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The Compression

The Compression

Bitcoin holds $73,771 inside a 700-point band. Treasury yields hit their highest since 2007. Strategy bought bonds, not Bitcoin. Three mechanisms — ETF flows, the STRC funding apparatus, and the macro ceiling — are all pointing the same direction. The compression began before most people noticed it. Bitcoin did not crash

The BitVac Pauses

The BitVac Pauses

Strategy bought bonds, not Bitcoin, this week. The mechanics of why — and what "the BitVac is charging" actually means for the week ahead. Four words. That is all it took to move the institutional demand picture for Bitcoin this week. "Bought bonds, not bitcoin." Michael Saylor

The 2007 Number

The 2007 Number

The 30-year Treasury yield hit 5.197% on May 20. Its highest since July 2007. What that number means for Bitcoin, and why bond market volatility is the variable that matters most right now. The equity market is calm. The VIX sits at 15.32. By that measure, this is

Six Days Out

U.S. spot Bitcoin ETFs posted six consecutive days of outflows and $1.42 billion in weekly exits. The year-to-date net inflow figure for 2026 has shrunk to $536 million. What the flow data actually says. The nine-session inflow streak that defined early May is a distant memory. U.S.

The Hashpoint

Where Bitcoin sits in its long-run structural envelope. The simplest version of what the data says. And what we watch for in the week of June 1. Every issue of Hashpoint Magazine ends the same way: with the simplest version of what the structural data says. No narrative framing. No

Midweek Dispatch

Midweek Dispatch

Eight days of bleeding — and nobody's turning off the tap. Wednesday, May 27, 2026 - Atlanta, GA Bitcoin has shed more than $3,000 in a week. The ETF era was supposed to smooth these moves. Instead, institutional rails are transmitting macro stress faster than the old wallet-to-wallet

Three Pillars, One Crack: How Bitcoin's Spring Rally Met the Mid-May Pipeline

Three Pillars, One Crack: How Bitcoin's Spring Rally Met the Mid-May Pipeline

Spot ETF flows reversed, Strategy's funding mechanism breached par, and a single CPI print forced a wholesale repricing of Fed expectations. All in one week. All compounding.

Reading the $1 Billion Outflow Week

Reading the $1 Billion Outflow Week

ETF flows reversed sharply in the second week of May. The reversal reveals something durable about the nature of institutional demand in 2026. It amplifies, but it does not lead.

Inside the STRC Par Defense: Why $99.30 Matters More Than $77,000

Inside the STRC Par Defense: Why $99.30 Matters More Than $77,000

Strategy's preferred-stock funding instrument has become the single most consequential mechanism in 2026's Bitcoin supply-demand balance. Here's why it's flashing yellow.

The CPI Print That Broke the Rally

The CPI Print That Broke the Rally

April inflation data forced Fed funds futures to reprice from rate cuts toward rate hikes. The macro environment for Bitcoin is now restrictive, not accommodative.

The Hashpoint

Where Bitcoin sits in its long-run structural envelope. The simplest version of what the data says.