🟠 BTC vs Gold

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.

Good to be back after taking the last week or so off!

Happy Thursday to the 19,523 Minimalist members reading today. 👋 

Today we’re covering:

• Realized cap hits $1T milestone

• U.S. crypto report coming soon

• SpaceX quietly moves $153M in BTC

• And everything else you need to know.

Estimated read time: 2 minutes and 50 seconds

WHAT WE’RE WATCHING

📊 Bitcoin's market cap is ~$2T vs. gold's ~$20T. PlanB says that this is happening while Bitcoin's stock-to-flow ratio (~120) is double gold's (~60). This chart by PlanB illustrates a strong correlation (R² = 0.995) between scarcity and market value, suggesting Bitcoin may be significantly undervalued relative to its scarcity.

🇺🇸 The President’s Working Group on Digital Assets is set to release its 180-day report on July 30. The report is expected to provide an update on the U.S. Strategic Bitcoin Reserve.

🏦 PNC Bank now lets wealth clients trade bitcoin directly via Coinbase. The partnership integrates crypto trading into PNC accounts, eliminating third-party platforms. PNC is also exploring blockchain for corporate payments and expects stablecoin adoption to grow under new federal regulations signed by President Trump.

💰 Bitcoin's realized cap hit $1 trillion for the first time. This milestone reflects deep liquidity and rising macro relevance. However, rising altcoin leverage and declining BTC dominance signal increasing market speculation and potential volatility.

IN THE LOOP

• Google search interest in "Bitcoin" has declined since 2017, but consistent spikes in "BTCUSD" suggest ongoing engagement from informed investors.

• MARA Holdings will raise $850 million to buy more Bitcoin and repurchase debt through zero-coupon convertible notes.

• SpaceX moved $153 million in Bitcoin after three years of inactivity.

• Fidelity amended its spot Bitcoin ETF to allow in-kind redemptions and creations, pending regulatory approval.

The most clicked link in our last newsletter was Trump celebrated record highs in crypto, stocks, and NVIDIA while urging the Fed to rapidly cut rates.

MACRO & INDUSTRY

• BlackRock says the dollar is losing dominance as central banks shift reserves to other currencies, gold, and possibly bitcoin.

• Block has joined the S&P 500, increasing indirect Bitcoin exposure for equity investors through its $1B BTC holdings.

• FTX creditors with approved claims are set to receive the next round of payouts by September 30, following an August 15 record date.

POLL

THURSDAY’S POLL RESULTS

Do you believe the 80,000 BTC move was…?

🟥⬜️⬜️⬜️⬜️ 👨‍💻 A cryptographic exploit (7%)

🟩🟩🟩⬜️⬜️ 🔑 Legitimate owner reclaiming dormant funds (54%)

🟨⬜️⬜️⬜️⬜️ 🎭 An artistic/narrative demonstration (16%)

🟨🟨⬜️⬜️⬜️ 🤔 Not sure (23%)

🎭 An artistic/narrative demonstration: “Hard to really say without massive speculation. Very cool story. Ross is that you?” — Dean

🎭 An artistic/narrative demonstration: “Be careful!” — Caleb

CHARTS & DATA

Stock to Income - Stock to income has remained interestingly accurate in its projections during this cycle.

Pi Cycle Estimate - Pi Cycle Top is currently projected to cross at the end of 2026.

FROM THE ARCHIVE

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