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Your daily bitcoin and macro intelligence briefing. AI-generated audio from the TFTC Bitcoin Brief newsletter, written and curated by Marty Bent.

• SemiAnalysis "Dark Output" framework: AI is producing enormous economic value invisible to GDP, productivity stats, and the Fed's models

• Jordi Visser validates the company brain architecture and argues you have to throw out old economic models entirely

• Zcash emergency fork after soundness bug in Orchard ZK proof circuit, proving Peter Todd's case against consensus-layer privacy

• Brandon Carl's 16 headwinds for AI: slowing revenue, 0DTE options creating 1987-style systemic risk, algorithmic improvements may eliminate chip demand

• James Check's "Red Waterfall": net realized losses hit $2.06B, LTH-SOPR at 0.754, deep capitulation territory

• HSBC commodity super-squeeze warning, Goldman hikes copper forecasts

• Two small AI models outperform frontier models through composition

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