2290: BlackRock: AI Ignites Bitcoin Supercycle - $1M BTC Supply Shock

Summary

Podcast Summary: Bitcoin News Alerts | Daily BTC Macro Signal

Episode 2290: BlackRock: AI Ignites Bitcoin Supercycle - $1M BTC Supply Shock

Date: March 25, 2026
Host: JV (with guest/interlocutor Nibinator)

---

Episode Overview

This episode centers on BlackRock’s latest bullish assertions about Bitcoin, in particular the AI narrative and a looming bitcoin “supercycle” potentially pushing BTC to $1 million far sooner than the mainstream expects. The episode dives deep into the forces behind Bitcoin’s supply shock, exchange outflows, institutional accumulation, and the macro factors affecting the market. Other key news discussed includes BlackRock’s push for tokenization, sovereign Bitcoin sales (notably from Bhutan), and a curious case involving Irish police recovering lost BTC keys. The hosts also provide on-chain analysis, miner insights, and a snapshot of current market sentiment.

---

Key Discussion Points & Insights

1. BlackRock’s AI Narrative & The Bitcoin “Supercycle”

[02:33 – 05:16]

• JV highlights pervasive bullish sentiment and BlackRock’s assertion that artificial intelligence is catalyzing the next crypto “supercycle.”
• BlackRock (managing $14 trillion in assets) has amassed over 803,000 BTC via its ETF since launch in January 2024.
• The hosts stress the convergence of AI and Bitcoin, with BlackRock suggesting AI could accelerate institutional and retail adoption of digital assets:
  • “AI could ignite the next bitcoin super cycle. And if they are right, a one million dollar Bitcoin may arrive far sooner than most investors expect.” – JV [03:03]

2. Supply Shock Explained: Million-Dollar Bitcoin?

[05:16 – 08:48]

• JV and Nibinator break down Bitcoin’s unique supply characteristics:
  • 21 million BTC cap, but millions are “lost forever” due to misplaced keys and inaccessible wallets.
  • “The amount of Bitcoin actually available to buy today: dramatically smaller and shrinking every single year. Millions of Bitcoin are permanently lost.” – JV [04:00]
• Demand is fueled by ETF inflows, corporate treasury allocations (highlighting Michael Saylor/MicroStrategy, governments like El Salvador and speculated US actions).
• “When even a small percentage of the capital moves into Bitcoin, the available liquidity disappears. This is how supply shock begins: gradually at first, then suddenly.” – JV [07:52] “First 200 GS per biddy, then 500,000, then … 1 million per coin.” [07:54]
• JV gives his own cycle price target: “I’m making a hypothetical guess at 200 G’s … but I’m a firm believer we’ll be at a million per coin before 2030.” [08:48]

3. Tokenization & Modernizing Finance

[09:17 – 13:09]

• BlackRock CEO Larry Fink’s annual letter is discussed, centering on tokenization’s possible revolution of market access and asset plumbing.
• Tokenization is framed as a way to:
  • Lower barriers to entry
  • Modernize financial infrastructure
  • Broaden participation
  • Democratize investing
• “Fink emphasizes long term investing, broader market participation sensation and the transformative potential for tokenization.” – JV [11:07]
• BlackRock is leading in digital assets: $150 billion in digital AUM, world’s largest tokenized treasury fund, $65B in stablecoin reserves, $80B in ETPs.
• Nibinator injects a note of caution: “Also easier to lose all your money. Just saying.” – Nibinator [12:34]
• JV highlights the AI-crypto synergy: “Crypto is computer native money. AI is computer native data and intelligence … there’s natural symbiosis.” [13:09]

4. Bitcoin Exchange Outflows & Investor Behavior

[13:40 – 16:26]

• The recent persistence of BTC outflows from exchanges points to genuine long-term accumulation rather than speculative selling.
• Outflows are typically bullish, indicating hodling and withdrawal to cold storage; inflows usually suggest looming sell pressure.
• Market context: Outflows intensified after March’s price spike, suggesting accumulation by “smart” investors amid macro uncertainty.
• Analyst note: “The net outflow to Bitcoin exchanges over the past month suggests investors have started to accumulate crypto. Well, they should, right?” – JV [13:40]
• Nick Ruck, LVRG: Outflows signal accumulation by long-term holders, not short-term speculation.
• Additional trends: Crypto outperforming stocks and gold amid global conflict, and gold experiencing historical outflows.

