The Bitcoin Credit Unwind and Its Role In The System
Capital Flows
· Capital Flows
· June 26, 2026 at 13:04
· ⏱ 1 min read
| Read on Substack ↗
Summary
The article argues that Bitcoin's price movements are driven by credit cycles, not macro liquidity, and that a falling Bitcoin is not a reliable indicator of broader market stress. It also previews a livestream series on rare earth supply chains, highlighting their critical role in defense and AI hardware.
•Bitcoin led on the upside in 2025 but has underperformed the lowest quality names in the Russell on the downside in 2026.
•Banks are issuing credit into all-time highs while many believe liquidity is contracting.
•Rare earths are described as the choke point underneath everything from defense systems to AI hardware.
•A livestream on rare earths is scheduled for Monday, with the first half free and the second half for paid subscribers.