BitcoinFriday on Nostr: 🧠Quote(s) of the week: 'Last month, we've absorbed: US Gov selling German selling ...

🧠Quote(s) of the week:

'Last month, we've absorbed:
US Gov selling
German selling
Mt Gox distribution fears
Miner capitulation

Yet, Bitcoin is consolidating at $61K, just 20% below ATH.
Tops are the exact opposite, driven by FOMO and greed. This is nothing like that. We're going much higher.' - Thomas Fahrer

🧡Bitcoin news🧡
Oranje into the Quarter-Finals and Nostr is vibin'.

I want to start the Weekly Recap with a short story. I put the following post on Instagram and Nostr: https://njump.me/nevent1qqs0uzqg3nnuvsz0tycu4ydl2m4gnm245m0n3gsppxm4pttrgy8j3gqprpmhxue69uhhyetvv9ujumn0wdmksetjv5hxxmmdqy28wumn8ghj7un9d3shjtnyv9kh2uewd9hsygpu0hpvtplweczsl0r9szd3vzw3jgrlsfwawe65hxg9a89gq4jz4q5vzdpe

On IG (945 followers): 3 likes
On Nostr (273 followers): It has 68 likes, 14 reposts, 8 replies, and 12 zaps (people sent me small amounts of BTC)
On Nostr:
-No KYC or info required
-Instant final settlement (just press the Lightning button and boom it’s done)
-Bitcoin native
-Use any client (Damus and Primal on iOS, Amethyst on Android, or Primal on the web)
But far more important you own your own content + money!
Nostr is looking better every day.
Less doom, more hope. More you in control.

Great quote by gladstein (npub1trr…hdpu) :
'We wouldn’t need Nostr
-If we could trust social media companies
-If we could trust admins
-If we could trust could regulators
But we can’t. That’s why we need Plan N'
Bitcoin is an uncensorable transfer of value. Nostr is an uncensorable transfer of information.

24th of June:
➡️Louisiana passes the bill to protect the right to custody of Bitcoin and ban CBDCs.
Louisiana joins Oklahoma, Montana, & Arkansas in setting a pro-Bitcoin policy blueprint for the nation.

25th of June:
➡️'The German government sold 900 Bitcoin ($54M) on June 25th.
This included 200 BTC each to Coinbase and Kraken, with the remaining going to an unknown wallet ("139Po").' - Bitcoin News

Weak hands! These 900 Bitcoins are now (hopefully) safely in the hands of ultra-hardcore maxis with diamond hands.

➡️'The current Bitcoin halving cycle is still outperforming the second halving cycle if you zoom in a lot on the bottom left of the chart. We are so early, very bullish!' - Pierre Rochard
(Picture 1)

➡️Bitcoin lightning payments app Strike launches to millions across the UK.
Watch the full video (announcement) by Jack Mallers here: https://x.com/jackmallers/status/1806423520370364640

➡️'Hedge Fund strategy:
Push down the Bitcoin price by shorting it until more and more miners need to sell because of the low price. The price goes even lower. Meanwhile, Hedge Funds buy up everything available then close their shorts and we go to $1M.'
Now you might say this is not realistic, but is it?
'When Blackrock has 500,000 Bitcoin and they've pushed the price to $1M.
Blackrock will make $1.25B in Fees. Not mining fees, the IBIT management fees.
Every. Year. Forever.' - Thomas Fahrer

➡️Bitcoin balance on exchanges continues to steadily decline.
Since the beginning of the year, about 250,000 Bitcoins have left the exchanges. Less Bitcoin on exchanges means more short-term volatility.

➡️ Morgan Stanley is set to approve Bitcoin ETFs on their wealth management platform for all clients by the end of August (at the latest), according to a senior source.

➡️Latin American digital bank Nubank is integrating the Bitcoin Lightning Network for its 100 million customers. Nubark is owned by Warren Buffett.