5. On-chain Metrics, Whale Activity & Market Sentiment

[22:26 – 27:04]

• Bitcoin struggles to break $72k resistance as on-chain data shows waning demand.
• Glassnode’s “accumulation trend score” near zero, suggesting more distribution than new buying, especially by major holders (whales).
• JV: “Glassnode accumulation trend score is near zero … indicating the whales are distributing their bitcoin holdings or not Accumulating.” [22:26]
• Network activity (daily transactions, big transfers) has hit new lows not seen since ’23/’24, attributed to war and lack of policy clarity.
• Mining hash rate has fallen sharply (22% drop), indicating rising costs and miner capitulation—adding to sell pressure and impacting network security.

6. Sovereign BTC Moves: Bhutan & Irish Police Story

[16:40 – 21:08]

• Irish Police Recovery: After years, police recovered private keys to a wallet holding 500 BTC ($35m+) linked to a drug case. The wallet belonged to Clifton Collins, whose larger stash (6,000 BTC) was scattered across wallets. Official help from Europol and Arcam led to the success.

  • “That’s not a criminal, that’s a legend. Let’s free Clifton Collins.” – JV [17:47]
  • Hosts point out the dangers of poor key management and lament the loss due to criminalization of cannabis.

• Bhutan Sells Bitcoin: Bhutan government wallets have been selling chunks of BTC in March, bringing their holdings from over 13,000 BTC in late 2024 to around 4,400, as part of national economic development and hydro-powered mining investments.

  • Bhutan remains among the top country holders, having built a large mining industry since 2019.

---

Notable Quotes & Memorable Moments

• “Blackrock says AI could ignite the next bitcoin super cycle.” – JV [02:57]
• “When the largest asset manager on earth starts talking about a bitcoin supercycle, Gohan and Goku, they get excited. Smart investors pay attention.” – Nibinator [03:43]
• “Millions of Bitcoin are permanently lost. Early adopters misplaced private keys, hard drives were thrown away and wallets disappear forever. Laura, those coins will never move again.” – JV [04:01]
• “First 200 GS per biddy, then 500,000, then the number many investors still struggle to comprehend today—1 million per coin, which isn’t really that far away.” – JV [07:54]
• “Tokenization could help accelerate that future by updating the plumbing of the financial system … easier to access. Also easier to lose all your money. Just saying.” – Nibinator [12:34]
• “Do you think we dump and maybe retest potentially the 60,000 cycle bottom? Or do you think we’re more likely to close the SEME gap just above 80?” – JV [16:41]

---

Important Timestamps

• [02:33] – Kicking off: BlackRock’s AI Supercycle Claim
• [03:15] – BlackRock’s ETF accumulation and supply dynamics
• [05:16] – Institutional adoption, Saylor, sovereign strategies
• [07:52] – “Gradually at first, then suddenly”: the supply shock thesis
• [09:17] – Larry Fink & BlackRock’s tokenization strategy
• [13:40] – Exchange outflows and investor accumulation
• [16:40] – Irish police recover long-lost BTC wallet
• [20:45] – Bhutan offloads sovereign BTC holdings
• [22:26] – Weaker on-chain metrics, risk-off shift
• [24:37] – Miner capitulation and hash rate discussion
• [27:04] – Market snapshot and closing thoughts

---

Tone & Style

• Unfiltered, irreverent, anti-establishment with lots of crypto in-group language (“stack sats”, “fiat monopoly money”, “HODL”, “bullishness in the air”).
• Blends humor, pop references, and technical insight: anime jokes, playful riffing (“Gohan and Goku—they get excited.”), and social commentary (“What’s the world coming to?”).
• Direct calls to the audience to participate and share opinions: “Let me know your thoughts in the comments right down below.” [08:26]

---

Conclusion

This episode delivers a rapid-fire overview of current macro and on-chain narratives driving BTC price action: institutional accumulation, looming supply shocks, the AI narrative, and the shift toward tokenization as championed by BlackRock. Real-time market analysis, mining trends, and the irreverent coverage of Bitcoin adoption by countries (and police recoveries) complete the dense but accessible briefing. The hosts remain unapologetically Bitcoin maximalist, blending analysis, skepticism, and bullish conviction.

