Issue 01 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.
Issue 01 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.
Issue 01 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.
Issue 01 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.
Issue 01 The Hashpoint Where Bitcoin sits in its long-run structural envelope. The simplest version of what the data says.
