Mike

[muneeb.btc @muneeb]

NEWS: HashKey, a major institutional player in Asian markets, through its HashKey Cloud services, will deploy BTC in Stacks.

Along with Nakamoto, through UTXO subsidiary, it’s the second institution announced for Genesis bond participation.

[muneeb.btc @muneeb]

The best of Bitcoin and Ethereum.

There is an idea I’ve been obsessed with for over a decade. It’s a very simple idea. It’s a trillion-dollar idea if it works.

The idea is simply to take the best qualities of Bitcoin and Ethereum and combine them.

Bitcoin is the superior asset. Ethereum has better rails. BTC is winning as digital capital. Ethereum pioneered on-chain capital markets (Solana is challenging that position). Why can’t we have best of both?

ETH tried being internet money and that didn’t work. BTC clearly won as digital capital. Ethereum rails, however, have created thriving on-chain capital markets. Not just directly on Ethereum, but on derivative chains like Arbitrum (used by Robinhood), Tempo (by Stripe), Tron (largest Tether usage), etc.

Bitcoin and Ethereum have been #1 and #2 digital assets for close to a decade now. There is obviously competition between them. ETH has nowhere else to go but try to be #1. This is what the entire “flippening” movement was about (it failed, for now).

If we take the best parts of Ethereum (like faster transactions, programmability) and vertically integrate them on top of Bitcoin, like HTTP on top of TCP/IP, then we have a scenario where the best asset, BTC, can be integrated with modern rails. Simple.

The internet didn’t become *the* internet until HTTP took off atop TCP/IP. Fragmented networks don’t become global standards. We’re still fragmented in crypto, but the consolidation phase has started.

If a vertically integrated modern rails like Stacks truly takes off for BTC, then Bitcoin solidifies its #1 spot even further. BTC gets native BTC yield, and gets deployed in bitcoin capital markets. Bitcoin can then keep evolving (like adding privacy features) without ever changing the base.

The best of Bitcoin and Ethereum. In one vertically integrated system. That’s the dream. We’ve built it at Stacks.

[muneeb.btc @muneeb]

The historic low for STX/BTC was always 1,000 sats. Last cycle was strange:

(a) Stacks was the first project to cross the previous all-time-high last cycle. It ran as bitcoin beta before the 2024 halving. Earlier/faster than we expected, honestly.

(b) Stacks peaked in Dec 2025 (ten months before the bitcoin peak) and has been in a bear for 20 months already. Much longer than other assets.

(c) This bear Stacks got hit much worse than before. Breaking the historic 1,000 sats line. Even now we are at 300 sats.

With fundamentals at an all-time high, in my view, this is one of the most asymmetric market positions. Not financial advice, but my family office is positioned accordingly.

We think that $0.77 represents what STX/BTC should’ve been at (1,000 sats, the historic low, and BTC at 77,000). That’s roughly a 3x from here. But that is just catching up to going into an ultra-negative zone against BTC.

As bitcoin starts to recover, the market will start looking for the bitcoin beta, and there is just no other asset. See Hal Press 2023 thesis for a detailed breakdown of this.

But the bitcoin beta is just one part, maybe a smaller part now because the real fundamental shift is the launch of bitcoin staking with 5% institutional STX purchase/demand to participate. This simply didn’t exist before and is a 100B-200B market.

I’m writing publicly about this because after the Binance risk monitoring tag I promised to stop being the “humble engineer” and speak my mind. These are my unfiltered thoughts. Not financial advice. Please do your own research. See disclaimers.

In summary, wake me up at $0.77 or more precisely 1,000 sats for STX/BTC and then the next cycle can start.

We’re going back to building. Forward!

[muneeb.btc @muneeb]

Price attracts attention.

Since I have your attention for a brief moment today because of blockstack:native, let me tell you about bitcoin capital markets.

We have a ~2T pristine asset, BTC, that has been sitting idle with few builders showing up to develop the bitcoin capital markets.

The tech was old & clunky so it took a few iterations to build the right rails for it. However, the key catalyst was public companies and large institutions putting BTC on their balance sheets last cycle.

Once BTC was on corporate balance sheets, every CFO needs to figure out how to generate some income from the asset. Unlike Ethereum, there is no native staking, no native lending or liquidity pools. However, a bunch of mission-driven devs at Stacks kept iterating to finally crack native BTC yield that is fully self-custodial.

ETH & SOL staking is a ~150B market. BTC staking can be a 200B+ market, especially if yield is in BTC (which it is), and no bridge or smart contract risk (which there is not). This BTC capital once deployed then flows into on-chain markets (lending for stables etc).

This is not a pipe dream. Stacks already shipped Satoshi Upgrades I. First staking capacity launch is Sep 10th. New capacity launches already sold out for coming months. Public companies like Nakamoto, through UTXO subsidiary, already signed up.

