🟠 BTC Bills

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.

Slow days in the Bitcoin world. Now’s the best time to stack and build.

Happy Tuesday to the 20,232 Minimalist members reading today. 👋 

Today we’re covering:

• Arizona votes on Bitcoin public funds

• Strategy's total BTC holdings surpass 500K

• Arthur Hayes predicts $110K Bitcoin price

• And everything else you need to know.

Estimated read time: 3 minutes and 3 seconds

WHAT WE’RE WATCHING

📊 Arthur Hayes believes Bitcoin is more likely to hit $110K than drop to $76.5K. He cites easing monetary policy and rising global liquidity as key drivers. While others agree with the bullish setup, $88K remains strong resistance and a dip to $76.5K isn’t ruled out by analysts.

🏛️ Arizona’s House will soon vote on two crypto reserve bills. One allows the state to hold seized digital assets; the other permits investing up to 10% of public funds into Bitcoin. Both face a possible veto from Governor Katie Hobbs, who has blocked 22% of bills in 2024.

📦 Strategy bought 6,911 BTC last week for $584M, pushing its total holdings to 506,137 BTC. The average purchase price was $84,529, funded through $592.6M in stock sales. Strategy’s full stack now averages $66,608 per BTC, totaling $33.7B in Bitcoin investments.

📈 Trump Media shares jumped 9% after announcing an ETF deal with Crypto.com. The partnership will launch crypto-focused ETFs under the Truth.Fi brand, featuring assets like Bitcoin and other altcoins. Despite the pop, Trump Media stock remains down 38% in 2025 and reported a $400M loss last year.

🛡️ Kentucky signed its “Bitcoin Rights” bill into law. House Bill 701 protects the right to self-custody, run nodes, and use crypto without discrimination. It also shields mining from certain regulations. The move comes as Oklahoma’s Bitcoin reserve bill advances, placing it neck-and-neck with Texas in the state BTC reserve race.

📈 Spot Bitcoin ETFs saw $84M in net inflows Monday, marking a 7-day streak totaling $860.6M. It's the longest run since January, signaling renewed institutional interest amid improving macro conditions and a more relaxed regulatory outlook.

🌍 BlackRock launched its first Bitcoin ETP in Europe with a 0.15% fee waiver through year-end. Trading on Xetra and Euronext, the move follows its $50.6B US ETF success and aims to boost crypto adoption in Europe’s smaller, less liquid ETP market under MiCA regulations.

IN THE LOOP

• Mt. Gox moved $1 billion in bitcoin ahead of its October creditor repayment deadline, but still holds 35,583 BTC.

• Bhutan moved $63 million in Bitcoin to three wallets while its main wallet still holds $890 million in crypto, mostly BTC.

• Metaplanet raised its Bitcoin holdings to $293 million with a new 150 BTC purchase.

• A Bitcoin whale bought $200 million in BTC while another moved $250 million after 8 years.

• Tabit Insurance secured a $40 million bitcoin-funded facility to offer real-time fund verification while keeping policies in U.S. dollars.

The most clicked link in our last newsletter was President Donald Trump speaking at Blockworks' Digital Asset Summit in New York City.

MACRO & INDUSTRY

• Trump’s possible delay of broad tariffs could ease pressure on crypto markets, helping Bitcoin rebound, according to analysts.

• Sen. Warren challenged SEC nominee Paul Atkins over FTX ties, deregulation views, and potential conflicts of interest.

POLL

THURSDAY’S POLL RESULTS

Will the U.S. ever drop capital gains tax on Bitcoin?

🟩🟩🟩⬜️⬜️ 💡 Yes, eventually (47%)

🟨🟨⬜️⬜️⬜️ 🚫 No, never (19%)

🟨🟨⬜️⬜️⬜️ ⏳ Only for long-term hodlers (29%)

🟥⬜️⬜️⬜️⬜️ ⚡️Only for short-term holders (5%)

💡 Yes, eventually: “It's highly unlikely that the government will drop capital gains taxes on Bitcoin (BTC) anytime soon. The government makes a lot of money from capital gains taxes, especially as crypto trading and investment have grown. Eliminating this tax would mean losing billions in potential revenue.” — Eli

🚫 No, never: “Not the hill to die on.” — Chris

VIDEO

🍌 The Bitcoin “banana zone” — the parabolic phase post-all-time highs — is currently in a corrective pullback, not a breakdown.

Rekt Capital claims this 30% dip mirrors past first-phase corrections from previous cycles like 2017 and 2021.

Signs of recovery, including bullish RSI divergence and declining sell volume, suggest a transition toward the next uptrend may be underway.

📺 Watch the full breakdown here:

CHARTS & DATA

All-time High - While it feels like a very long time, Bitcoin last hit an all-time high just 64 days ago.

Mayer Multiple - Mayer Multiple is still just 1.03, placing it in the 20-40th percentile all-time.

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