Happy Friday!

Bitcoin is rallying at the moment, but the bottom is still not in, according to a prominent crypto analyst. He says that may only come in 2027.

Coinbase continues to see record short interest. With Bitcoin rallying, short sellers may be playing a dangerous game.

Plus, this hedge fund is quietly loading up on domestic rail networks and steel production. The thesis is simple: The AI hype cycle fades. Infrastructure doesn't. See what smart money is buying right now.

TOP STORY

Bitcoin's Cycle Is Intact, But The Bottom May Come In 2027, Analyst Says

Bitcoin’s four-year cycle is intact — but the bottom may not arrive until 2027, analyst Benjamin Cowen warns.

Cowen confirms BTC's latest cycle peak landed around day 1,162 from the prior low, nearly identical to the 2013, 2017, and 2021 cycles, differing by roughly a week.

The problem: key bottom indicators like the MVRV Z-score haven't hit bear-market levels yet, and midterm election years — 2014, 2018, and 2022 — all followed the same playbook: February rally, March fade, then lower lows.

SPECIAL OFFER

Elite Hedge Funds Are Dumping Tech and Buying Steel Mills. Here's Why.

Slate Path Capital is quietly loading up on domestic rail networks and steel production. The thesis is simple: you cannot reshore American manufacturing without American steel, and you cannot move American goods without American rail. These aren't glamorous trades. But they're the backbone of a $5 trillion industrial policy push that is just getting started. The AI hype cycle fades. Infrastructure doesn't.

QUICK N DIRTY

Bitcoin, Ethereum, XRP continue to make up ground and rally even though traditional markets struggle: here’s what’s moving markets today.

Bitcoin ETFs are, in fact, doing a lot better than you would think. Here’s why they’re in good shape.

Dubai has cancelled this year’s Token2049 crypto conference over security concerns. It’s now postponed to 2027.

FINTECH FOCUS

Coinbase Short Interest Doubles In 2026: S3 Data Shows Elevated Potential For Short Squeeze

Coinbase short interest has doubled in 2026 to 10% — and S3 Partners is flashing a short squeeze score of 82 out of 100.

The crypto exchange is down 18.3% year-to-date, bleeding worse than Bitcoin itself, as Q4 revenue missed estimates at $1.78 billion, down 5% year-over-year.

The catch: COIN hit squeeze scores above 70 three times in 2025 and never actually squeezed.

With Bitcoin recovering toward $73,000 today and COIN carrying a 0.60 correlation to BTC, a sustained crypto rally is the most likely catalyst to force shorts to cover.

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