Michael Saylor Is Buying 2x the Daily Bitcoin Supply… So Why Price Isn't Moving (Yet)
Summary
The Milk Road research team holds a public meeting discussing current market conditions, with a focus on Michael Saylor's aggressive Bitcoin accumulation and its implications. They analyze perps platforms like Hyperliquid and Lighter, share bullish views on AI via TSMC, Tesla, and digital assets like Bitcoin and Ethereum, and cover the growth of prediction markets. The conversation highlights how Saylor's actions are forcing Wall Street to respond with new products.
- Team discusses a green week in markets and overpriced doomsday scenarios.
- Bitcoin remains below key resistance despite Saylor buying more than double the daily supply.
- Hyperliquid and Lighter are compared as perps platforms, with Lighter seen as superior due to Ethereum-based security.
- Saylor's Stretch product is accumulating Bitcoin rapidly, prompting Wall Street firms to launch competing income products.
- Prediction markets are growing rapidly, with on-chain versions emerging.
- Tesla's technical setup looks positive ahead of earnings and potential robo-taxi news.
- Long-term bullishness on Bitcoin and Ethereum due to accumulation and financial engineering.
- Stable coin supply and transaction volumes hit all-time highs.
Trade Ideas
TSMC earnings show strong chip demand.
TSMC reported huge margins and revenue, indicating tons of demand for chips, which is bullish for the AI sector and TSMC specifically.
Saylor's Bitcoin buying supports price.
Bitcoin is in a bullish setup long-term due to Saylor's accumulation and financial engineering forcing Wall Street to create competing products, but short-term confirmation is needed above $80k for a clear bull market signal.
Lighter has better product and security.
Lighter is a better product than Hyperliquid because it's built on Ethereum with zero trust assumptions, no bridge risk, and is backed by reputable founders like Vlad from Robinhood and Tom Lee, trading at a discount to previous funding rounds.
Hyperliquid growth stalled, better alternatives exist.
Hyperliquid is the market leader in perps with buybacks and exposure outside crypto, but growth is stalling and it has trust assumptions compared to Lighter, so not increasing position despite holding.
Ethereum accumulation and financial engineering bullish.
Ethereum is being accumulated by entities like Tom Lee, and similar financial engineering as with Bitcoin could unlock value, with supply on exchanges near historic lows, leading to potential price appreciation.
