The Bitcoin Credit Unwind and Its Role In The System

LIVESTREAM/PROPIETARY REPORT

The first section of today’s live stream broke down how to think about Bitcoin from first principles. It separated credit from macro liquidity and explained why a falling Bitcoin is not the source of truth that everyone treats it as. If you were trying to understand why credit and macro liquidity are not the same thing, even though both wire directly into Bitcoin, why Bitcoin led on the upside in 2025 but has underperformed the lowest quality names in the Russell on the downside in 2026, and why the banks are issuing credit into all-time highs while everyone insists liquidity is contracting, this video explains all of it.

The free section is built to give you the full mechanics and the structural regime from first principles. The member section is where we take that foundation and connect it directly to the macro regime and positioning in real time. The recording of the live member section, where we take the Bitcoin and credit framework into the live regime, walk the Stretch credit risk, the Bitcoin and Hyperliquid setup, and how we are positioning around them, is linked at the bottom of this report.

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Monday’s Livestream: The Rare Earth Choke Point

The livestream for Monday (no stream today) kicks off a full week mapping the supply and value chains for the most important metals and materials in the world. Monday opens the series with rare earths, the choke point sitting underneath everything from defense systems to AI hardware. The stream will get to the heart of HOW the rare earth supply chain actually functions and WHY control of it is one of the most important and least understood macro variables in the system.

Paid subscribers can join the livestream with this link (the first half will be free and streamed to Twitter and YouTube, where the second half will only be available on Substack for paid subscribers):

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Proprietary Section On Bitcoin: