Podcast Summary

The Wolf Of All Streets: "A Massive Entity Is Quietly Accumulating Bitcoin! Do They Know Something?"

Host: Scott Melker
Guest: Jeff Park
Date: February 19, 2026

Episode Overview

This episode dives deep into recent unusual trends in Bitcoin markets, specifically focusing on reports of massive, quiet accumulation—potentially by entities or individuals seeking to move capital offshore or hedge against control. Scott Melker and guest Jeff Park unpack the latest 13F filings, the intricacies of Asian and global capital flows, and how changing market structures and regulations are reshaping Bitcoin (BTC) accumulation patterns. They also tackle the growing rise of financialization, prediction markets, and the philosophical implications of “outsider” money.

Key Discussion Points and Insights

1. Bitcoin Market Structure & Low Volume Dynamics

• Low Liquidity and Volatility:
  • Jeff points out that current BTC price action is happening in a "very narrow window of a low liquidity environment," making price movements more extreme and less reflective of fundamentals.
  • "Volume is pretty low. So when volume is low, price discovery itself can be a little bit less efficient and volatile in ways that don't reflect fundamental value." (Jeff, 01:39)
• Role of IBIT Options:
  • The rise of IBIT options trading (now surpassing Terabit) has drastically shifted how BTC price is discovered and traded.
  • Options activity has flipped: instead of the usual call dominance (speculators betting on upside), "puts were favored and put volume trading basically tripled.” (Jeff, 01:39–03:08)

2. Viral 13F Filing—Who Is Accumulating?

• Spotlight on Loror (HK):
  • The latest 13F filings revealed a new, Hong Kong-based entity—“Loror”—as IBIT’s single largest buyer through Q4 2025. The entity appears to be an offshore vehicle, likely based in the Cayman Islands or BVI, acting as a Bitcoin access vehicle for high net-worth individuals.
  • "This entity is called Loror. I'm probably mispronouncing it...it is a Hong Kong based filer...an ltd, which signifies it's got some offshore components..." (Jeff, 04:10)
• Links to Chinese Wealth and Capital Flow:
  • Jeff describes how Hong Kong serves as a bridge for Chinese capital seeking exposure to assets like Bitcoin—offering both regulatory access and circumvention of stricter Chinese controls.
  • "Hong Kong plays this incredible conduit role...anytime there's a Hong Kong filer, it's particularly interesting." (Jeff, 05:27)
  • The entity may connect back to "prime cub" hedge fund managers—“onshore Chinese that have money, it’s in Hong Kong and they want bitcoin exposure." (Jeff, 08:40)
• Family Offices and the Next Wave:
  • Early activity comes from ultra-high-net-worth individuals before sovereigns or traditional institutions enter.
  • "Anytime there's capital flight types of dynamics, it's not the institutions, the sovereigns that move first, it's the families, it's the high net worths, it's the billion[aires]." (Jeff, 09:28)

3. Institutional BTC Buying via IBIT and Treasury Entities

• Institutional Use Cases for IBIT:
  • Unlike U.S. “Bitcoin treasury companies,” there are many IBIT-only entities—often rooted in crypto wealth—leveraging IBIT for access to banking, collateral, and hedging not possible in spot markets.
  • "There are a lot of IBIT only entities. But...it's more likely that it's crypto wealth...looking to access traditional banking rails..." (Jeff, 11:01)
• Financial Advantages:
  • Having Bitcoin exposure in a form banks can verify (IBIT) unlocks collateralization and financial credibility, especially in Asia.
  • "If you're trying to take out a big loan...and you want to show, hey, I have like $400 million worth of Bitcoin...IBIT, you know how to read IBIT, that's pretty easy..." (Jeff, 12:09)

4. State of Bitcoin Treasury Companies

• Performance and Market Evolution:
  • While BTC price action has disappointed, treasury companies have contributed as consistent, permanent buyers, ideally increasing scarcity and discipline.
  • "They are the only buyers of bitcoin today in a substantial size. Strategy is doing God's work to imagine where Bitcoin actually would be if they were not in the space..." (Jeff, 13:53)
  • The market is sorting out “winners and losers,” with a shift toward acquiring or building cash-flowing operating businesses to fund further BTC purchases.
  • "You’re seeing some treasury companies recognizing they need an operating business that generates real revenue, real cash flow and that can be repurposed towards them potentially buying more Bitcoin as a defensive play..." (Jeff, 15:40)
• Public Market Transparency:
  • The U.S. public market structure promotes transparency, but “strange things happen” and it is up to fiduciaries to judge risks.
  • "The public markets is very good at ensuring that there's transparency and disclosure...that does not mean that strange things does not happen." (Jeff, 17:48)

