Happy Wednesday!

Bitcoin is now down over 50% off its peak and bulls are a rare sight these days. But this industry veteran maintains that the thesis is still intact and bullish catalysts are coming.

Michael Saylor has been going through a rough patch recently with all the uncertainty around MSTR. But considering AI is a liquidity ‘black hole’, that’s not unexpected, he said.

Plus, PCE inflation just came in at 4.1%. The jobs report lands Thursday. Expert trader Matt Maley spent last week making strategic entries and exits on SQQQ as volatility developed in real time — and today at 4 PM ET, he's going live to show exactly how he's positioning.

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TOP STORY

Bitcoin's Down Over 50%, But The Thesis Isn't Broken, Industry Veteran Says: Watch These Catalysts

Bitcoin remains down 50%+ from its $127,000 peak, prompting Two Prime CEO Alex Blume to warn that finding a new marginal buyer is critical with Strategy Inc sidelined.

Blume told Schwab Network that Saylor's aggressive financial engineering has reached its limits, forcing MSTR to defend its cash rather than buy BTC, though the core thesis remains intact.

To spark a trend reversal, Blume is watching three triggers: returning momentum, the typical four-year cycle, and the passage of the regulatory-clearing CLARITY Act.

SPECIAL OFFER

Bearish Hedges And Volatility Plays For July — Live Session Today

PCE inflation just came in at 4.1%. The jobs report lands Thursday. Expert trader Matt Maley spent last week making strategic entries and exits on SQQQ as volatility developed in real time — and today at 4 PM ET, he's going live to show exactly how he's positioning for a month that could reprice the market more than once.

MARKET MINUTES

Circle crashed a good 17% on Tuesday after Visa, Coinbase, and BlackRock announced their backing for a rival stablecoin. But $190 remains the target, Bernstein writes.

Donald Trump made 9 figures from crypto-related ventures tied to the Trump family, according to a disclosure. But do you know how much Melania Trump made?

Ripple and Coinbase are among the top corporate donors for November’s midterm elections. Here’s how much money they forked over.

FINTECH FOCUS

Michael Saylor Says 'AI-Driven Black Hole' Diverts Capital Away From Bitcoin

Strategy Inc is holding flat as Michael Saylor shrugs off critics of his controversial 32 Bitcoin liquidation.

He blamed the asset's lag on an "AI-driven black hole" sucking $500 billion in capital toward tech giants like Google and SpaceX.

Saylor revealed that Strategy bought a net 175,000 Bitcoin this year — making the sale a legally immaterial two basis points of holdings — and argued STRC dividend panic is overblown.

He noted Bitcoin only needs to appreciate 3% annually to cover payments indefinitely, comparing Bitcoin's massive fundamental strength to Amazon in 2010 or Apple in 2012 before capital rotates back in Q3 and Q4.

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