Bitcoin Hashpoint

Structural reads on Bitcoin, never price calls. Daily edition, Long Game essays, and Salvation Today, a free book for families. Don't trust. Verify.

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Last Notes

2026-10-27 11:20:55 GMT

The white paper turns eighteen on October 31. When the neighbors knock, give the adults something that lasts longer than candy: a free pamphlet on a money no one can print more of. https://bitcoinhashpoint.com/white-paper-night/

2026-10-27 11:20:54 GMT

Strategy Buys Zero Bitcoin and $205 Million of STRC
Strategy bought no Bitcoin last week and spent $204.9 million buying back its own preferred.
https://bitcoinhashpoint.com/the-hashpoint-for-2026-10-27/
https://bitcoinhashpoint.com/content/covers/2026-10-27-bc5f4a5b-1200.jpg

2026-10-26 16:45:16 GMT

Strategy filed an 8-K today: bought 0 BTC, 848,517 BTC held.
https://dashboard.bitcoinhashpoint.com
https://dashboard.bitcoinhashpoint.com/static/midday/2026-10-26-strategy-purchases.png

2026-10-26 11:20:54 GMT

Funds and Strategy Net Sell 321 Coins Over 30 Days
The two largest institutional buyers subtracted coins over the last 30 days.
https://bitcoinhashpoint.com/the-hashpoint-for-2026-10-26/
https://bitcoinhashpoint.com/content/covers/2026-10-26-0f4428ec-1200.jpg

2026-10-25 17:01:37 GMT

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Two exits, and they are not the same door. A stablecoin is the exit from the bank. Bitcoin is the exit from the denomination. An agent asks where the best rate is first, and what the rate is paid in second.

2026-10-25 17:01:26 GMT

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Banks fought for the GENIUS Act's ban on stablecoin interest. Exchanges pay "rewards" anyway: 3.75% on USDC at Coinbase One, up to 4.5% at Kraken+. The OCC's final rule on Oct 21 will judge those programs case by case.

2026-10-25 17:01:15 GMT

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Much of that money lands in stablecoins, which hold their reserves in Treasury bills. Stablecoins reached about $300.9B on Oct 1. Tether alone holds over $141B of U.S. government debt, among the 20 largest holders in the world.

2026-10-25 17:01:04 GMT

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Apollo's Torsten Slok asked last month whether an "agentic bank run" is coming. Checking pays 0.1% on average. Other accounts pay 3.3% to 5%. Give every household an AI agent told to find the best rate, and the cheap deposits walk out the door.

2026-10-25 17:00:53 GMT

The Calmest Bank Run
Every bank run in history has the same picture.
https://bitcoinhashpoint.com/the-hashpoint-for-2026-10-25-long-game/
https://bitcoinhashpoint.com/content/covers/cover-longgame-d0429dab-1200.jpg

2026-10-25 16:45:16 GMT

The three-day median hashrate fell 7.9% to 1,007 EH/s.
https://dashboard.bitcoinhashpoint.com
https://dashboard.bitcoinhashpoint.com/static/midday/2026-10-25-on-chain-network-state-hashrate-over-time.png

2026-10-25 11:20:54 GMT

The Funds Turn Net Sellers as Bitcoin Dips Under $80,000
The spot Bitcoin funds turned net sellers on the box's 30-day count this morning.
https://bitcoinhashpoint.com/the-hashpoint-for-2026-10-25/
https://bitcoinhashpoint.com/content/covers/2026-10-25-5108d7f2-1200.jpg

2026-10-24 16:45:15 GMT

Supply pressure moved from 0.59 to 0.28: Strategy and the spot ETFs bought 0.28x the coins mined over 30 days.
https://dashboard.bitcoinhashpoint.com
https://dashboard.bitcoinhashpoint.com/static/midday/2026-10-24-supply-shock.png

2026-10-24 11:20:55 GMT

Ten weeks after the white paper, the network started. It has run ever since. Tell the story at your door this Halloween with a free pamphlet. https://bitcoinhashpoint.com/white-paper-night/

2026-10-24 11:20:53 GMT

STRC Climbs 71 Cents as the Funds Pull $138 Million
Strategy's variable-rate preferred closed Friday at $99.36, up 71 cents from Thursday's $98.65 and 64 cents under its $100 par.
https://bitcoinhashpoint.com/the-hashpoint-for-2026-10-24/
https://bitcoinhashpoint.com/content/covers/2026-10-24-289c9c4c-1200.jpg

