比特币跌破6万，MicroStrategy面临压力

Banklist Nation, it's time for the weekly roll up. It is the last week of June and for what feels like the third time this month, three three out of the four weeks, there is just blood in the streets. We got Ryan back this week. Back from vacation. You picked a bad time to come back from vacation. You should actually just go back on vacation. >> I came to find >> I came to find out if Michael Sailor is death death spiraling because that's what I heard. the whole micro strategy ecosystem. >> We are currently death spiraling, but like you don't really know how far it goes. Maybe it's just a baby death spiral. Anyways, uh Bitcoin is trading below $60,000. Uh Master Micro Strategy is trading below $100 for the first time since March of 2024. And Stretch is trading at $74, billions of dollars off of where it ought to be trading at $100. Uh, so strategies, they've got $1.7 billion in preferred dividends obligations in like like nine 10 months of coverage left. So we're gonna ask the question, is it all over for Michael Sale?

>> I think that means just nine months and then we'll be in a bull market. I think he planned this perfectly, >> dude. I think if Bitcoin, [laughter] we'll talk about this, but the easiest solution is that Bitcoin just goes up and then Michael Sailor's just free and clear. >> Not going to be a problem at all. Um, also I I saw this David on the week. ETH Labs has just been announced. People are asking if this is the new Ethereum Foundation. It is not quite a fork, but is started by some former EF members. We'll talk about that. Also, the Ethereum Foundation itself reducing headcount quite significantly, like something like 20 to 40%. So, is this a restructuring?

Is this a crisis? What does Vitalic think about this? And um, there was an executive order as well coming to the White House this week. It caught my attention because they were talking about quantum. Apparently the US wants to build a quantum computer and get this >> they think um they think quantum relevant cryptorelevant computers might come. Yeah, cryptography according to Donald Trump. We got to watch cryptography. Uh though um the cryptography relevant quantum computers could come as early as 2031 and they want all systems to be ready for that. So, we'll talk about what that means for the US, what that means for our crypto protocols as well. David, before we get in, you got a a shout out to make to our friends over at OKX. >> Yeah. OKX. Uh, so the ICE, the Intercontinental Exchange, parent company of different the the markets oriented ICE, [laughter] >> uh, which is a parent company of the New York Stock Exchange. They backed uh OKX at a $25 billion valuation because they want to launch tokenized New York Stock Exchange stocks and derivatives later this year on OKX specifically. This is Tradfi on one side coming to DeFi on the other. All in the same app. This is the new money app from uh from OKX. Trusted by over 120 million users globally. OKX is bringing products to the United States. This is now a US company that Wall Street has been talking about for years. And so if you are not on OKX, they are offering you a 6% deposit match using the link in the show notes. So click that and get onboarded to OKX and get your 6%. Uh unless you are in New York or Texas is not available to you. Sad. Sorry. Sorry. New York. It's weird that it's Texas as well. >> Usually you don't usually New York's common. Texas is not so common over there. >> It is good to have another exchange available in the US. Like more options are better. Specifically coming from um the people behind the New York Stock Exchange. But David, let's get into the blood in the streets. Yeah. That you were you were teasing about. So, show us some blood. This is Bitcoin >> and on the US price chart. I think you have a a moving average line here. >> Yeah. So, these are 4hour candles. This blue line going across my screen is the 200WE moving average, which historically Bitcoin just does not stay below the moving average, 200E moving average very often. We're currently 5% below the 200E moving average. I I will say it did for a while. For a good bit, several months, many months in uh 2022, 2023 bear. >> Yeah. Okay, let's zoom all the way out. I will say I think we I think we talked about that last summer. Like it has spent maybe 5% of its time below the 200E moving average and it's dominantly >> in the 300 days in right after FTX. The 300 days after FTX is when it spent basically all of its time below the 200E moving average. >> So, how many days will we spend below the moving average?

What number is that? 62 uh >> right now $62,400 and Bitcoin is trading at $59,500 right now. >> Yeah, we're in the 50s. We're officially in the 50s. Um is some of that on the week due to some of the concern around the Michael Sailor universe?

This is a a question I have is how big of a deal is Michael Sailor as it relates to the Bitcoin price or does Bitcoin not care and Bitcoin happens to Michael Sailor?

But Michael Sailor does not happen to Bitcoin. >> I don't know the answer to that. >> They're two gravitational objects, right? Bitcoin is clearly the bigger one, but Michael Sailor is maybe a planet orbiting that star. Maybe he's a really big planet. Maybe also maybe this is a binary um star system too. >> If it's a binary star system, Ryan, that means that Bitcoin is dependent on Michael Sailor, which in my mind means the [laughter] Bitcoin project has failed. >> That's sacrilege. Okay. >> Yeah. Yeah. I mean, they have strategy has 800,000 850,000 Bitcoin. >> Yeah. >> Quite material. Yeah. >> Still in the broad schemes of things, it's it's what what percentage is that of total Bitcoin supply?

>> I don't know. Three, something like that. >> God, that's a lot. Okay. But like he but like yeah I mean fair point but he is kind of the marginal buyer and he is the um the bull of all bulls right he's sit on the throne of being you know chief bull officer of the bitcoin ecosystem but what's happening over in micro strate because you teased in the intro that um >> yeah let's just look at this >> strategy was actually down uh what is it down >> what chart does this remind you of Ryan >> down let me see down seven >> 25% 25% off of it doesn't have a peg okay >> but I call it par It's supposed to trade. >> Oh, this is stretch you're showing stretch. >> This is not uh MSTR, right?

>> Yeah. Well, I'll show MSTR in a second. Stretch. >> Can you remind people what Stretch actually is and why this is significant that it's down so much? >> Stretch is actually I'll just show you this ad. Um, do you remember this ad, Ryan?

>> Mhm. >> This is a AI ad of some babe in a pool in the Bahamas or like in in Asia drinking a margarita. and she goes, "I'm not meant to live a comfortable life. I put all of my savings into Stretch." What is Stretch?

Stretcher is a stock that pays me 11% a year in dividends for holding Stretch. 11.5% paid monthly. So that's what Stretch is. It's meant to trade at $100. Uh because when it's trading above $100, Strategy just gets to hammer the ATM and they mint more Stretch and they pocket the cash and then they can buy Bitcoin with the cash. They pay out also with the cash that they have. They pay out the dividends and the supply of stretch has grown so large that they have annual dividend obligations of $1.7 billion a year. And then they also have in reserve $1.4 billion. And so they have and they also have debt obligations elsewhere as well. And so they have about 10 months, this is on their website, they have 10 months of dividend coverage for a stretch. But there is simply three things are going down all at once. So the Bitcoin price is going down. >> Uh MSTR I'll pull up MSTR now. MSTR is going down bad. Very bad. And then also Stretch is going down. And so MSTR from the very tippy top is down 84%. From the tippy top of where whereas Bitcoin is down what like 50 60% >> 53% 53% >> 53%. Okay. >> Yeah. So, all of all three of these thing