This episode examines the structural shift in bitcoin supply dynamics as U.S. spot ETFs absorbed over seven thousand coins in a single session, exceeding daily miner issuance by more than fourteen times while exchange balances contracted by one point two billion dollars. We analyze concentrated derivatives positioning with one point four five billion dollars in notional open interest at the one hundred thousand dollar strike on Deribit, the technical breakout from multi-week consolidation that established new support near ninety one thousand four hundred dollars, and the equity market response to Venezuelan leadership transition as Coinbase and Strategy posted four percent gains tied to bitcoin’s geopolitical hedge function. The episode closes with an assessment of how these demand-supply dynamics interact with resistance near ninety eight thousand dollars and the conditions required for sustained upward movement.
