BTC Shrugs Off Whale Supply, but Eyes Turn to Treasury

Discussed in today’s video:

• BTC supply overhang absorbed: The market digested 80,000 BTC from a Satoshi-era whale, removing a key short-term headwind and confirming strong demand at current levels.
• Constructive price response: BTC rebounded from 115k to 120k following Galaxy’s sales, mirroring the reaction to the initial tranche.
• QRA reveals $1 trillion in Q3 borrowing: Treasury plans an aggressive TGA rebuild, which could hamper liquidity conditions, with the relative severity depending upon issuance mix.
• Crypto setup remains favorable near term: Liquidity is still elevated, and the smooth absorption of Galaxy’s sales reinforces a constructive backdrop for crypto.

Tickers in this video: BTC