The Wolf Of All Streets

“The S&P 500 is sitting near record highs. But the internals are weak. As of Wednesday, 257 of the 500 stocks in the index were trading below their 200-day moving averages. That’s more than half the index underwater on a widely watched long-term momentum measure. Breadth is bearish. Now look at crypto. Of the top 100 tokens by market cap, 88, including Bitcoin and Ethereum, are trading above their 200-day SMAs. Most of those same coins are also holding above their 50-day and 100-day averages. That’s a clean, bullish configuration across the board. And here’s the part that stands out: $BTC, $ETH, $XRP, $SOL and the majority of the rest are still well below their all-time highs. They look relatively inexpensive compared with equities that are already pricing in a lot of good news. Weak breadth in stocks near highs has historically been a yellow flag. Strong breadth in crypto while prices remain far from peaks is the opposite setup. The data doesn’t lie.”

“FRANKLIN TEMPLETON’S CHRIS PERKINS SAYS THE BITCOIN $BTC BULL MARKET IS JUST STARTING https://t.co/nh2prWQPi5”

“Only a third of Monday's $1B Bitcoin ETF inflows went into $IBIT "When I unpacked the inflows from Monday with Andrew Parish on my show yesterday, he pointed out that only roughly three hundred and something million of that $1B on Monday came from BlackRock." "That may not seem very meaningful, but often on a massive inflow day you'll see that 80, 90, almost all of the inflows come on BlackRock, and you always have to be a little suspicious. Not because there's anything nefarious happening, but BlackRock has the largest options market on top of IBIT, and funds take massive advantage of that options market to do the carry trade or other creative trades where they can effectively earn a yield." "They can buy IBIT instead of buying BTC. They buy IBIT as a representative for BTC, then they can short futures on IBIT, which are a massive market. If they're in contango, futures are priced higher for the future, and they can basically earn a free yield in between. So that is a lot of the buying activity that we see on the huge inflow days for the ETFs." "But when BlackRock is only a third of the inflows and you're seeing sustained inflows across every single product no matter how small, that is really compelling."”

“Tristan Thompson on BlackRock telling him not to buy $BTC "I remember having a conversation with BlackRock, some people that manage my portfolio. Said, hey, guys, I wanna get some exposure to BTC. And they were like, we manage trillions of dollars in 70 countries, asset under management. We're letting none of our clients of that stature, those countries get exposure. So you don't need to worry about that." "I said, okay, you know what? I'm gonna listen. They're the OGs. They're one of the top tier." "Months later, I'm on social media doomscrolling, and I see Larry Fink saying, hey, we're gonna start adding BTC to our balance sheet and start accumulating. I said, oh, wow. So look what we have here." "It just showed me that if they can't benefit from your capital, they're not gonna always have your best interest in mind. And then from that sparked a light bulb in my head. I said, okay, there's something here." "I actually had a couple friends that were in crypto living in LA and started to ask questions. Literally got orange pilled, started understanding more about the other altcoins and staking and perp trading and the liquidity providers. Then I was like, this is the future of finance."”

“BREAKING: BITCOIN CRASHES TO PRICES NOT SEEN SINCE MONDAY”

“Tristan Thompson says $SOL could easily 2x from here "For the investor side, it's $BTC, definitely $SOL. Especially right now, what I tell people is if they are looking for an altcoin to buy, I would say SOL, just because of the runway that it has right now." "What's around, what, $115 to $117. It can easily get back up to $240. So if you're just looking from an investment side, that's a great, easily 2x that could happen." "I've seen it, because I remember playing around with SOL at $125 and then it getting to, like, $240 and then opening up a long position. So I would say for myself, my two heavier bags, definitely BTC and some SOL. Especially right now."”

“CryptoQuant said $BTC closed above its 365-day moving average at $80.5K for the first time since March 2023, confirming a new bull market. The firm said Bitcoin is now trading near $86K and that the same 365-day MA called the 2019 and 2023 bull markets as well as the late-2021 and November 2025 bear markets. At the same time, CryptoQuant founder Ki Young Ju said he expects this cycle to deliver 3-5x rather than another 10x+ parabolic rally, followed by a milder bear market. CryptoQuant said on-chain indicators flipped to the early stages of a bull market in mid-August and that Bitcoin has already cleared the $76K-$81K supply wall where long-term holders and 7+ year-old OG coins sold in large volume this year. The firm put next resistance at $88K-$90K, coinciding with the upper band of trader on-chain realized price. Ki Young Ju said MVRV never fell below 1 this cycle, meaning holders as a whole never went underwater. He also said realized cap is rising, OG whales have stopped selling, futures whales built large longs near the bottom, and the PnL Index’s 365-day moving average is now forming a meaningful inflection. He argued a larger market and growing institutional ownership are dampening both the explosive upside and the 80% crashes of earlier cycles. Giving up the 10x parabola also means giving up the 80% crash, Ki Young Ju said, the trade-off that invites long-horizon capital instead of hot money.”

