🟠 BTC Realized Price

First time reading? I’m Jordan, and this is The Bitcoin Minimalist. Every Tuesday & Thursday, we scour 100s of sources to bring you need-to-know Bitcoin insights.

Good morning — Jordan here.

Things were slow yesterday, but news really picked up today!

Happy Thursday to the 19,526 Minimalist members reading today. 👋 

Today we’re covering:

• Michigan pension triples Bitcoin ETF stake

• Trump to sign Bitcoin executive order

• PlanB says bull market still intact based on on-chain data

• And everything else you need to know.

Estimated read time: 2 minutes and 51 seconds

WHAT WE’RE WATCHING

📊 PlanB says Bitcoin at $115K confirms bull market. It's trading above all key realized prices: 6-month ($104K), 2-year ($88K), and all-time ($51K), each rising. He highlights no signs of weakness, with all realized prices climbing—supporting his view that the bull market is strong and intact.

📜 Trump signs order to allow crypto in 401(k)s. The executive order directs the Labor Department and SEC to enable access to Bitcoin, crypto, private equity, and gold in retirement plans. It builds on a May policy reversal and targets $12.5T in defined-contribution accounts, aiming to integrate digital assets into mainstream retirement savings.

📈 Bitcoin jumped to $117K after Trump 401(k) order leaked. Reports of Trump’s executive order allowing Bitcoin and crypto in retirement accounts fueled the rally earlier today.

🇧🇷 Brazil to debate $17B Bitcoin reserve on Aug. 20. Lawmakers will consider allocating up to 5% of Brazil’s $344B in foreign reserves to BTC. The move would make Brazil one of the largest sovereign Bitcoin holders.

🇯🇵 Bakkt to buy 30% of Marusho Hotta, creating bitcoin.jp. The rebrand marks a major shift toward Bitcoin treasury services in Japan. Bakkt aims to turn the yarn maker into a Bitcoin-focused vehicle, part of its broader strategy to become a dedicated crypto infrastructure firm.

IN THE LOOP

• Michigan’s state pension fund tripled its bitcoin ETF holdings to $11.4 million.

• Satsuma Technology raised $218 million—over half in Bitcoin—to expand its BTC treasury and decentralized AI strategy.

The most clicked link in our last newsletter was PlanB’s video predicting a long bull cycle with price targets up to $500K.

MACRO & INDUSTRY

• Indonesia is exploring Bitcoin mining and BTC in its national reserves.

• Trump’s tariffs on Bitcoin mining equipment are raising costs and pushing U.S. miners to shift operations abroad.

• IREN shares jumped 11.4% after mining more Bitcoin than MARA in July despite having a smaller hashrate.

• The Bank of England narrowly voted 5–4 to cut interest rates to 4% amid mixed signals on inflation, growth, and employment.

POLL

TUESDAY’S POLL RESULTS

🌀 Do you think traditional Bitcoin bull/bear cycles still exist post-ETF era?

🟥⬜️⬜️⬜️⬜️ 🔁 Yes, same 4-year pattern (19%)

🟨🟨⬜️⬜️⬜️ 🧨 No, ETF demand changed everything (32%)

🟩🟩🟩⬜️⬜️ 🐢 Somewhat — cycles are slower now (49%)

🧨 No, ETF demand changed everything: “It’s not the same, the retirement accounts hold for years. There will be no huge drops in price. But BTC, will continue to rise as per its design and program. It is our future!” — Blake

🐢 Somewhat — cycles are slower now: “The rate of Bitcoin inflation is getting so low that the halvings are having much less effect than before. With more mainstream adoption, Wall Street and private investors influenced by the rest of the markets are a much larger influence.” — Austin

🐢 Somewhat — cycles are slower now: “Still seems to be some viable opportunities!” — Trevor

CHARTS & DATA

Bitcoin Treasuries - The number of Bitcoin held by ETFs, governments, private companies, and public companies has skyrocketed since 2024.

Mayer Multiple - Despite a clear bull trend, Mayer Multiple is staying low at just 1.17.

FROM THE ARCHIVE

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