#Bitcoin

Institutional capital is selectively rotating, pulling funds from Bitcoin ETFs and flowing into utility-focused altcoins like Solana and XRP, signaling a shift from broad market bets to high-utility, high-growth assets.

Perpetual preferred stock like STRC's is highly exposed to rising global interest rates, meaning current market valuations likely fail to account for critical systemic duration risk and liquidity contraction risk.

Gemini's stock jumped following a $100 million Bitcoin capital injection from Winklevoss Capital and the report of a 42% year-over-year revenue increase, signaling aggressive growth despite significant operational losses.

The playbook here is simple but aggressive: they are buying an absolute ton of Bitcoin by selling their preferred stock. It's an incredibly powerful engine, but it completely relies on the market constantly wanting to buy those shares.