5. Sovereign Accumulation and Macro Perspectives

• UAE’s Quiet Accumulation:
  • The Abu Dhabi Investment Council’s ongoing BTC accumulation is likened to gold reserve building—which is largely price-insensitive for now, given the market backdrop.
  • "Abu Dhabi Investment Council says it's building an allocation of Bitcoin...The UAE is mined 450 million in Bitcoin and they haven't actually moved any of that." (Scott, 19:44)
• Bitcoin as “Outside Money":
  • The philosophical value of Bitcoin as unaligned, “outside” money is enduring and resonates with sovereign buyers.
  • "Bitcoin has always meant to be outside money. Right. It's meant to be an outsider's outside money, even as a sovereign reserve." (Jeff, 20:21)
• Distrust of Institutions = Bullish Thesis:
  • The elevation of BTC is tied to growing distrust of traditional institutions, both in the West and globally.
  • "The distrust of institutions that continue to escalate...Bitcoin will be around for a long time." (Jeff, 21:18)

6. Hyper-Financialization, Options, and Prediction Markets

• CME to Launch 24/7 Crypto Futures & Options:
  • "CME Group will launch 24.7 crypto futures and options trading starting May 29th pending approval." (Scott, 21:28)
  • Jeff jokes: "Boom. The hyper financialization must go on. The retardification of society will continue." (Jeff, 21:44)
• Rise of Prediction/Gambling Markets:
  • Proliferation of markets like Kalshi and Polymarket blur information discovery and gambling.
  • "I think it's the mass adoption of gambling…I don’t know that you agree or disagree, but, man, you can gamble on literally everything and anything. 247..." (Scott, 22:06)
  • Jeff summarizes the history and murky regulatory outlook, with the distinction between public interest prediction and outright gambling still unfolding.
  • "There's always money at play for information discovery, no matter how trivial, no matter how substantial. And what Polymarket and Kashi ... can do is try to bring it more to the public disclosure with the possibility of fair price discovery for that information." (Jeff, 25:49)
• Insider Trading Concerns:
  • Both agree risks are inevitable:
  • "I'm not sure that Taylor Swift's travel agent should be able to put a million dollars on whether Taylor Swift is going… politicians that can place bets...because all of those markets are now available." (Scott, 27:56)
  • Jeff: "People pay for that information already...there’s already a cottage industry of inside information that is financialized...we should be concerned. But...does this market enable that in a way that is not already enabled?" (Jeff, 28:22)

7. Sentiment Signals, Macro Liquidity, and Counter-Indicators

• Despair and “Bitcoin Going to Zero":
  • Google Trends shows "bitcoin going to zero" searches peaked February 13th (score 100), often viewed as a contrarian (bullish) signal.
  • "When everybody's giving up it seems like a really good time to buy bitcoin...if you think that that's even possible, I don't care who's searching it, then you are your own best counter indicator." (Scott, 29:03)
• Fed Liquidity Injections and Macro Easing:
  • Significant overnight repo injections by the Fed signal an end to monetary tightening, adding tailwinds for risk assets like BTC.
• Regulatory Mood:
  • SEC Chair Paul Atkins urges calm, not panic, regarding slumping crypto prices.

Notable Quotes & Memorable Moments

• On Financialization:
  • Jeff: "Boom. The hyper financialization must go on. The retardification of society will continue." (21:44)
• On Outsider Money:
  • Jeff: "Bitcoin has always meant to be outside money. Right. It's meant to be an outsider's outside money, even as a sovereign reserve." (20:21)
• On Contrarian Sentiment:
  • Scott: "When everybody's giving up it seems like a really good time to buy bitcoin...you are your own best counter indicator." (29:03)

Timestamps for Key Segments

• [01:39] – Jeff on low-volume market dynamics
• [03:59] – Breakdown of viral 13F IBIT filing and the rise of “Loror”
• [09:28] – Family offices as the vanguard of capital flight
• [13:03] – State of BTC treasury companies and future strategies
• [19:44] – UAE entity quietly accumulating BTC
• [21:28] – Announcement: CME launching 24/7 crypto futures & options
• [22:47] – The information/gambling/markets debate
• [29:03] – Search trends: “Bitcoin going to zero” – is it a bottom signal?
• [29:35] – Macro liquidity, market psychology, and regulatory notes

Conclusion

This episode delivers a thorough examination of evolving Bitcoin accumulation trends, an inside scoop on Asian conduit vehicles for BTC capital flows, and sharp commentary on how hyper-financialization, prediction markets, and regulatory uncertainty shape the industry. Listeners are left with a sense that beneath weak price action, powerful and strategic hands are accumulating, and that the "outsider money" thesis for Bitcoin remains resilient even as markets become ever more complex.