Memorable Ending:
“Hoddle.” – JV [27:50]

Transcript

[JV]

From unsolved mysteries to unexplained phenomena, from comedy gold to relationship fails, Amazon Music's got the most ad free top podcasts included with prime.

[Commercial Announcer]

Because the only thing that should interrupt

[JV]

your listening is, well, nothing.

[Commercial Announcer]

Download the Amazon music app today.

[Odoo Advertiser]

So when I ask, what is Odoo, what comes to mind? Well, Odoo is a bit of everything. Odoo is a suite of business management software that some people say is like fertilizer because of the way it promotes growth. But, you know, some people also say Odoo is like a magic beanstalk because it grows with your company and is also magically affordable. But then again, you could look at Odoo in terms of how its individual software programs are a lot like building blocks. I mean, whatever your business needs, manufacturing, accounting, HR programs, you. You can build a custom software suite that's perfect for your company. So what is Odoo? Well, I guess Odoo is a bit of everything. Odoo is a fertilizer. Magic beanstalk building blocks for business. Yeah, that's it. Which means that Odoo is exactly what every business needs. Learn more and sign up [e-mail] that's o-o o.com.

[JV]

welcome, Bitcoin fam, to the number one Bitcoin pod. In today's show, we shall discuss Blackrock says AI could ignite the next bitcoin super cycle. And if they are right, we're talking $1 million. Bitcoin may arrive far sooner than most investors expect. I'll be breaking it down for you. Also, they're claiming updating the plumbing of the financial system is happening right now. According to Larry Fink, their CEO, tokenization could expand access to the markets. We also discussed bitcoin exchange outflows showing genuine accumulation by the investors right now. Also, breaking news. Irish police open bitcoin wallet after the keys are apparently lost. Also, Bhutan offloads another 37 million where the Bitcoin as sovereign wallet shrinks also be breaking down. The latest ta what's happening in the market. All this plus so much more right here in today's show. Today is Pot episode 2290. I'm your host JV alongside the Fed chair Nibinator. Keeping them niponating. Today is March 25, 2026, and there's

[Nibinator]

bullishness in the air.

[JV]

Bitcoins are pumping.

[Nibinator]

It's a ripping like the new Scotty Pippen.

[JV]

But let's kick it off with our feature story of the day. You see a lot of black rock in the Headlines again. AI ignites Crypto's next super cycle will

[Nibinator]

bitcoin and ETH on the front according to Black Rock.

[JV]

And then I got back to back Black Rock stories. A Black Rock CEO Larry Fink says tokenization could expand access to the markets.

[Nibinator]

But first I got to hit you with the bull.

[JV]

Blackrock says AI could ignite the next bitcoin super cycle.

[Nibinator]

And if they are right, a one

[JV]

million dollar Bitcoin may arrive far sooner

[Nibinator]

than most investors expect. Let's go. Let it sink in. Not because of the height, but because of the speculation. No, but because of the Nipinator indicator of course.

[JV]

And because the undisputed math. BlackRock manages more than 14 trillion in assets as of 2025. And its Ibid ETF has already accumulated 800 3,000 BTC. And they did that in two years. Let that sink in. Institutions with the ETFs did not go live until January 11th of 2024. So virtually two years, 800,000 Bitcoin. That's one asset manager. And when the largest asset manager on the earth starts talking about a bitcoin

[Nibinator]

super cycle, Gohan and Goku, they get excited. Smart investors pay attention.

[JV]

According to their analyst, AI could accelerate

[Nibinator]

the next phase of digital asset adoption. And sitting at the center of the shift is the BTC.

[JV]

But the real story isn't just that AI narrative.