➡️Last week I mentioned that the German government sold roughly $425 million BTC. One of the best quotes on this topic by Alex Gladstein:
'Germany selling large amounts of Bitcoin for euros *that it can print* will go right up there with ditching nuclear power in exchange for relying on Putin for fuel as biggest self-inflicted wounds of the 21st century'

26th of June:
Bitcoin hashrate is down nearly 10% off the all-time highs that were hit at the end of April

27th of June:
➡️'BlackRock disclosed buying Bitcoin for its Global Allocation Fund in the latest SEC filing.
This is the THIRD internal BlackRock fund that has bought Bitcoin through the IBIT Bitcoin ETF' - Bitcoin Archive

'Looking at the past 5 years, Bitcoin is up 422%, mid-cap altcoins 145% and small-cap altcoins 8%. You missed 400% chasing shiny things instead of embracing Bitcoin. Choose wisely on how you store your value, allocate your time, and invest your resources.' - Gabor Gurbacs
(Picture 2)
As usual and in every cycle most people think they're a genius with impeccable timing until the rugs, dumps, scams, and 'capital rotations' hit, and then they're left holding dust.

➡️Cleanspark will acquire bitcoin miner GRIID for $155 million, with plans to expand over 400 MW in Tennessee.
Under the merger agreement, CleanSpark will purchase all GRIID common stock in an all-stock transaction, with GRIID stockholders receiving CleanSpark shares. The South is now Bitcoin miner territory, as it started in Georgia, then Mississippi, and now Tennessee. If I am right the South holds more available energy than any other region in America.

➡️Bolivia makes Bitcoin trading and payments legal again in an effort to modernize the financial system.
Ecuador is now the only country in Latin America that prohibits Bitcoin payments.

28th of June:
➡️ In the previous Weekly Recap I mentioned that Michael Dell, CEO of multi-billion dollar tech firm Dell Technologies, just dipped his toes into the Bitcoin waters, and this recent jest did make a splash.
Now last week Michael Dell posted a tweet with a poll 'The most important thing':
👉🏽AI
👉🏽Bitcoin
👉🏽Love and relationships
👉🏽None of the above.

'Is Dell coming for the throne? Is 23 times more fiat enough to overtake Saylor in Bitcoin holdings? Maybe not, but will be a fun match to watch.' - Bitcoin for Freedom

➡️Bitcoin holdings at OTC desks have seen a significant increase in the last two months.

29th of June:
➡️Bitcoin miner capitulation has reached levels comparable to December 2022 (7.6%), which marked the cycle bottom after the FTX collapse.

➡️In June, U.S. Spot Bitcoin ETF Monthly Net Inflow: $+668 million
- Price down to $61,000 from $67,500
- Blackrock adds 15,416 Bitcoin, a $1.1 billion inflow, and owns 306,979 Bitcoin
- 2nd Fidelity with $276 million inflow
- 3rd Bitwise Invest with $56 million inflow
Ergo: Added almost $700 million and price down 10%.
Also, Saylor bought $800 million more.

➡️'About 99.5% of all the Bitcoin in circulation is held in 16.5 million UTXOs that have a value of 1m sats or more. Most of the other 169 million UTXOs will likely become economically unspendable in the future assuming they aren't consolidated into larger ones relatively soon.' - Wicked
If you want to learn more on the topic please read the following article:
https://river.com/learn/bitcoins-utxo-model/#what-is-bitcoin-utxo-management

1st of July:
➡️SONY to launch Bitcoin and CrApTo exchange. According to a statement on July 1, Sony will take ownership of Amber Japan’s WhaleFin exchange, which will be renamed S.BLOX Co.

➡️Japanese company Metaplanet has acquired an additional ~20.195 BTC for ¥200 million
As of July 1st, Metaplanet now holds ~161.26 BTC, equivalent to ~9% of its market cap.

➡️'Bitcoin difficulty is expected to drop -6% on Friday, the biggest drop since Dec'22 (the FTX collapse), which marked the cycle bottom. Even the May 10 drop at -5.6% has so far marked the bottom. Again, I wouldn't be surprised if this marked another local bottom. Relief is coming for miners.' - James van Straten

💸Traditional Finance / Macro:
👉🏽 No news

🏦Banks:
👉🏽 U.S. bank's unrealized losses have accumulated to $525 billion, almost 7 times bigger than during the GFC. (Picture 3)

Banks are the most highly regulated scams of our lifetime. Look at the picture and ask yourself, is this fine? FDIC report shows that the investment securities of US banks 'under water' big time, almost 7x worse than in the subprime crisis (GFC). this does not include losses on their regular loan portfolios.
One day the chicken will come home to roost.
Oh well, a little brrr can fix this...right?

