🟠 BTC Cycles

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.

Happy Tuesday to the 20,291 Minimalist members reading today. 👋 

Today we’re covering:

• Utah advances bill for BTC reserves

• MicroStrategy plans to lock up 5-6% of BTC

• Bitcoin dominance surges

• And everything else you need to know.

Estimated read time: 2 minutes and 59 seconds

WHAT WE’RE WATCHING

📊 Glassnode calls Bitcoin’s 2025 cycle "atypical" due to deep liquidity and institutional adoption. Bitcoin’s market cap grew 5.3x from 2022 lows, outpacing altcoins’ 4.7x rise. Institutional inflows, ETFs, and a monetary hedge narrative drove Bitcoin dominance from 38% to 59%, while altcoins lagged amid lower investor confidence.

🏛️ Utah is on track to become the first U.S. state with a bitcoin reserve. A bill allowing up to 5% of public funds in bitcoin just passed committee with strong political backing. Other states, including Arizona, are pushing similar bills, while Senator Cynthia Lummis advocates for a federal bitcoin reserve.

📉 TFTC claims that MicroStrategy is driving a multi-decade Bitcoin supply squeeze by locking BTC away through financial instruments like convertible notes and preferred stock. Holding 2.5% of all Bitcoin, they aim for 5-6%, reshaping Bitcoin’s market dynamics and reducing circulating supply as institutions adopt similar long-term strategies.

📈 PlanB highlights that past Bitcoin bull markets (2013, 2017, 2020/21) each had at least four months with +40% returns. He speculates on the potential impact if Bitcoin sees similar gains from February to May, suggesting a continuation of historical trends.

📊 Trump’s media company, TMTG, is planning to launch three ETFs, including one tracking Bitcoin. The funds will focus on Bitcoin, American manufacturing, and energy independence.

🟠 Bitbo launches Bitbo Stocks, a platform for analyzing stocks in Bitcoin terms. The site offers real-time stock prices in BTC, asset return comparisons, and dollar-cost averaging (DCA) strategy testing, aiming to help investors adopt a Bitcoin standard.

[JOB] 💼 Luxor is hiring! Seeking a U.S.-based ASIC Trading Desk - Sales Associate (remote). Role includes sourcing Bitcoin mining hardware, executing sales strategies, and providing market insights. Requires 2+ years of sales experience, Bitcoin mining expertise, and CRM skills.

IN THE LOOP

• Bitcoin's market cap grew 37% in three years, while other cryptocurrencies (excluding stablecoins) fell 11%.

• Bitcoin recorded its first-ever $10,000 daily price surge.

• Semler Scientific added 871 BTC for $88.5 million, bringing its total holdings to 3,192 BTC.

• MicroStrategy has rebranded as 'Strategy' to emphasize its Bitcoin-focused business.

• Standard Chartered predicts Bitcoin will reach $500,000 by 2028.

• Sam Bankman-Fried’s parents are seeking a Trump pardon for their son, who is serving 25 years for FTX fraud.

• Coinbase’s Conor Grogan suggested Kraken may have KYC data revealing Satoshi Nakamoto’s identity.

The most clicked link in our last newsletter was the White House press conference where it announced its U.S. crypto strategy, led by David Sacks.

POLL

TUESDAY’S POLL RESULTS

Will the US sovereign wealth fund be the method the government uses to buy bitcoin?

🟩🟩🟩🟩⬜️ 👍 Yes (85%)

🟥⬜️⬜️⬜️⬜️ 👎 No (15%)

👍 Yes: “It will probably include gold, BTC, oil futures, private technologies etc.” — Chris

👎 No: “How will this fund be funded? The government has continuously been raising the debt ceiling…” — Leo

CHARTS & DATA

Mayer Multiple - Mayer Multiple has dropped to 1.23, putting in the 60th percentile zone.

SOPR - SOPR has yet to drop in the red zone during this bull market.

FROM THE ARCHIVE

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