2026-10-23 16:45:15 GMT

Supply pressure moved from 1.77 to 0.59: Strategy and the spot ETFs bought 0.59x the coins mined over 30 days.
https://dashboard.bitcoinhashpoint.com
https://dashboard.bitcoinhashpoint.com/static/midday/2026-10-23-supply-shock.png

2026-10-23 11:20:53 GMT

Yields Drop 18 Basis Points and Bitcoin Falls Anyway
The ten-year Treasury yield fell 18.5 basis points Thursday to 4.96%, its first close under 5% in nearly a month, and Bitcoin fell anyway.
https://bitcoinhashpoint.com/the-hashpoint-for-2026-10-23/
https://bitcoinhashpoint.com/content/covers/2026-10-23-dee77be1-1200.jpg

2026-10-22 16:45:15 GMT

Supply pressure moved from 2.21 to 1.77: Strategy and the spot ETFs bought 1.77x the coins mined over 30 days.
https://dashboard.bitcoinhashpoint.com
https://dashboard.bitcoinhashpoint.com/static/midday/2026-10-22-supply-shock.png

2026-10-22 11:21:06 GMT

STRC Clears $99 Before Oil Takes Bitcoin Back
STRC closed Wednesday at $99.20, up 49 cents from Tuesday's $98.71, and cleared the $99.00 line this publication set yesterday with the ten-year still at 5.13%.
https://bitcoinhashpoint.com/the-hashpoint-for-2026-10-22/
https://bitcoinhashpoint.com/content/covers/2026-10-22-d7a6ebcd-1200.jpg

2026-10-21 16:45:17 GMT

Board note: The three-day median hashrate rose 4.1% to 1,109 EH/s.
https://dashboard.bitcoinhashpoint.com
https://dashboard.bitcoinhashpoint.com/static/midday/2026-10-21-on-chain-network-state-hashrate-over-time.png

2026-10-21 13:00:17 GMT

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One message signed with an early key would settle it. In fifteen years, none. The roughly 1.1 million coins attributed to him have never moved.

2026-10-21 13:00:16 GMT

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Four reveals since, one script: Dorian Nakamoto (2014), Craig Wright (2016, ruled not Satoshi in 2024), Peter Todd (2024), Adam Back (2026). Each a headline, each a denial.

2026-10-21 13:00:15 GMT

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The legend says the CIA scared him off. The record runs the other way: his last forum post was December 12, 2010, his goodbyes went out April 23 and 26, and Andresen's CIA talk came June 14, 2011. The silence came first.

2026-10-21 13:00:14 GMT

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April 26, 2011, Satoshi to Gavin Andresen: "I wish you wouldn't keep talking about me as a mysterious shadowy figure." Make it about the open-source project, he wrote, and credit the developers. It is his last request on record.

2026-10-21 13:00:12 GMT

The Last Thing He Asked
In April 2011, Satoshi Nakamoto wrote to the developer who had taken over his project and asked for one thing.
https://bitcoinhashpoint.com/the-hashpoint-for-2026-10-21-book-of-blocks/
https://bitcoinhashpoint.com/content/covers/2026-10-21-book-of-blocks-3017a399-1200.jpg

2026-10-21 11:20:55 GMT

Salvation Today is a free book on Bitcoin for families. It opens with the nine pages Satoshi published in 2008 and ends with sixteen steps a household can finish inside a year. About an hour to read. https://bitcoinhashpoint.com/salvation-today/

2026-10-21 11:20:54 GMT

Supply Pressure Tops 2.0 a Day Before September Exits
The box's supply pressure index crossed 2.0 this morning at 2.19, and its own arithmetic gives the reading one day to live.
https://bitcoinhashpoint.com/the-hashpoint-for-2026-10-21/
https://bitcoinhashpoint.com/content/covers/2026-10-21-7b45153f-1200.jpg

2026-10-20 16:45:16 GMT

Bitcoin rose through 1.25x the power-law floor at $82,458, from 1.24x at the last close.
https://dashboard.bitcoinhashpoint.com
https://dashboard.bitcoinhashpoint.com/static/midday/2026-10-20-btc-price-and-power-law-bands.png

2026-10-20 11:20:55 GMT

Print a stack of The Best Treat on the Block and keep it by the candy bowl. Free, no signup, both sides of one sheet of letter paper. White Paper Night is October 31. https://bitcoinhashpoint.com/white-paper-night/

2026-10-20 11:20:53 GMT

Strategy Puts $8.74 Into STRC for Every Bitcoin Dollar
Strategy put $8.74 into its own preferred stock for every $1.00 it put into Bitcoin last week.
https://bitcoinhashpoint.com/the-hashpoint-for-2026-10-20/
https://bitcoinhashpoint.com/content/covers/2026-10-20-38928070-1200.jpg

2026-10-19 19:00:16 GMT

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Our node Hal puts bitcoin's last coin at block 6,929,999, around 2136. An 80-year life that starts today ends in 2106. A 150-year life sees the final block at 110. Hang on, and stack sats.