“"BlackRock's product, coupled with their options, will not allow a 250% year in $BTC over the next 3 years." Andrew on Bitcoin's mainstream adoption limiting its upside "Based on the fact that BTC is a meaningful asset across the financial system now, BTC will outperform broader markets, but it's not gonna outperform 4-5x to one. It's not going to do that over the next 3 to 5 years." "It will outperform 1.75:1 or 1.95:1, and that's really, really meaningful. But if you're expecting a 4:1, 3:1, a 200% year over the next 3 years, you need to make a mental adjustment." "Just the truth. You may not like it, but that is the truth."”

“Gary Cardone says treasury companies are an overhang on the $BTC rally "When Saylor stopped selling, we have a price here where Saylor's not selling, but not buying. When he started selling, I thought, okay, we might be reaching the end." "Like I said months ago, all of these strategy companies have to sell their BTC before we can go anywhere. Like 180 companies. I think 4 of them maybe keep their position." "The Satsuma implosion the other day. You've got 600,000 BTC that need to come back. 600 BTC from Satsuma came back in. That's good. We have a lot of pressure on this market, and it's holding here."”

“The Bitcoin bear market is officially over. Today's newsletter: https://t.co/rivl0NHLZL”

“🚨 $1.09 billion in leveraged crypto positions were liquidated in the past 24 hours as Bitcoin surged above $87,000. Of that total, $919.48 million came from shorts, including $557.64 million in Bitcoin shorts alone. At the same time, $160 billion was added to total crypto market cap in the past 24 hours. Bitcoin is up around +7.3% over the past 24 hours and +10% over the past 7 days. This officially puts Bitcoin up +50% since its low seen just 2 months ago, and +17.5% this month, even after the Senate failed to pass the Clarity Act. Respectfully, I would not wait for lower $BTC prices.”

“$87k all day. $BTC”

“"The entire world is printing more and more money. The only reason we don't see it in consumer prices is because of massive deflationary forces bringing the cost of things down." Dave on AI masking global inflation "The sole reason that Bitcoin was falling was because people were saying, oh, rates are going up. That direction changes, and now all of a sudden that direction matters quite a bit. Because remember, the reason rates were going up in the first place is we're printing more dollars." "You guys talk about inflation as if consumer prices are the only thing you're measuring. That's a bunch of horseshit." "Consumer prices are being impacted by the fact that we have the greatest technological revolution in the history of humanity going on, which is a massive deflationary force, and yet prices are still going up." "They're going up because we're printing more and more money, and so is Japan, and so is the EU, and certainly so is China." "AI is particularly important here, because services is the one thing that could not be affected by technology in the past. But guess what? Certainly all knowledge-based services are now coming down in price." "Assets that have provable scarcity, and gold does have provable scarcity until we find an asteroid to mine, are going to be a better play." "You gotta understand what's causing the charts and the squiggles. So I will constantly push back on the narrative that the way scarce assets trade in this environment is determinative. What's determinative is why people are investing."”

“NO MORE BEAR CASE FOR bitcoin:native "Now we have the confirmation that we need that the BTC bear market is over." "I took a screenshot for you guys earlier, not even of the current price because it doesn't matter at the moment." "On that weekly BTC chart, that blue line is the 50 MA on the weekly. We are now above it. We had a weekly close above it yesterday on Sunday. That has been the confirmation of every bear market to bull market transition in the past for BTC." "More importantly, that black line at $82,814, which is an oddly specific amount, shows BTC breaking out for a higher high." "For technical analysts who look at charts and believe in them, there is no more bear case for BTC."”

“Strategy and Strive are buying $BTC, treasury narrative could make a comeback "Strategy did not do any financial wizardry this week to buy BTC. They actually took that 2nd USD reserve that they'd been building and started to use that to buy more BTC. They were able to buy $75.7 million." "They also bought $174 million worth of STRC, which last I checked was floating right up to about $99, almost at par. And they used $57.5 million from their USD reserve to pay preferred dividends." "Strategy ended the week last week with approximately $5 billion in its designated USD reserve, that's paying dividends and such, and $1.05 billion in flexible USD cash. So this is cash they had raised over the past few weeks, they were able to use to buy more BTC here this week." "Strive is still doing what Strategy used to be able to do, which is basically selling shares of ASST, of Strive, and selling their preferred, SATA, and using that cash immediately to buy BTC." "Many people pointed out that as bad as the treasury space is, as much of a disaster as it is, that maybe the biggest cure for all of them is much higher prices." "That doesn't mean, of course, that shareholders who bought at a 25x premium to mNAV are going to actually do well. They probably won't, but we could see a resurgence in the treasury space and the treasury narrative."”