Equities are setting all-time highs while Bitcoin sits at $65k—and the underlying mechanics explain why.
The macro split of the week:
• TradFi Rally: S&P 500 & MSCI World hit record highs on AI earnings momentum and progress toward reopening the Strait of Hormuz.
• Crypto Friction: $BTC is flat at $64k -$65k, weighed down by the $130M Coldcard hardware wallet exploit.
The self-custody breach (a PRNG entropy bug in older firmware) has completely lit up the mempool: over 89,000 transactions were waiting in line as panic-stricken users rotate keys and move funds to CEXs.
While retail panics over infrastructure flaws, Arthur Hayes offers the long game: AI CapEx isn't a tech bubble—it’s a massive debt buildout. When the credit cracks, central bank printing press bailouts will target $1M BTC.
#redpacket
The macro split of the week:
• TradFi Rally: S&P 500 & MSCI World hit record highs on AI earnings momentum and progress toward reopening the Strait of Hormuz.
• Crypto Friction: $BTC is flat at $64k -$65k, weighed down by the $130M Coldcard hardware wallet exploit.
The self-custody breach (a PRNG entropy bug in older firmware) has completely lit up the mempool: over 89,000 transactions were waiting in line as panic-stricken users rotate keys and move funds to CEXs.
While retail panics over infrastructure flaws, Arthur Hayes offers the long game: AI CapEx isn't a tech bubble—it’s a massive debt buildout. When the credit cracks, central bank printing press bailouts will target $1M BTC.
#redpacket