🌎Macro/Geopolitics:
On the 24th of June:
👉Argentina has recorded zero Inflation in its food and beverage sector for the first time in 30 years. It's a great stat, but still not great. They need 120 quarters of negative inflation to make up for the damage. Javier Milei slashed Argentina's annual inflation by 95% in just seven months.
Monthly inflation has fallen from 25.5% to 4.2% since he took office.
From a 1355% inflation rate to a surplus budget, his economic policies have transformed the economy.

As Milei said, the reforms he is making will have lasting benefits in years to come. The population will settle into stability as time goes on. At the moment 60% of Argentina’s population wants Milei to continue with these profound reforms.
Who could have guessed that cutting government spending and not printing was going to reduce inflation...Who could have guessed...

👉The best news I have heard for a long time: JULIAN ASSANGE IS FREE
He left Belmarsh maximum security prison on the morning of 24 June, after having spent 1901 days there. He was granted bail by the High Court in London and was released at Stansted Airport during the afternoon, where he boarded a plane and departed the UK.
1 out, 2 to go

Julian Assange’s jet and recovery costs totaled $520,000 and most of it was paid in Bitcoin
Someone from the community donated 8BTC in a single anonymous donation.

👉'The Japanese Yen against the US dollar just hit a fresh 34-year low.
The USD-JPY currency pair closed on Friday slightly below 160, the level which was previously defended by Japan’s Ministry of Finance intervention.
According to government data, Japan spent a record 9.8 trillion Yen ($62 billion) to support the currency between April 26th and May 29th.
This is all despite the Bank of Japan raising rates for the 1st time in 17 years in March from -0.1% to a range of 0%-0.1%.
Overall, the Japanese currency has lost 13% of its purchasing power against the US Dollar year-to-date.' -TKL

Over the last 12.5 years, the Japanese Yen has lost a whopping 53% of its value against the US Dollar! Yikes! To make it even worse Japan's Q1 GDP was revised down to -2.9%
Fire up the printers, banzai!
(Picture 4)

'Dear Bank of Japan congratulations, your toilet paper of a currency is now the worst performing in the world, with the lira, peso, and real all stronger.' - Zerohedge

On the 25th of June:
👉'Real retail sales are on track for their 2nd consecutive quarter of year-over-year declines. US retail sales adjusting for inflation fell by 0.9% in May and are now 3.8% below their April 2021 peak.
To put this into perspective, during the 2008 Financial Crisis, this metric dropped by ~13% and by ~4% in the early 2000s recession.
The largest decline in history took place during the 2020 Pandemic with a 20% decline.
Meanwhile, consumer sentiment has decreased for a 3rd straight month to its lowest level since November 2023.' - TKL

On the 27th of June:
👉After a shallow dip, Eurozone M3 Money Supply is making new highs.
Christine Lagarde, President of the ECB, has already fired up the money printer. It's only a matter of time before others follow suit.
ps.: on the 1st of July -> US M2 Money Supply turns up.

Oh please bear in mind meaning the ESG debt is ballooning in Europe as the ECB is trying to add sustainability to its mandate.

👉U.S. Treasury Liquidity is now at its worst point in AT LEAST the last 14 years, surpassing even the GFC.

On the 28th of June:
👉'US consumers have exhausted their savings:
$2.3 trillion of accumulated savings have been depleted by Americans since August 2021.
In other words, $67.6 billion of savings has been spent by US consumers PER MONTH.
As savings have declined, consumer credit card debt has spiked by $290 billion, or ~40% in 3 years.
In other words, to fight rising prices and elevated interest rates, US households have gone into debt at the fastest pace since the 2008 Financial Crisis.
Consumers are struggling.' -TKL

🎁If you have made it this far I would like to give you a little gift:
I want to give you a great conversation/podcast:
https://www.youtube.com/watch?v=lBqLz5hvSHA
Credit: I have used multiple sources!
My savings account: Bitcoin
The tool I recommend for setting up a Bitcoin savings plan: @Relai 🇨🇭 especially suited for beginners or people who want to invest in Bitcoin with an automated investment plan once a week or monthly. Hence a DCA, Dollar cost Average Strategy. Check out my tutorial post (Instagram) & video (YouTube) for more info.⠀⠀⠀⠀

Get your Bitcoin out of exchanges. Save them on a hardware wallet, run your own node...be your own bank. Not your keys, not your coins. It's that simple.⠀⠀⠀⠀⠀⠀⠀⠀

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