• Brady and John open with sports talk, covering the Knicks’ dramatic OG Anunoby tip-in and the World Cup kicking off in North America
• Bitcoin is back near $63K, prompting a discussion of whether current drawdown conditions resemble past cycle bottoms
• John reviews Alex Thorn’s Galaxy analysis showing that only 4 of 13 classic Bitcoin bottom signals have triggered, while the prior October 2025 top also showed only 2 of 11 classic top signals
• The hosts argue Bitcoin’s cycles may be changing as the asset matures, with ETFs, institutional capital, and deeper liquidity potentially compressing both tops and bottoms
• They revisit supply-in-profit metrics, noting that the percentage of Bitcoin supply in profit has fallen to levels similar to prior cycle bottoms
• Brady and John emphasize long-term conviction, recurring buys, and education as the antidote to emotional reactions during sharp Bitcoin drawdowns
• The episode explores whether MicroStrategy’s large Bitcoin holdings are a threat, with both hosts arguing that permissionless accumulation is part of Bitcoin’s design, not a weakness
• They discuss OG coin distribution, institutional absorption, miner selling, and AI-driven market distraction as possible contributors to Bitcoin’s recent 50% decline
• Macro coverage includes a hot CPI print, persistent inflation above target, Kevin Warsh’s Fed dilemma, and why rate cuts may still arrive despite elevated inflation
• Brady introduces Swan’s new Real Bitcoin Exchange, a first-to-market product designed to help ETF holders move from Bitcoin price exposure into real Bitcoin ownership

► For high-net-worth individuals and corporations seeking to build generational wealth with Bitcoin, Swan Private is your guide

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► Want to learn more about Bitcoin? Check out Welcome To Bitcoin a FREE Introductory course. Learn about Bitcoin in under 1 hour!

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• Bitcoin is mired in a record 13-day ETF outflow streak and wicked down near 59K before recovering to the low 60s
• Multiple on-chain bottom signals are flashing: coins held at a loss exceeding coins in profit, a touch of the 200-week moving average, and long-term holder supply near an all-time high at 16.3 million coins
• Each bear market is getting milder, with roughly 50% of addresses still in profit at this cycle's low versus about 35% back in 2015
• Brady and John argue the AI IPO supercycle (OpenAI, Anthropic, SpaceX) is vacuuming up risk capital and is the largest competing claim Bitcoin has faced to date
• Pierre Rochard, Nik Bhatia, and Mark Moss all frame the drawdown as repricing and AI competition rather than broken fundamentals
• JPMorgan, Bank of America, and Citi announced a shared tokenized deposit network through The Clearing House, a closed bank ledger that has nothing to do with Bitcoin
• Better and Coinbase issued a Fannie Mae-backed mortgage letting a Michigan couple pledge Bitcoin as collateral without selling, avoiding capital gains while keeping upside
• Fed cut odds stay murky after a strong jobs print, with Kevin Hassett arguing growth doesn't require hikes and Trump publicly pushing for cuts
• The hosts float a speculative, unverified theory that DOJ-seized Bitcoin from operations in Cambodia, Venezuela, and Iran may be quietly hitting the market
• Brady and John make the case that Bitcoin thrives in an AI future as deflationary money for an emerging autonomous machine economy

► For high-net-worth individuals and corporations seeking to build generational wealth with Bitcoin, Swan Private is your guide

✔ https://www.swanbitcoin.com/private?utm_campaign=private&utm_medium=sponsorship&utm_source=podcast&utm_content=swan_signal_live

► Secure your bright orange future with the Swan IRA today! Real Bitcoin, no taxes

✔ https://www.swanbitcoin.com/ira?utm_campaign=ira&utm_medium=sponsorship&utm_source=podcast&utm_content=swan_signal_live

► Secure your Bitcoin with Swan Vault

✔ https://www.swanbitcoin.com/vault?utm_campaign=vault&utm_medium=sponsorship&utm_source=podcast&utm_content=swan_signal_live

► Download the all-new Swan Bitcoin App

✔ https://www.swanbitcoin.com/app?utm_campaign=app&utm_medium=sponsorship&utm_source=podcast&utm_content=swan_signal_live

► Want to learn more about Bitcoin? Check out Welcome To Bitcoin a FREE Introductory course. Learn about Bitcoin in under 1 hour!