2026-10-19 19:00:15 GMT

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Now the money. At the Fed's 2% target, a dollar keeps 21% of its buying power over 80 years and 5% over 150. Since 1913 it has lost 97%. A longer life turns that slow leak into the main event.

2026-10-19 19:00:14 GMT

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The skeptics have numbers too. Since 1990, life expectancy in the longest-lived countries rose a little over two months a year. Escape velocity needs 12. The trial is three patients, 56 days, no control group. Both facts hold at once.

2026-10-19 19:00:13 GMT

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Amodei says AI could double the human lifespan in five to ten years. Hassabis says the end of disease may sit a decade out. The first human data on cell rejuvenation landed Oct 8: three glaucoma patients, two with better vision at day 56.

2026-10-19 19:00:12 GMT

The Longest Game
This month, on CBS's Face the Nation, Palantir's chief technology officer, Shyam Sankar, told a strange story.
https://bitcoinhashpoint.com/the-hashpoint-for-2026-10-19-long-game/
https://bitcoinhashpoint.com/content/covers/cover-longgame-f7d83b2a-1200.jpg

2026-10-19 16:45:15 GMT

Strategy filed an 8-K today: bought 267 BTC, 848,517 BTC held.
https://dashboard.bitcoinhashpoint.com
https://dashboard.bitcoinhashpoint.com/static/midday/2026-10-19-strategy-purchases.png

2026-10-19 11:20:54 GMT

September 21's $999 million leaves the ETF window Thursday
The box's supply pressure index fell to 1.79 from 2.20 overnight, and no fund redeemed a coin to cause it.
https://bitcoinhashpoint.com/the-hashpoint-for-2026-10-19/
https://bitcoinhashpoint.com/content/covers/2026-10-19-2ac904b8-1200.jpg

2026-10-18 16:45:17 GMT

The alternative.me Fear & Greed Index moved from Greed to Neutral today, 55 to 53. The Hashpoint structural gauge reads 36 (Fear).
https://dashboard.bitcoinhashpoint.com
https://dashboard.bitcoinhashpoint.com/static/midday/2026-10-18-fear-and-greed.png

2026-10-18 11:20:52 GMT

Six September days carry the whole ETF bid
The box counts the spot funds as taking 1.96 times the Bitcoin the network mints each day, and six sessions in September carry that entire figure.
https://bitcoinhashpoint.com/the-hashpoint-for-2026-10-18/
https://bitcoinhashpoint.com/content/covers/2026-10-18-afa48ec5-1200.jpg

2026-10-17 16:45:16 GMT

The three-day median hashrate fell 6.3% to 1,010 EH/s.
https://dashboard.bitcoinhashpoint.com
https://dashboard.bitcoinhashpoint.com/static/midday/2026-10-17-on-chain-network-state-hashrate-over-time.png

2026-10-17 11:21:04 GMT

Teach custody, never price. Ask for nothing. Respect the no. The house rules for White Paper Night, plus a free pamphlet to hand out at your door. https://bitcoinhashpoint.com/white-paper-night/

2026-10-17 11:20:53 GMT

Strategy holds STRC at 12 percent and it drops $1.81
Strategy set STRC's November coupon on Friday morning at 12.00%, unchanged, and by the close the preferred had fallen $1.81 to $97.72.
https://bitcoinhashpoint.com/the-hashpoint-for-2026-10-17/
https://bitcoinhashpoint.com/content/covers/2026-10-17-91f6686f-1200.jpg

2026-10-17 04:01:25 GMT

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The bend still hurts first, and it hurts Americans: in 2022 bitcoin fell 64% and long Treasuries 26%. Bitcoin sits outside the loop. It is nobody's liability, pays no interest, and no central bank can print it.

2026-10-17 04:01:23 GMT

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A government that owes itself, in its own currency, never has to default. Greece could not print euros. The pressure comes out through one valve: the dollar. Japan shows the path: no default, and a yen that lost about a third.

