A Disconnect Between Prices & Fundamentals

Published on October 21, 2025

Despite short-term bearish sentiment, the case for Bitcoin remains underpinned by persistent macro weakness, potential Fed easing, and renewed distrust in traditional financial systems.

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Flying Blind

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As we recently argued, investors don’t need to worry about the federal government shutdown showdown causing a recession. Before the current shutdown, the federal government had been shut for eighty days in the prior thirty years, with none of those days during a recession.

Q3 2025: The Stock Market Is the Economy

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