✔ https://www.swanbitcoin.com/welcome?utm_campaign=welcome_to_bitcoin&utm_medium=sponsorship&utm_source=podcast&utm_content=swan_signal_live

► Connect with Swan Bitcoin:

✔ Twitter: https://twitter.com/Swan

✔ Instagram: https://instagram.com/SwanBitcoin

✔ LinkedIn: https://linkedin.com/company/swanbitcoin

✔ Threads: https://www.threads.com/@swanbitcoin

✔ Facebook: https://www.facebook.com/SwanBitcoin/

✔ TikTok: https://www.tiktok.com/@realswanbitcoin

• Brady and John open on Bitcoin Pizza Day — Laszlo's 10,000 BTC purchase of two Papa John's pizzas now worth roughly $770 million marked Bitcoin's evolution from cryptographic curiosity into a medium of exchange
• SpaceX's S1 filing discloses 18,712 BTC held at a $35,000 cost basis, making the company the seventh-largest public Bitcoin holder ahead of Coinbase and adding institutional weight to the largest IPO in US history
• Strategy crossed BlackRock's IBIT this week to become the single largest Bitcoin holder on the planet, adding another 25,000 BTC for $2 billion and out-stacking the most successful ETF in US financial history
• Strive launched SADA, a perpetual preferred stock paying 13% daily Bitcoin-backed dividends — Joe Burnett frames it as a new product inside an old wrapper, echoing the 1971 money market fund innovation that took decades to find its container
• The ARMA bill, introduced with 17 co-sponsors, would codify the Strategic Bitcoin Reserve executive order and authorize the US Treasury to buy up to 200,000 BTC per year for five years, targeting one million coins or roughly 5% of global supply
• Iran launched Bitcoin-settled maritime cargo insurance, a vivid example of a sovereign nation routing around the dollar system and validating Yan Pritzker's 2021 prediction that countries outside the Western axis would adopt Bitcoin first
• Fed minutes signal higher-for-longer rates with the market now pricing only a 1.5% chance of a December rate cut — John argues Fed hawkishness matters less in a fiscal-dominance regime where Treasury spending sets the tone
• Bitcoin's implied volatility hit a seven-month low as AI takes the investor spotlight, but long-term holder supply is approaching a record high — Brady and John read this as a healthy floor forming around $70K rather than weakness
• Mark Cuban sold his Bitcoin claiming it failed as a hedge — John pushes back that you buy hedges before the event, not after, noting Bitcoin is up roughly 650% since February 2020 versus QQQ at 200%, gold at 175%, and the S&P at 145%
• Harvard trimmed its Bitcoin position to roughly $120 million and exited Ethereum entirely, likely rotating into AI exposure — Brady closes with a look at Vigil Protocol, Swan's first non-Bitcoin product, an AI-powered financial life mapping tool at vigilprotocol.ai

► For high-net-worth individuals and corporations seeking to build generational wealth with Bitcoin, Swan Private is your guide

✔ https://www.swanbitcoin.com/private?utm_campaign=private&utm_medium=sponsorship&utm_source=podcast&utm_content=swan_signal_live

► Secure your bright orange future with the Swan IRA today! Real Bitcoin, no taxes

✔ https://www.swanbitcoin.com/ira?utm_campaign=ira&utm_medium=sponsorship&utm_source=podcast&utm_content=swan_signal_live

► Secure your Bitcoin with Swan Vault

✔ https://www.swanbitcoin.com/vault?utm_campaign=vault&utm_medium=sponsorship&utm_source=podcast&utm_content=swan_signal_live

► Download the all-new Swan Bitcoin App

✔ https://www.swanbitcoin.com/app?utm_campaign=app&utm_medium=sponsorship&utm_source=podcast&utm_content=swan_signal_live

► Want to learn more about Bitcoin? Check out Welcome To Bitcoin a FREE Introductory course. Learn about Bitcoin in under 1 hour!

✔ https://www.swanbitcoin.com/welcome?utm_campaign=welcome_to_bitcoin&utm_medium=sponsorship&utm_source=podcast&utm_content=swan_signal_live

► Connect with Swan Bitcoin:

✔ Twitter: https://twitter.com/Swan

✔ Instagram: https://instagram.com/SwanBitcoin

✔ LinkedIn: https://linkedin.com/company/swanbitcoin

✔ Threads: https://www.threads.com/@swanbitcoin

✔ Facebook: https://www.facebook.com/SwanBitcoin/

✔ TikTok: https://www.tiktok.com/@realswanbitcoin