullion across the Atlantic Ocean. Logistical bottlenecks ensued, recalling the 1940s and 1960s when international gold shipments rearranged the global economy.

Digital gold, no cargo planes required

Gold’s latest shipping frenzy highlights the drawback of dealing with physical assets in a digital world. Bitcoin removes that barrier, because transactions settle quickly without the need for expensive processes of refinery, transportation, validation, and audits. When cross-venue arbitrage emerges in bitcoin, it’s settled on-chain or via the Lightning network – a fast, inexpensive, and extremely reliable process.

BITCOIN ADOPTION CONTINUES

Blockworks has partnered with bitcoin historian Pete Rizzo to launch “Supply Shock,” a new bitcoin-focused media brand that will offer a unique historical perspective.

Roxom, led by Borja Seward, is building a bitcoin-denominated capital market where users can trade stocks, ETFs, and derivatives.

MARA Holdings beat analyst expectations with record quarterly revenue of $214.4 million, thanks to surging bitcoin prices offsetting reduced production post-halving.

Standard Chartered’s lead analyst still projects a single bitcoin could cost $500,000 before the end of Trump’s presidency, citing institutional adoption, regulatory clarity, and greater market stability.

Voltage Cloud, a leading Lightning Network infrastructure provider, lets businesses run self-hosted nodes for fast, cost-effective bitcoin and stablecoin payments, prioritizing user control and privacy without sacrificing convenience.

HOW BITCOIN WORKS

Learn one key idea about bitcoin each week. This week:

Bitcoin’s Market Is Maturing

For years, casual observers have lumped bitcoin and altcoins into one broad "crypto" category, often assuming that if bitcoin's price moved, all other tokens would follow suit. There is truth to this, because markets tend to treat bitcoin, meme coins, and other tokens as parts of a single, high-volatility asset class. But a divergence may now be emerging.

In older markets like that of metals, gold's price is not synchronized to the price of silver or copper. The same principle applies to bitcoin versus altcoins. Bitcoin's monetary policy, robust security, and wide-reaching network are very different from speculative altcoins and "collectible” digital assets.

Altcoins use consensus mechanisms that are usually not nearly as secure as Proof of Work, which is what bitcoin uses. Their governance is usually centralized, which means that key decisions about the network (including how many tokens to issue) are decided by a small group of insiders. Many rely on marketing hype and fleeting trends.

Over time, as investors learn more about these differences, they typically recognize that bitcoin's robust network and unique ability to serve as sound digital money set it apart. We've already seen glimpses of this shift. Not all altcoins surge when bitcoin goes up, and many fall harder when bitcoin's price corrects. This subtle decoupling indicates a maturing market, where participants look beyond the "crypto" label and assess each asset’s fundamentals. Take the relationship between bitcoin and ethereum, for example:

As investors realize that bitcoin doesn't depend on any team's roadmap or branding campaign, it will command a level of trust more akin to a safe-haven asset. The process won't happen overnight, but every sign of bitcoin breaking away from the enormous herd of altcoins hints that we're inching closer to a more mature, healthy market.

COIN CHECK

On which date did Satoshi Nakamoto post his final message on BitcoinTalk before vanishing?

1. Dec 12, 2010

2. Jan 3, 2011

3. Apr 23, 2011

4. Jul 12, 2012

Check your answer at the end of the page.

FROM THE MEME POOL

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ANSWER

1. Dec 12, 2010

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