[Nibinator]

It's the supply. As you know, more than 20 million Bitcoin have recently been mined. We hit that milestone here just recently. Which leaves fewer than 1 million coins left to be created between now and the year 2140. But that number is even misleading because the amount of Bitcoin actually available to buy today, dramatically smaller and shrinking every single year. Millions of Bitcoin are permanently lost. Early adopters misplaced private keys, hard drives were thrown away and wallets disappear forever. Laura, those coins will never move again. And then there's long term Hodlers and the nipators with the diamond pause. Bitcoin investors who accumulated early and simply refuse to sell. Every year more Bitcoin moves into the coal storage. And when coins leave exchanges, they leave the liquid market. Which means the supply available for the new buyers keeps shrinking relentlessly. Now look at the other side of the equation. The demand. Bitcoin ETFs continue absorbing Bitcoin every single week. When the inflows are on a go, it's you know, billions of dollars per week. You know, Black rock spot Bitcoin def came one of the fastest growing ETFs in financial history. In ETF history, way Faster than the gold ETF ever achieved. And corporations are beginning to adopt Bitcoin as a Treasury reserve asset. Public companies across the world copying the strategy playbook. Great example.

[JV]

Michael Sailor kicked off the treasury play back in 2020. He has now close to 800,000 Bitcoin. I think it's just above 760,000. He's accumulating like a madman. And now there's over 200 public companies with Bitcoin on the balance sheet. And governments are also quietly studying Bitcoin as a strategic reserve. Of course N Buel, a bitcoin country was the first to do it in 2021. And then more recently, Trump with the US recently released their Bitcoin strategic reserve with their executive order. Now they just need to add Bitcoin to it and hopefully Trump does something a little something something. Baron, if you're watching, nudge your father please. Now add a few catalysts. The AI. The global AI race becoming the most capital intensive technological competition the world has ever seen. Hundreds of billions of dollars being deployed to build the AI infrastructure. We're talking data centers, energy networks, entirely new digital economic systems. Increasingly the company is building that future. Exploring Bitcoin as a strategic monetary layer. Not as speculation but as infrastructure. Because it offers something no other asset on earth can provide. A fixed supply. Monetary network. There will only ever be 21 million Bitcoin. No central bank can print more. Can I get a hallelujah for that one? And no government can dilute it. Nor can they confiscate it if it's properly self custied. And no board of directors can vote to increase the supply. Unlike the Ethereum Foundation. Just saying. And this is where most people still misunderstand Bitcoin. They think Bitcoin price moves because of the hype. That's not true. Bitcoin moves because the global capital is discovering there isn't enough supply. Basic supply, demand dynamics, stock to flow. History shows this pattern again and again with scarce assets. First the market underestimates the supply constraint. Then the institutions begin accumulating. Then the realization spreads that supply is disappearing. And once that realization hits, prices don't move slowly. They literally reset. Bitcoin also beginning to compete with entirely different markets. New pools of capital including gold, treasuries, sovereign wealth reserves, global monetary assets, real estate. And compared to those markets, Bitcoin is still in its infancy. At roughly 70, 000 per coin. The entire network is valued right now at around 1.4 trillion. Compare that to gold at 36 trillion. Global sovereign debt exceeds 120 trillion. Global bond markets exceed 145 trillion. Global real estate exceeds 390 trillion. And bit coins demonetizing all of these pools of capital in real time. And we're just getting started. So when even a small percentage of the capital moves into Bitcoin, the available liquidity disappears. This is how supply shock begins.

[Nibinator]

Gradually at first, then suddenly.

[JV]

First 200 GS per biddy, then 500,000, then the number many investors still struggle to comprehend today. 1 million per coin, which isn't really that far away, considering we've already achieved 126 back in October.

[Nibinator]

That's like a 10x easy peasy for the BTC.

[JV]

And because this is the moment Bitcoin stops being viewed as a speculative asset and begins competing with global monetary reserves, the gold, the treasuries, sovereign wealth funds,

[Nibinator]

central bank balance sheets, and there's trillions

[JV]

of dollars that will eventually want exposure to Bitcoin. Collectively, we're talking about a total addressable

[Nibinator]

market north of 800 trillion. With fewer than 1 million bitcoin left to be mined. And the number actually available to buy, obviously far smaller. So the real question isn't whether the bitcoin demand grows. The real question is where do you think the Bitcoin tops this cycle? 200 GS, 500 GS or 1 million per coin? Let me know your thoughts in the comments right down below.

[JV]

I'm making a hypothetical guess at 200 G's. Well, I hope you're right. I'd love to see Bitcoin above 200 GS. And hey, if we have a lackluster bully pump this year, next year, so be it. Because in 2028, year of the having, you know, I'm a firm believer will be a million per coin before 2030, I think, and I've been saying this a long time, by 2029, because it's the year after the having, and that is still three years out. Can it happen sooner?