2026-10-17 04:01:20 GMT

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That makes a loop. Americans pay taxes and save. Their funds and banks buy Treasuries. The Treasury pays interest, $1.143 trillion this fiscal year, mostly back to Americans, then borrows again to cover it.

2026-10-17 04:01:18 GMT

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Of the $40.3 trillion federal debt, foreign investors hold about 23%. The U.S. owes the other 77% to Americans or to itself: trust funds and the Fed about 30%, American funds, banks and savers about 47%.

2026-10-17 04:01:16 GMT

The Snake That Eats Its Tail
A theory has been going around this fall, and it sounds almost too clever to be true.
https://bitcoinhashpoint.com/the-hashpoint-for-2026-10-17-long-game/
https://bitcoinhashpoint.com/content/covers/cover-longgame-27f3d36f-1200.jpg

2026-10-16 16:45:16 GMT

The alternative.me Fear & Greed Index moved from Neutral to Greed today, 53 to 63. The Hashpoint structural gauge reads 37 (Fear).
https://dashboard.bitcoinhashpoint.com
https://dashboard.bitcoinhashpoint.com/static/midday/2026-10-16-fear-and-greed.png

2026-10-16 11:20:53 GMT

STRC stalls at 99.53 as MSCI dates Strategy deletion
STRC gave back twenty-one more cents on Thursday to close at $99.53, which puts the discount at forty-seven cents and ends the march toward par for a second…
https://bitcoinhashpoint.com/the-hashpoint-for-2026-10-16/
https://bitcoinhashpoint.com/content/covers/2026-10-16-cb0804db-1200.jpg

2026-10-15 23:00:13 GMT

The Theory Lab Opens
Every major bitcoin price theory now sits on one chart in the Hashpoint Theory Lab, and every one of them carries its track record on the same page.
https://bitcoinhashpoint.com/the-hashpoint-for-2026-10-15-special/
https://bitcoinhashpoint.com/content/covers/2026-10-15-special-fa2d7f39-1200.jpg

2026-10-15 19:00:11 GMT

Don't Trust, Verify
Ronald Reagan liked an old Russian proverb: trust, but verify.
https://bitcoinhashpoint.com/the-hashpoint-for-2026-10-15-long-game/
https://bitcoinhashpoint.com/content/covers/cover-longgame-55bd3992-1200.jpg

2026-10-15 16:45:16 GMT

The alternative.me Fear & Greed Index moved from Greed to Neutral today, 62 to 53. The Hashpoint structural gauge reads 34 (Fear).
https://dashboard.bitcoinhashpoint.com
https://dashboard.bitcoinhashpoint.com/static/midday/2026-10-15-fear-and-greed.png

2026-10-15 14:51:09 GMT

Yields break lower and Bitcoin falls anyway
The ten-year Treasury fell nearly thirteen basis points to 5.05% on Thursday, clearing the 5.15% line this publication named yesterday as the test of its own capital-pull…
https://bitcoinhashpoint.com/the-hashpoint-for-2026-10-15/
https://bitcoinhashpoint.com/content/panels/2026-10-15/macro-context-with-btc-price-8fe5abc8.png

2026-10-14 16:45:16 GMT

Bitcoin fell through 1.25x the power-law floor at $81,857, from 1.27x at the last close.
https://dashboard.bitcoinhashpoint.com
https://dashboard.bitcoinhashpoint.com/static/midday/2026-10-14-btc-price-and-power-law-bands.png

2026-10-14 13:00:10 GMT

The First Price
On October 5, 2009, a website called New Liberty Standard posted a number no one had published before: one U.S. dollar would buy 1,309.03 bitcoin.
https://bitcoinhashpoint.com/the-hashpoint-for-2026-10-14-book-of-blocks/

2026-10-14 11:20:53 GMT

STRC closes ten cents from par as hike odds halve
Both numbers this publication measures the spring against moved the bulls' way on Tuesday, and neither released anything.
https://bitcoinhashpoint.com/the-hashpoint-for-2026-10-14/
https://bitcoinhashpoint.com/content/panels/2026-10-14/strc-d1abc744.png

2026-10-13 16:45:15 GMT

Bitcoin rose through 1.25x the power-law floor at $83,352, from 1.25x at the last close.
https://dashboard.bitcoinhashpoint.com
https://dashboard.bitcoinhashpoint.com/static/midday/2026-10-13-btc-price-and-power-law-bands.png

2026-10-13 11:20:51 GMT

Candy for the kids, a pamphlet for the adults. The Best Treat on the Block is free, prints on letter paper, and carries a code to the free book. White Paper Night is October 31. https://bitcoinhashpoint.com/white-paper-night/

