X values your privacy alright... No Elon, I'm not switching off my VPN for you. image
By the way, this is called reporting-cycle suppression oversold retail books + suppressed spot + exhausted sellers. View quoted note โ†’
In the next couple of weeks ALL wall street firms with Bitcoin exposure - AND treasury companies - will announce their unrealised loss for Q4 of 2025. When that FUD hits the news remember, almost all of them are in the green down to ~60k. It's end of the year "accounting magic". Once that's done watch how Bitcoin will magically do it's thing again. I'll leave this here for now so I can get back to it later when their numbers drop. Baseline: โ†’ Uses last known average acquisition costs disclosed by firms โ†’ ETFs assumed to track spot (unrealised P/L โ‰ˆ neutral) โ†’ โ€œUnrealised lossโ€ only counted where avg dollar cost > $87,140 ๐Ÿข Public Bitcoin Treasury Companies โ†’ MicroStrategy (MSTR) โ†’ Avg cost est.: ~$35โ€“40k โ†’ BTC held: ~190k+ โ†’ Unrealised loss: $0 (large unrealised gain) โ†’ Tesla (TSLA) โ†’ Avg cost est.: ~$43k โ†’ BTC held: ~9.7k โ†’ Unrealised loss: $0 โ†’ Coinbase (COIN) โ†’ Avg cost est.: <$30k โ†’ BTC held: ~9k โ†’ Unrealised loss: $0 โ†’ Marathon Digital (MARA) โ†’ Avg cost est.: <$25k (mined BTC) โ†’ BTC held: ~16k+ โ†’ Unrealised loss: $0 โ†’ Riot Platforms (RIOT) โ†’ Avg cost est.: <$20k (mined BTC) โ†’ BTC held: ~8k+ โ†’ Unrealised loss: $0 โ†’ Block Inc. (SQ) โ†’ Avg cost est.: ~$31k โ†’ BTC held: ~8k โ†’ Unrealised loss: $0 Subtotal (Public Treasuries): โ†’ Estimated unrealised loss: $0 ๐Ÿงพ Spot Bitcoin ETF Firms โ†’ IBIT (BlackRock) โ†’ Holdings valued at NAV โ†’ Unrealised loss: ~$0 โ†’ FBTC (Fidelity) โ†’ Holdings valued at NAV โ†’ Unrealised loss: ~$0 โ†’ GBTC (Grayscale) โ†’ Holdings marked to market โ†’ Unrealised loss: ~$0 โ†’ (Discount/premium is not an unrealised BTC loss) โ†’ ARKB / BITB / HODL / BTCO (Others) โ†’ Spot-backed, market-priced โ†’ Unrealised loss: ~$0 Subtotal (ETFs): โ†’ Estimated unrealised loss: $0 ๐Ÿงฎ Aggregate Estimate โ†’ Total unrealised loss (public BTC holders + ETFs): โ†’ โ‰ˆ $0 At $87k BTC, virtually all major public holders are deeply in profit, not underwater.