[Nibinator]

Sure.

[JV]

Anything could happen, right? But we'll soon see. All right, fam. Next story of the day, updating the plumbing of the financial system. BlackRock CEO Lawrence Fink says tokenization could

[Nibinator]

expand and access to the markets.

[Odoo Advertiser]

So when I ask, what is Odoo, what comes to mind? Well, Odoo is a bit of everything. Odoo is a suite of business management software that some people say is like fertilizer because of the way it promotes growth. But, you know, some people also say Odoo is like a magic beanstalk because it grows with your company and is also magically affordable. But then again, you could look at Odoo in terms of how its individual software programs are a lot like building blocks. I mean, whatever your business needs, manufacturing, accounting, HR programs, you can build a custom software suite that's perfect for your company. So what is Odoo? Well, I guess Odoo is a bit of everything. Odoo is a fertilizer. Magic beanstalk Building blocks for business. Yeah, that's it. Which means that Odoo is exactly what every business needs. Learn more and sign up [e-mail] that's

[Jerry Insurance Advertiser]

o-o o.com tired of your car insurance rate going up? Even with a clean driving record, you're not alone. That's why there's Jerry, your proactive insurance assistant. Jerry compares rates side by side from over 50 top insurers and helps you switch with ease. Jerry even tracks market rates and alerts you when it's best to shop. No spam calls, no hidden fees. Drivers who save with Jerry could save over $1,300 a year. Switch with confidence. Download the Jerry app or visit Jerry AI Libson today. That's J E R R Y A I slash Lib S Y N let's break her down.

[JV]

In his latest annual letter and it's

[Nibinator]

actually linked here to the the website

[JV]

Fink emphasizes long term investing, broader market participation sensation and the transformative potential for tokenization. He frames today's economic environment as one

[Nibinator]

defined by rapid change and uncertainty, with

[JV]

digital wallets and tokenized assets offering the

[Nibinator]

potential for powerful change.

[JV]

Half the world's population carries a digital wallet on the phone.

[Nibinator]

Imagine if that same digital wallet could

[JV]

also let you invest in a broad

[Nibinator]

mix of companies for the long term as easily as sending a payment. Tokenization could help accelerate that future by updating the plumbing of the financial system, making investments easier to use, easier to trade and easier to access. Also easier to lose all your money. Just saying. Think positions. Tokenization is the foundational Peter shift in financial infrastructure capable of lowering the barriers to entry and improving efficiency across the markets. He also underscores the Black Rock growing presence in digital assets and tokenized products. Quoting them here, Black Rock is also actively building an exciting newer tech and financial markets and including digital assets tokenized funds. Today there's very little access to traditional investment products and digital wallets. We plan to lead the charge in changing that. BlackRock has already established early leadership in bringing institutional quality products to the digital market. At scale with nearly 150 billion in assets under management connected Only to digital assets. Our tokenized treasury fund has grown into the largest tokenized fund in the entire world. And we manage 65 billion of stablecoin reserves alongside nearly 80 billion of digital asset ETPs exchange traded products. We have built all of these franchises in just the last few years and we're studying opportunities to grow our position even further. The letter ultimately frames tokenization not just as a technological innovation, but as a potential catalyst for democratizing investing, bringing more individuals into the financial system and aligning their economic futures with broader market growth.

[JV]

Let's see if we can get a couple of quotes from this story as well. They say AI agents are very unlikely to use, you know, Fedwire and Swift, the old traditional, you know, system. What is crypto? Crypto is a computer native money AI is computer native data and intelligence. And so there's natural symbiosis there. And they're ultimately predicting the AI to start using Bitcoin and cryptocurrency, which is actually very fascinating and then scaling at large and maybe AI taking over the world.

[Nibinator]

At least that's what it seems.

