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@ Seth Michael Steele
2025-05-16 00:55:34
The Wisconsin Investment Board has liquidated all of its Bitcoin exposure.
Calling them paper hands would be generous…they never actually held Bitcoin itself, only indirect exposure through ETFs. What’s puzzling is that they sold their Bitcoin linked stocks but chose to keep their shares in MicroStrategy. That decision is hard to square. The seeming opposite of Jim Chanos, are they trying to pump the premium? Nah, too much of a big brain move for someone selling sats.
Still, every time someone sells, it creates an opportunity for stronger hands to step in. The churn is part of what makes this market exciting. What doesn’t kill Bitcoin only hardens its resilience.
It’s a strange chain of accumulation we are seeing: they buy Bitcoin for MSTR and BlackRock, MSTR and BlackRock buy BTC for Coinbase, Coinbase supplies whoever’s on the other end: institutions, black markets, or hackers.
And here I am, stuck in the middle with you.
https://blossom.primal.net/267912433fd0f568a7e30c359b12fc903d61f2896d8168130bafe840bc680805.jpg