$69,000 Bitcoin and instant pump the moment Jane Street gets called out?
Traditional Finance hates you, and so do the politicians who protect these actions.
Big if true, bookmark this.
“Over 400,000 BTC bought between $60K and $70K during bitcoin’s latest downturn.”
This @coindesk headline is misleading.
What the Glassnode URPD data actually shows is that ~429K BTC last moved on-chain between $60K and $70K since Jan 1. That is a cost-basis migration – not proof of aggressive new dip buying.
URPD measures where coins last transacted on-chain. If supply in a price band rises from 997K BTC to 1.43M BTC, it means those coins changed wallets at those prices. It does not tell you:
– Whether the buyer was new capital
– Whether it was ETF custody rebalancing
– Whether it was OTC settlement
– Whether long-term holders rotated supply
– Whether entities consolidated coins
– Whether miners sold and large desks absorbed
Entity-adjusted removes internal exchange shuffling, which improves the signal. But it still cannot determine intent.
Saying “400K BTC bought” implies fresh demand entering the market. What the data actually confirms is that 400K BTC changed hands on-chain while price traded in that zone.
Those are not the same thing.
The real takeaway is structural: the $60K–$70K band now contains a much denser cost-basis cluster – over 8% of non-exchange supply. That suggests stronger potential support if price revisits it.
That’s a meaningful market insight.
But framing it as “aggressive dip buying” is narrative spin layered on top of a cost-basis redistribution metric.
URPD shows where supply sits.
It does not prove who was buying, why they were buying, or whether net new capital entered.
Subtle distinction – big difference in interpretation.
Really love @WClemente’s framing for his generation.
Often times as we get older, we get stubborn in our views and it’s really important learn from older generations’ history but also look at things thru the younger generations’ eyes as well.
That’s how we rebuild.
He will be a leader in the 1st Turning and is asking all the right questions and also trying to find some answers to reignite a 21st century social contract.
Doing industrial policy is a lot like doing venture capital.
It is not simply enough to spend the money. You need to spend it well. And it’s nontrivial to get return on large investments. That’s the problem with Westerners who think just cargo-cult copying the East will work.
Because the best capital allocators in the West are in the private sector. Those are the tech founders and VCs. But in the East, some are actually also in the public sector. They have officials who can do math, know engineering, and take calculated risks.
The reason is because the entire Chinese system is organized like a giant tech company where you need to post growth numbers at the level of a prefecture to get the promotion to run a province.
The Internet is the only Western “institution” (though we don’t yet think of it that way) that has a similar numerically-oriented promotion mechanism. But we call it Seed, Series A, Series B, Series C, and so on.
So, the Internet is like an embryonic capitalist, decentralized, internationalist alternative to the communist, centralized, nationalist system that built China.
Though both of them have technical/economic/numerical criteria for leveling up, you need to be a Chinese speaker of Chinese descent to level up in the Chinese system…but anyone can level up in the Internet system.
In fact, we can enable 100% of the world to become president of a network state, as opposed to the ~2% of the world who is a 35+ year old native-born American, and who therefore qualifies for the presidency of the United States.
As an example, the billionaire founder of Calendly is Nigerian was born in Lagos, yet is clearly more competent than the vast majority of elected US-born officials, many of whom are innumerate nepotists of one variety or another. The Internet allows us to source, fund, and elevate dark talent of this kind, from India to Indiana, from the Middle East to the Midwest.
At least, the Internet is a prototype of such a system. It currently creates digital entities of enormous scale. It hasn’t yet been printed out fully into the physical world in the form of 1,000 startup societies and network states. But it will be.
PS: this book has a boring cover, but is actually quite well written. It explains how China’s numerically-oriented public sector actually works.
amazon.com/How-China-Work…
@balajis Do you believe China's version of state sponsored capitalism / capital allocation to be the exception or a glimpse into the future for many western nations?
4 million transactions in week one.
@RobinhoodApp Chain just launched its public testnet and developers showed up immediately.
An Ethereum L2 built for tokenized equities, ETFs, and real-world assets. We're proud to be powering the infrastructure 👇
@shawmakesmagic@FINALLEVEL It's really not, though.
Hollywood did a lot of dumb political stuff and halted the art of it, but the current state of AI and entertainment is not great.
I do not want to see real talent die.
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