[JV]

You know, it was all a dream and then appeared the Fed chair by the name Manipulator. But anyways, Bitcoin exchange outflows show genuine accumulation by the investors. That's right, Ask the professor. The net outflow to Bitcoin exchanges over the past month suggests investors have started to accumulate crypto. Well, they should, right? March has been largely dominated by the bitty outflows from the crypto exchanges. Aside from one spike of the inflows just before the asset tap six week high of 76 GS that was March 17th last week. And the negative net flow has remained present while Bitcoin continues its liquidation phase. Also known as a dark foss. The analyst, he wrote this persistent outflow suggests genuine accumulation by the investors who continue to buy and withdraw their bitties from the exchange platforms. Inflows to exchanges are generally bearish as investors prepare to exchange the asset for the stables, which adds to the cell pressure. Whereas the outflows are often a sign of accumulation and a possible precursor to the buying pressure as outlined right here you can see the inflows versus the outflows long term accumulation rather than the short term speculation. The analyst added demand is not yet strong enough to restart the trend, but it clearly indicates the ongoing accumulation and is likely one of the factors behind the range formation that has been developing for several months now. Nick Ruck, director of the LVRG lgbyq says the outflow signal genuine long term accumulation by the investors rather than short term speculation. So long term huddlers are continuing to accumulate. The removal of the bitcoin from centralized platform showcases growing confidence in Bitcoin's fundamentals amid the current market conditions as hodlers indicate a lack of the interest and selling to hedge against the price volatility. Then we have the chief operations officer over at crypto exchange BTSE who said crypto outperforms stocks and goals since the

[Nibinator]

beginning of the Iran war.

[JV]

So it's no surprise that investors are accumulating bitcoin. Crypto is oversold in the weeks and months prior to the conflict, so it makes sense that it hasn't sold off as a hard as the stocks have. This could also be an indication of the bitcoin emerging as a hedge against traditional stocks as well as increased institutional ownership. Another trend we have noticed is a lot of outflows in gold. Gold just had its worst dump in like 50 years while Bitcoin has been maintaining and actually starting to gain some traction. You know the great decoupling is here, the great rotation as Samson calls it. Another indicator potential trend formation is the bitcoin price marking higher highs and higher lows as it's done at least twice thus far this month. And the on week on chain summary by Glassnode. They said the net unrealized price profits and losses have improved slightly indicating a

[Nibinator]

modest easing and unrealized losses across the

[JV]

market, but caution that the sentiment is still under pressure despite the tentative signs of stabilization. You know, but let me know your thoughts. Do you think we dump and maybe retest potentially the 60,000 cycle bottom?

[Nibinator]

Or do you think we're more likely

[JV]

to close the SEME gap just above 80 Holler because we're right in the middle right now. Next story of the day. Irish police open a bitcoin wallet years after the keys were apparently lost. Interesting. Irish national police say they cracked one of the 12 Bitcoin wallets linked to a convicted drug dealer years after they were confiscated. It only took them how many years and their access codes were thought to be gone forever. Ireland's Criminal Asset Bureau. I guess that's equivalent maybe to the FBI, the cab said in a statement on Tuesday. It had gained access to the seized crypto wallet containing 500 of the bitties worth more than 35mil with the help of the Europool's European Cyber Crime Center. Europool hosted an operation meetings at the headquarters in the hog Netherlands and provided critical support to the bureau investigators and analysts with a provision of highly Complex technical expertise and decryption resources vital to the success of the operation. The Irish Times reported on Tuesday. The wallet is one of the 12 holdings of a total of 6,000 Bitcoin owned once by Clifton Collins, a drug

[Nibinator]

dealer sentenced to five years in prison

[JV]

for growing and selling cannabis. That's not a criminal, that's a legend. Let's free Clifton Collins Trump. If he. I don't know if he can pardon someone in Ireland just talking. The access codes were lost when the

[Nibinator]

paper they were printed on disappeared. She's Louise.

[JV]

And here's the official announcement from the Criminal Asset Bureau on X. Most of the time, losing a bitcoin private key means there's no way to recover or to crack the wallet. The funds are permanently inaccessible due to the public key cryptography. A wallet labeled Clifton Collins lost keys, but a blockchain intelligence platform Arcam transferred 500 of the Biddy to Coinbase prime on Tuesday, more than a decade after

[Nibinator]

the coins were first deposited.

[JV]

ARCAM list Collins is controlling 14 addresses with total holdings of 5,500 bitties. Valid at 391 million. Collins was arrested back in 2017 after police searched his car found a stash of cannabis.

