The Bitcoin Letter

Ever since the Binance "hack" something has been bothering me.. and I finally put the pieces together... 2021 was the last real bull market.. $BTC topped $69,000 on Nov 10, 2021.. then 2022 wiped it out, Luna, Celsius, FTX, $BTC at $15,500.. and five years later, $10,000 bought at that top is worth $10,768.. five years.. 7.7%.. that is not a bull market, that is a hamster wheel.. so what the hell happened... Some will blame the ISM contraction, tight liquidity, the AI trade eating all the money since 2023.. and yes, manufacturing was in contraction for 26 straight months, the longest since 2000.. that is real.. but that is the cover story.. the real story is somewhere else... It started on Aug 11, 2020.. MicroStrategy bought 21,454 $BTC for $250 MILLION.. the first public company to put bitcoin on its balance sheet.. today Strategy holds 850,364 $BTC.. then on Jan 11, 2024 BlackRock launched IBIT.. today IBIT alone holds 788,383 $BTC and all the ETFs together hold 1.26 MILLION... Add it up.. Strategy plus the ETFs now hold over 2.1 MILLION bitcoin.. more than 10% of every bitcoin that exists.. locked in cold storage, in custody, NEVER touching an exchange order book again... And where did those coins come from.. from the exchanges.. bitcoin sitting on exchanges fell from 3.3 MILLION at the peak to 2.68 MILLION now.. the float is drying up.. and Binance does not like that one bit... Because how does an exchange make its money.. volume and volatility.. and how do you wash trade when you are running out of real coins.. the CFTC laid it out in March 2023, Binance trading its own platform through 300 house accounts owned by Sigma Chain and Merit Peak.. the SEC said the same thing in June 2023.. Binance pleaded guilty that November and paid $4.3 BILLION.. the casino was playing at its own tables, and they got caught... Now the float gets thinner and thinner.. and the thinner the float, the easier it is to paint the chart.. a few million dollars of paper pushes the price wherever they want it.. and the price always goes exactly where the liquidations are.. on CPI day $BTC wicked to $73,525, right into the $73,555 long cluster.. today the $71,401 magnet got swept, low printed $71,255.. tonight $875 MILLION in shorts sit above us and $335 MILLION in longs below.. the price does not wander, it HUNTS.. that is no coincidence... And it is not just $BTC .. it is EVERY coin they touch.. the second a token gets listed on Binance, it is fucked.. the median listing DOUBLED in its first 60 seconds.. then the insiders dump on the suckers who walked in.. Messari put $100 into every Binance listing of 2025 and lost 71%.. the average token is down 37.6% six months after listing.. the listing is not the top, it is the EXIT... Want proof.. April 1, 2025, Binance changed the margin rules at 10:30 in the morning.. $ACT lost 50% in 30 minutes, $DEXE down 30%, $DF down 20%.. all unrelated coins, all at the same time, while the rest of the market was UP.. Binance blamed three VIP accounts selling about $1 MILLION.. one million dollars wiped 50% off a token.. that is what a painted order book looks like... Now look at a coin they could NOT get their hands on.. $KAS, Kaspa.. never listed on Binance spot, never listed on Coinbase.. Binance wanted 3% of the whole supply, about $40 MILLION, just to list it.. the founder told them to fuck off.. and $KAS never had a listing day pump, never had a 50% flash crash in 30 minutes.. it goes up and down with the market like a normal coin, not like a casino chip... Then came Oct 29, 2026.. $6.3 BILLION drained from Binance hot wallets in one night.. the biggest theft in crypto history.. and we are supposed to believe one lone hacker did that, right when the float is thinnest and the leverage needs flushing.. I don't buy it, and neither should you... The big boys took the bitcoin off the exchanges and locked it away.. the exchanges are left with paper, leverage and liquidation maps.. they control the price because they control the casino.. and the only way out is the same as it always was.. Take your coins off the exchanges and hold them yourself in self custody!! If you want to know more about this, follow the people who have been calling it out for years.. @martypartymusic, @seth_fin.. they post the receipts, not the fear.. don't fall for it! Don't take my word for it.. go check for yourself.. the dates are all public, the numbers are all on chain.. and when you see it, you cannot unsee it!