The @COLDCARDwallet drain is the FTX moment of this cycle, unequivocally. This marks the end of the retail/pleb self-custody movement, and the beginning of the next stage of bitcoin's financialisation — one that will accelerate adoption through IBIT, MSTR, and BTC-backed loans. I am shocked that BTC has not made a new low following this event, and will be watching the first 10 days of August closely to see if one forms. BTC CDD has spiked, signalling that old coins are coming back to life, after an event like this, this is no surprise.
James Van StratenShare
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