At $87,500, Bitcoin is sitting exactly in the middle of the $85,000 put gamma wall and the $90,000 call gamma wall.

If the market was pricing in near-term risk for EOY options for bitcoin the implied volatility wouldn't be sitting near three-month lows.

Never listen to anyone who says not to invest in an asset class that's too big.
Gold's market cap has increased by $13T
Silver's market cap has increased by $1.6T
Price is set at the margin.

The worst Q4 for Bitcoin in 7 years.
Bitcoin went onto appreciate 170% over the following two quarters.

A highlight of mine this year was watching the price of bitcoin fall $28,000 in nine days.

The common stock dilution FUD is insane as Saylor's wealth is mostly tied to his 20 million Class B shares in MSTR, economically equivalent 1:1 to publicly traded Class A shares.
A drop in Class A stock price directly reduces the value of his net worth, which the Class B make up 70%+.

So the MSTR bears have gone from insolvency to saying @saylor was wrong on his timing.
Which now sounds more like an upside issue than a downside issue.
People are now criticizing @saylor for doing the cash reserve buffer too late and saying he should have ATMd while the stock was at a 3x mNAV and buying BTC at all-time highs.

Jane Street has some work to do today.
Must have thought they could get Christmas off early.

Everyone screaming that the world is coming to an end because gold is up 70% YTD.
Gold is up 150% over the past 5 years, it was extremely undervalued, nothing more.
It has 2.5x returns since December 2020.
It is breaking to new highs against money supply.

I’m in contact with a lot of sell-side research analysts and that majority of them are bearish bitcoin for 2026.
We need more capitulation but we’re getting closer.