Long Live The King...

This is truly the loneliest bull market ever. The majority already sold, but if you wanna do something lucrative in any market, it’s to never side with the majority. We’ve seen how that played out during COVID, the Ukraine war, and many other FUD events over the past few years.

Somehow, market makers have tricked the masses into selling them cheap Bitcoin. I specifically used the term Bitcoin, not crypto, because this bull market has mostly been about Bitcoin, as altcoins have been underperforming the king by a wide margin.

GameStop, the prominent video game retailer that’s building a Bitcoin treasury, generated an additional $450 million in fundraising that it can use to buy BTC, according to a filing with the SEC.

The raise boosts its previous convertible notes offering to $2.7 billion in total after the initial purchaser exercised its option to purchase the additional $450 million in 2030 notes. The offering was previously upsized from $1.75 billion to $2.25 billion.
source

GameStop is a small player in the Bitcoin (sorry, not crypto) industry. BlackRock manages close to 700,000 BTC, which is massive, imo. With only 21 million coins ever to exist, of which a couple million are likely lost forever, BlackRock’s 700,000 is inching closer to 1 million coins.

MicroStrategy holds over 600,000 BTC, and there’s talk of the US government planning an "accumulation plan" to buy Bitcoin. I’ve been wondering, though—are they eyeing Ross Ulbricht’s Bitcoin, or are they planning to buy spot from the market?

The silver lining is that Bitcoin (not crypto) has solidified as a store of value, yet the masses are almost completely sidelined. I haven’t heard anyone talk about crypto in real life for a while, which shows retail is totally out of the game. That’s why altcoins are stuck so deep in the gutter.

$100,000+ BTC isn’t appealing to regular plebs. Who knows, maybe $200,000 will spark their interest and drive them to buy altcoins like crazy, like in 2017 and 2021. The logic for an altcoin season is that owning a whole BTC will feel nearly impossible, but with Bitcoin’s adoption so tangible, they might try their luck with altcoins.

I’ve got almost three full cycles under my belt, and this one’s the oddest yet. We’re either gonna see altcoins soar like crazy by the end of 2025, like in 2017 when BTC dominance peaks, or we won’t see an altcoin season at all this cycle, which would be a total fail for the industry.

One might ask why a bull market without an altcoin season is a fail... Well, if only Bitcoin and stablecoins get mass adoption, and Bitcoin’s no longer a retail investor’s asset while stablecoins act like some form of CBDCs, then we ain’t winning, boy...

One can only hope and wait... So far, this is truly the loneliest bull market I’ve ever experienced... Have a great day and catch ya next time.

Thanks for your attention,
Adrian