͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏

Forwarded this email? Subscribe here for more

He Ain't Heavy

He's My Brother

Johan Bergman

Nov 6

∙

Preview

READ IN APP

When The Hollies sang He Ain’t Heavy, He’s My Brother in 1969, they probably didn’t imagine it would one day describe the mood in the bitcoin market. But it does. Bitcoin just can’t catch a bid lately, and the selling pressure from long-term holders doesn’t seem to slow down much. The intention of this letter was to talk about the new credit rating from S&P for Strategy, the launch of new preferred equities by Strategy and Strive, and “Strategic Asset Reallocation,” which turns out to be the sale of 970 BTC by Sequans. But first, we want to cover the latest price action and on-chain movements with you during these uncertain times.

In an earlier Q&A with TBL Pro members, Nik explained that tracking developments with bitcoin treasury companies isn’t about trying to “pick” the next stock. The Bitcoin Layer is about bitcoin and macroeconomics, not single tickers. But as we’ve mentioned before, Strategy is the pioneer in this developing market and has by far the largest scale, so it’s natural we’ll analyze Strategy for these ongoing developments. Bitcoin treasury companies are becoming part of the bitcoin ecosystem, and it’s Michael Saylor’s goal to play a major role in the global credit system. In that regard, we’re tracking what these developments mean for bitcoin now and in the future. Read this letter with that context in mind.

Is the fiat retirement system sinking? With markets uncertain, layoffs on the rise, and monetary policy shifting, it might be time to rethink how you protect your long-term savings.

On October 28 at 12 PM CT, Mark Moss and Unchained’s Jeff Vandrew will cover:

Why the “illusion of wealth” hides the true weakness of fiat-based retirement accounts
Why bitcoin’s scarcity and growth curve make it the cheat code for retirement planning
How rolling an old 401(k) into a bitcoin IRA could offer tax advantages and help build generational wealth Learn how bitcoin can protect your purchasing power, strengthen your retirement plan, and offer a level of sovereignty no other retirement asset can.

Tuesday, Oct 28 at 12:00 PM CT — online, free to attend.

Blockstream Jade Plus is the easiest, most secure way to protect your Bitcoin—perfect for beginners and pros alike. With a sleek design, simple setup, and step-by-step instructions, you’ll be securing your Bitcoin in minutes.

Seamlessly pair with the Blockstream app on mobile or desktop for smooth onboarding. As your stack grows, Jade Plus grows with you—unlock features like the air-gapped JadeLink Storage Device or QR Mode for cable-free transactions using the built-in camera.

Want more security? Jade Plus supports multisig wallets with apps like Blockstream, Electrum, Sparrow, and Specter.

Protect your Bitcoin, sleep better, stack harder. Use code: TBL for 10% off.

Take Control of Your Bitcoin Today

Feeling heavy...

Subscribe to The Bitcoin Layer to unlock the rest.

Become a paying subscriber of The Bitcoin Layer to get access to this post and other subscriber-only content.

A subscription gets you:

	TBL Pros receive a bi-weekly 'Mean, Median, Mode' report
	TBL Pros attend monthly live Q+A sessions
	TBL Pros can personally request analysis & community discussions