Brady and John open with sports talk, covering the Knicks’ dramatic OG Anunoby tip-in and the World Cup kicking off in North America
Bitcoin is back near $63K, prompting a discussion of whether current drawdown conditions resemble past cycle bottoms
John reviews Alex Thorn’s Galaxy analysis showing that only 4 of 13 classic Bitcoin bottom signals have triggered, while the prior October 2025 top also showed only 2 of 11 classic top signals
The hosts argue Bitcoin’s cycles may be changing as the asset matures, with ETFs, institutional capital, and deeper liquidity potentially compressing both tops and bottoms
They revisit supply-in-profit metrics, noting that the percentage of Bitcoin supply in profit has fallen to levels similar to prior cycle bottoms
Brady and John emphasize long-term conviction, recurring buys, and education as the antidote to emotional reactions during sharp Bitcoin drawdowns
The episode explores whether MicroStrategy’s large Bitcoin holdings are a threat, with both hosts arguing that permissionless accumulation is part of Bitcoin’s design, not a weakness
They discuss OG coin distribution, institutional absorption, miner selling, and AI-driven market distraction as possible contributors to Bitcoin’s recent 50% decline
Macro coverage includes a hot CPI print, persistent inflation above target, Kevin Warsh’s Fed dilemma, and why rate cuts may still arrive despite elevated inflation
Brady introduces Swan’s new Real Bitcoin Exchange, a first-to-market product designed to help ETF holders move from Bitcoin price exposure into real Bitcoin ownership

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