The 23rd issue of Bitcoin Intelligence Report is released. BI Report 23 – Air Gapped: How the Narrative Collapsed in Days Markets just witnessed one of the sharpest narrative shifts of the cycle. GDP headlines masked weak underlying growth, payrolls collapsed to the weakest levels since 2020, and consumer spending is slowing. Truflation data points to cooling inflation, yet Powell refused to cut, leaving the Fed cornered. Bitcoin dropped into the 112K “Air Gap” before bouncing, but ETF outflows, fading short-term holder profits, and weak new investor liquidity highlight fragility. Still, U.S. fiscal maneuvers and Chinese stimulus confirm liquidity tailwinds remain intact for risk assets. (subscription link in my bio)