2026-10-13 11:20:50 GMT

Strategy spent $192 million defending its own preferred
Strategy sent $192.4 million to its own preferred stock last week and $21.5 million to Bitcoin, a ratio of $8.95 to one dollar.
https://bitcoinhashpoint.com/the-hashpoint-for-2026-10-13/
https://bitcoinhashpoint.com/content/panels/2026-10-13/strc-f287f516.png

2026-10-13 04:01:10 GMT

The Coiled Spring
On October 12, Strategy's variable-rate preferred stock, STRC, closed at $99.88.
https://bitcoinhashpoint.com/the-hashpoint-for-2026-10-13-long-game/

2026-10-12 16:45:23 GMT

The three-day median hashrate rose 6.7% to 1,025 EH/s.
https://dashboard.bitcoinhashpoint.com
https://dashboard.bitcoinhashpoint.com/static/midday/2026-10-12-on-chain-network-state-hashrate-over-time.png

2026-10-12 11:21:09 GMT

Strategy put 9.5 percent of its raise into Bitcoin
Strategy raised $5.41 billion selling new common shares in the third quarter and directed 9.5% of that money, roughly $514 million, into Bitcoin, according to…
https://bitcoinhashpoint.com/the-hashpoint-for-2026-10-12/
https://bitcoinhashpoint.com/content/panels/2026-10-12/strc-5e3eefb0.png

2026-10-11 16:47:38 GMT

The three-day median hashrate fell 5.7% to 961 EH/s.
https://dashboard.bitcoinhashpoint.com
https://dashboard.bitcoinhashpoint.com/static/midday/2026-10-11-on-chain-network-state-hashrate-over-time.png

2026-10-11 16:07:52 GMT

The Empire's Back Office
In late 2018, the governor of Venezuela's central bank flew to London to ask for his country's gold.
https://bitcoinhashpoint.com/the-hashpoint-for-2026-10-11-long-game/

2026-10-11 11:20:43 GMT

Strategy locks its 12 percent coupon through November
Strategy held the annual rate on its variable-rate preferred at 12.00% and declared fifty-cent semi-monthly dividends for the period ending October 31 and…
https://bitcoinhashpoint.com/the-hashpoint-for-2026-10-11/
https://bitcoinhashpoint.com/content/panels/2026-10-11/strc-5e3eefb0.png

2026-10-10 16:45:13 GMT

Board note: The alternative.me Fear & Greed Index rose 5 points to 64 (Greed). The Hashpoint structural gauge reads 35 (Fear).
https://dashboard.bitcoinhashpoint.com
https://dashboard.bitcoinhashpoint.com/static/midday/2026-10-10-fear-and-greed.png

2026-10-10 11:20:46 GMT

On Halloween 2008 a stranger posted nine pages and vanished. This October 31 is White Paper Night, eighteen years on. The Best Treat on the Block is a free tri-fold that prints at home. https://bitcoinhashpoint.com/white-paper-night/

2026-10-10 11:20:44 GMT

Strategy buys STRC within 34 cents of par
Strategy's variable-rate preferred closed Friday at $99.65, thirty-four and a half cents under its $100 par and the narrowest discount of the 102 sessions it has now spent…
https://bitcoinhashpoint.com/the-hashpoint-for-2026-10-10/
https://bitcoinhashpoint.com/content/panels/2026-10-10/strc-5e3eefb0.png

2026-10-10 00:30:41 GMT

The Buyer Who Caught the Fall
Until recently, the Strategy buys layer on the dashboard's power-law chart told a simple story.
https://bitcoinhashpoint.com/the-hashpoint-for-2026-10-09-long-game/

2026-10-09 11:20:44 GMT

STRC prints best close in 101 sessions below par
Strategy's variable-rate preferred closed at $99.45 on Thursday, the strongest close of the 101 sessions it has now spent under its $100 par, and it reached that level…
https://bitcoinhashpoint.com/the-hashpoint-for-2026-10-09/
https://bitcoinhashpoint.com/content/panels/2026-10-09/strc-c855bab0.png

2026-10-09 03:31:42 GMT

Funds pulled 485 million while 24,073 coins left exchanges
Two bids moved in opposite directions on the same session.
https://bitcoinhashpoint.com/the-hashpoint-for-2026-10-08/
https://bitcoinhashpoint.com/content/panels/2026-10-08/spot-etf-daily-net-flows-aggregate-ac50b0ea.png