[Nibinator]

Imagine you got a little bag of the cannabis and get arrested for however

[JV]

many years and then you had 500

[Nibinator]

or it turns into 500 million 600 million of Bitcoin and some damn cops then stole your for having a bag of cannabis. A plant that God created. What's the world coming to?

[Commercial Announcer]

The Global Gaming League is presented by Atlas Earth, the fun cashback app. Hey, it's Howie Mandel and I am inviting you to witness here history as me and my how we do it gaming team take on Gilly the King and Wallow two $67 million gaming in an epic global gaming league video game showdown. Plus a halftime performance by multi platinum artist Travy McCoy. Watch all the action and see who wins and advances to the championship match right [e-mail] that's globalgamingleague.com in partnership with Level Up Expo.

[JV]

Police said Collins used the proceeds from

[Nibinator]

his drug operation to purchase 6,000 bitcoin.

[JV]

Wow.

[Nibinator]

In late 2011. He got a good deal on that. Spreading and holding across 12 wallets. He stored the wallet keys in a single sheet of A4 paper hidden inside an aluminum cap of a fishing rod case at the rental home. I guess that's obviously how they recovered them. They found that aluminum cap fishing rod case. After the arrest and sentencing, Collins landlord cleared out his rental home discarded the belongings. Collins, however, claimed the fishing rod case had been stolen before the of course. So clearly that was stolen, you know

[JV]

and that's up truly is but yeah, that's one of many stories where confiscation happens when they find your private keys. That's the downside of writing down your private keys on a piece of paper that's not protected. You know crazy. That's a half a billion dollar loss and he took it like a boss. All for some cannabis insane man. Most expensive back cannabis known to man. Next up Bhutan offloads known 37mil and Bitcoin is sovereign wallet shrink so why are they offloading? Bhutan moved more bitcoin from the state link wallet on Wednesday which is today extending the March drawdown of the sovereign

[Nibinator]

holdings arc Ham bam bam thank you

[JV]

ma' am Showed the Bhutan government Link wallet transfer 519bitties worth roughly 36 million to two wallets on Wednesday on chain Lens said one of the destination wallets was linked to trust trading firm QCP Capital. The move mark bhutan tag wallets third large wallet bitcoin transfer of the March following the 72 million move in six separate transactions the past 24 hours leading up to the March 18 and the

[Nibinator]

1 or 11.8 million moved on the March 9, the latest transfer as the heavier March outflow pattern after Bhutan moved just 284bitties February, the wallet still holds 4,453 bitties worth around 315 million, down from over 13,000 bitcoin in October 2024 as broken down right here on chain. That's right, the public blockchain. Everything is public. They trace your as of March 12, Bhutan was the fifth largest country of Bitcoin holdings behind the US government, the UK government in El Salvador as well as the UAE. Baby baby. Bhutan was among the earliest countries without bitcoin mining back in 2019 and has since constructed multiple hydroelectric power plants along glacial rivers to harness cheap hydroelectric power. In May of 2023, Bhutan sovereign wealth fund Druck holding the Investments announced 500 million partnership with BIT Deer to expand the Bitcoin mining operations and In December of 2025 Bhutan said it would tap into the bitcoin from its stash to help build the Special Administrative Region. The initiative is part of the wider National Bitcoin Development Pledge which aims to support Bhutan's long term economic development through his Bitcoin holdings and mining operations. And if you don't know, now you know bro.

[JV]

Anyways, final story of the day. Famine, lamb, wham bam thank you ma'. Am. Bitcoin pinned under 72 as four network metrics show weaker demand. And here I stand bitcoin price struggling to break 72 as several key onchain metrics highlighted weakening demand for the BTZ casting doubt on the upside. Potential bitcoin investors increasingly risk off distributing the bitcoin holdings mid of recent price weakness fueled by the US and Israel, Iran war and the macro headwinds. Glass note accumulation trend score is near zero, which you see in the chart in the light yellow. I say I call it PP yellow or Nipinator yellow indicating that the whales are distributing their bitcoin holdings or not Accumulating the drop at a second score indicates a transition from accumulation to distribution across almost all cohorts. This shift mirrors a similar pattern observed early 2025 which align with the bitty

[Nibinator]

drop to 745 in April 2025.

[JV]

And additional data from the Glass node shows a peter shift towards distribution or inactivity amongst the small midsize entities holding

[Nibinator]

at least a thousand Bitcoin.

