Deep Dive
Bitcoin's Net Supply Ratio Flashes Buy After Two-Year Gap
The host kicks off with major Bitcoin news. BlackRock's IBIT has been dumping Bitcoin relentlessly for two months—$300 to $500 million per day—even as Morgan Stanley and Fidelity tried to mop up the selling. Yesterday marked a turning point: IBIT had its smallest dump in ages and the market saw $300 million flow in, equivalent to 5,000 Bitcoin in a single day. More importantly, the net supply ratio just flashed a buy signal for the first time since November 2022, when the host was loading Micro Strategy at the bottom of the previous bear cycle. He's careful to note this doesn't confirm final capitulation, but it's a very strong bottom signal. The RSI on Bitcoin's monthly chart shows the previous bear markets in 2015, 2018, and 2022 with surgical clarity, and now we're in what looks like the 2026 bear market that began in late 2025. The question mark is how long this period lasts—estimates range from 45 to 90 days.
Solana's Tokenomics Overhaul Could Flip It Deflationary by 2028
Solana has non-stop good news. Real-world assets on the chain hit a new all-time high of $3.4 billion—17 times larger than a year ago when it was $100-200 million. The growth is vertical, not even an S-curve. More significantly, new tokenomics proposals for Solana could be game-changing. Currently SOL issues 60,000 tokens per day but burns only 700, barely capturing network value. With the new SIMD tokenomics, inflation will hit the 1.5% terminal rate in two years instead of six, and daily burns will jump from 650 to 8,000 SOL. As tokenized stocks boom and AI agents proliferate—driving trillions of transactions—burns could scale to 20,000 SOL per day. By the eclipse tipping point in early 2028, Solana could flip deflationary. The host can't quite recall the exact VANC price target but mentions it could easily reach $3,000 by 2030 with that burn rate. Mert Anom has publicly stated his target for Solana is Ethereum's all-time high market cap of $600 billion, which would put the price at $990, with a bare case of $600.
AI and Markets Hitting Records; Chinese Open Models Eating the Moat
The host turns heavily bullish on AI's macro impact. Global stock market capitalization just hit a record $166 trillion with 23.6% ROI over the last 12 months driven entirely by AI, semiconductors, and memory chips. Since 2020, stocks are up 131%—and the stock market now makes up 18.4% of global wealth and 134% of global GDP. AI is about to explode GDP growth, which means stock values will explode alongside it. He emphasizes not being invested in equities means leaving money on the table. On the AI product front, Waymo's Robo Taxi launched this morning in Miami, marking the fifth major US city (Miami, Dallas, Houston, Austin, Bay Area) now running self-driving taxis. Tesla quietly launched a six-seat Model Y for $60,000. But the real disruption is happening in compute. Open-source Chinese models are now within a few points of frontier models, meaning owning your own weights no longer costs capability. This blows up the moat that companies like OpenAI and Anthropic thought they had—the moat is compute, energy, and access to chips, not model superiority anymore.
SpaceX's Satellite Compute Fortress Reshapes AI Pricing
The host singles out SpaceX's genius move. Everyone assumed SpaceX was building compute for itself and Grok, but Elon invented an entirely new premium market: short-term large-scale AI compute sold at massive markups because the entire industry is starved for it. SpaceX is striking deals with Google, Anthropic, and others, pulling four times the revenue per megabyte of hyperscalers like AWS and Azure. This is about to disrupt Bitcoin miners pivoting to AI compute—Iris Energy tanked because no one can operate as lean and mean as SpaceX at scale. The host predicts the next frontier is space-based data centers, and only one player can do it. He's waiting for his entry point on SpaceX, finger on the trigger, watching the price layers carefully.
Macro Breakdown: Pension Systems Are Broken, Money Is Fleeing Blue States
The host shifts to grim macro reality. New York's leadership openly talks about needing to get rich New Yorkers to come back to fund social programs, but money is simply walking away. Over the past few months, $47 billion left New York, with 892 companies relocating. Winners are Florida, Texas, North Carolina, and Tennessee—places with lower tax burdens. Goldman Sachs, Morgan Stanley, JP Morgan are all bolting. More painful: pension systems across Europe are already broken. The tipping point for pension viability is 2.8 to 3 workers per pensioner; below that, the math fails. Spain, Denmark, and Sweden are already beneath that threshold as of October 2024. By 2055—not that far away—the situation will be catastrophic across the board. Taxes become completely unviable. If you're counting on a pension in 20-30 years, there won't be one. You'll get UBI instead, which the host argues you don't want because it strips away the freedom to position yourself where you thrive.