MandcdIert

Money is starting to flow downhill - a critical observation for the next few years. The Mags may make all the money but they are spending it faster than they can make it. Their free cash flows are cratering. Best to follow the money and see who’s getting it. In this case, it’s following the AI trade and, more specifically, the data center and power economies. Make money from capital light business models like ads and software, then redirect it to asset heavy, traditional infrastructure companies. A complete reversal from the last 20 years is underway.

Each passing day I believe this more

During the most uncertain geopolitical period of this cycle, $BTC dominance climbed from 39.6% to 60.63%. Every major shock this cycle sent capital toward bitcoin.

Short-term $BTC holders were selling at a loss through February and are now at breakeven. Long-term holders added 900K BTC over the same period, now holding 14.6M. The sellers have stopped. The accumulators have not.