[JV]

And that's kind of typical. The short term huddlers always selling long

[Nibinator]

term huddlers or the OJs, they're always huddling. This is what it is. Rich get rich or poor get poor. What are you gonna do?

[JV]

This is the contrast to Q4 2024 with the broad cohort accumulation proceeded to

[Nibinator]

sustain rally according to the on chain data. Heavy participation across wallet sizes remains a precondition for any durable recovery. You know, also bitcoin well activity historically been kind of quiet reflecting distribution or

[JV]

inactive accumulation trend of the Bitcoin well

[Nibinator]

activity which has become historically quiet. According to the Sandman. I got to talk to Samson. Last week daily Bitcoin transactions above 100 GS fell just shy 6417, the lowest since September of 2023. Meanwhile, transfers exceeding 1 million dropped to 1485 levels last seen in October 2024. The declining well activity is largely due to the market participants waiting for the Clarity from the Clarity Act. Can't we get some clarity? That's why we got rid of Gensler. We were sick of no Claire Gare yet. We still have no Clarity Act. What are we doing?

[JV]

As well as the long term solution

[Nibinator]

to the war, when I know the solution, it's called peace. You can't end the war with more war. You can't end the violence with more violence. But we haven't figured that out yet. Apparently this indicates the smart money is reluctant to make the moves with so much policy and global uncertainty and at play and regarding the network activity is also declining. The bitcoin inability to sustain the recovery is further evidenced by the low network activity and less onchain demand. Less onchain demand for the contraband Crypto quants Bitcoin Network Activity Index which tracks the key indicators such as daily active addresses, total transactions count and the UTXO count has been declining since August of 2025. This points to the weaker demand across the network. This aligns with weak on chain fundamentals such as liquidity and network growth is tracked by the Bitcoin Vector Fundamental Index. This metric keeps trending lower and remains

[JV]

well below the strengthening zone on chain. Data provided described that the current market conditions as stability without support rather than a healthy consolidation sensation. According to analytics here, as long as the on chain conditions a week upside looks increasingly dependent on flow, short covering or external catalyst, not organic strength. Its fundamentals don't recover. This kind of divergence usually done offer support to sustain the midterm recovery. According to the you know breakdown from the Swiss block, meanwhile Bitcoin mining hash rate did drop 22% a metric that shows the level of the mining activity dropping sharply over the last couple of weeks, meaning miners are shutting down the machines now. The hash rate has fallen to 813 exahashes per second today from 1.2 zeta hashes on March 5 representing a 22 decrease. This may do due to the rising energy costs exasperated by the U S and Israel. Iran war compressed the hash price below 34 per PHS per day which is below many of the miners break even levels and when they're no longer breaking

[Nibinator]

even apparently they go offline.

[JV]

Bitcoin miners are losing 19000 on every coin they produce and difficulty just dropped almost 8% as the minor exodus accelerates. If difficulty drops another 5% within the next seven days, minor capitulation is accelerating and spot sell pressure will intensify.

[Nibinator]

Say it ain't so.

[JV]

And checking out the overall market here. Checking out coinmarkcap.com positive note we are up 2 and a half percent today meaning money is flowing into crypto again. 2.43 trillion total crypto market cap Bitcoin market cap back above 1.4 trillion which is a good sign. Checking out the Crypto Greed and fair index we are a 14 in extreme fear of today. Last month we were as low as a 5. I think the low for the cycle is a 4. And checking out the infamous time chain calendar, today's block height 942,183 and you could exchange one fiat monopoly dollar for 1413 SATs. And don't forget to check out Bitcoin news alerts.net for the full premium experience with video and to participate in the live stream along with the Q and A. And I look forward to seeing you on tomorrow's episode. Hoddle.

[Commercial Announcer]

The Global Gaming League is presented by Atlas Earth, the fun cashback app. Hey, it's Howie Mandel and I am inviting you to witness history. History as me and my How We Do It Gaming team take on Gilly the King and wallow two six seven's million dollars gaming in an epic Global Gaming League video game showdown plus a halftime performance by multi platinum artist Travy McCoy. Watch all the action and see who wins in advances to the championship match right [e-mail] that's globalgamingleague.com in partnership with Level Up Expo.