The market is barely waking up to a new reality where potentially billions of dollars of BTC starts getting deployed in Stacks. All these public companies and large institutions need to buy & hold STX. Any price movements (like today) create additional capacity for more BTC to be deployed to earn native BTC yield.

We are at the beginning of the era of bitcoin capital markets coming to life. Thank you to everyone who patiently waited while we perfected this product. It’s go time now.

Forward!

[muneeb.btc @muneeb]

A pattern I’ve seen lately:

People feel low morale and negative about Stacks, then they see me active here again and discuss their worries. I give my raw, unfiltered answers and they feel better.

Same fundamentals, different sentiment.

It’s like talking to the captain of a ship that is going through really choppy waters. If the captain says, “Yes, it’s choppy waters, but we’ll be fine.” You feel better than if the captain goes silent. Then you have no idea how bad the situation might get.

I was away from X not because of Stacks or the bear market, but some personal/family matters that are almost under control now. There was no mental space for the additional distraction of X during that time.

My personal view is that the worst of the bear market for Stacks is behind us. My family office has been going long all the way down in 2025 and 2026. The latest purchase was at $0.14. Not financial advice for you.

What I can tell you is the captain is here, willing to go down with the ship if ever needed. And I also dare to tell you, unfiltered, that the fundamentals are strong and the vision for a thriving on-chain bitcoin economy is intact; we’ve stood the test of time, and the industry doesn’t yet fully appreciate our innovations.

And yes, better waters ahead. Forward!

[Bitfinex @bitfinex]

$BTC pays nothing by design. No interest, no yield. That's the point.

From BlackRock to @Stacks, the question has shifted. Whether bitcoin can generate yield is no longer the debate.

So where does it actually come from?
https://t.co/HkTLSHvY74

[Mike @MikhailKptsv]

Happy birthday, Ethereum!
https://t.co/sSzjIrHpES.

[Mike @MikhailKptsv]

@DurovPD gutentak

[Octant @OctantApp]

We're excited to share Epoch 12: Octant is for everyone.

Allocation window opens at 12:30 pm ET today (16 June) and will close at 11:30 pm ET on 30 June. You can allocate on: https://t.co/DrubPo6oUz

This epoch marks a few big changes.

This is our first epoch introducing ProperQF.
This is our first epoch with zkproofs in voting.
This is our first epoch open to ETH contributions.
This is our first epoch on v2.

So, let's get into it.

Epoch 12 is our 13th funding round. We’ve got 200 ETH in our matching pool this time.

As a GLM locker, you can allocate your WETH rewards to yourself and/or to projects that are part of this epoch. The matching pool will be quadratically split based on your allocations.

For ETH contributions: 50% of the contribution will be converted to $GLM and burnt, and the remaining 50% will be allocated to your project selection. Part of this is to discourage sybil, and the other part is because our funding comes from @golemfoundation's treasury yield and GLM is core to the mechanism. We will be noting addresses who attempt to sybil and penalize them by removal in upcoming epochs.

We've done a few deep dives on properQF and built a simulator you can use to model the final allocations: https://t.co/1Vk1RFeqDF

Now for the fun part. We've got an incredible group of projects joining us in Epoch 12:
@AestusRelay
@BluefilterC
@crypto_altruism
@dappnode
@eas_eth
@ECHInstitute
@etheconomiczone
@ethStaker
@EthereumRemix
@FundingCommons
@GiliEcoTrust
@greenpilldevs
@growthepie_eth
@hypercerts
@l2beat
@OSObserver
@ProtocolGuild
@RevokeCash
@rotkiapp
@SEAL_911
@shefiorg
@ShutterNetwork
@solidity_lang @argotorg
@torproject
@zachxbt

Allocation dates: 16 June - 30 June (11:30 PM EST).

Every allocation makes a difference. Make yours count. Allocate now: https://t.co/DrubPo6oUz

[Mike @MikhailKptsv]

@elonmusk vs. the S&P 500’s top 50:

[Mike @MikhailKptsv]

https://t.co/PTzvLwNI4P

[Gensyn Foundation @GensynFND]

the network for machine intelligence

$AI is live on Bithumb ($AI/KRW Market)

[stacks.btc @Stacks]

Stacks isn't just building on Bitcoin. It's becoming the Bitcoin economy, the layer where Bitcoin capital finally unlocks its full potential.

[Binance @binance]

Binance will list Gensyn @gensynai $AIGENSYN with Seed Tag applied.

Find out more → https://t.co/OQMyUxycnL

[Cascade @cascade_xyz]

Introducing Cascade invite codes.

Private beta has been growing quickly. Now, it’s your turn to bring others in.

Here’s how it works ⬇️

[Cascade @cascade_xyz]

$XRP is now available for trading on Cascade.

Long or Short Ripple with up to 20x leverage, fully accessible in the U.S.

[Gensyn Foundation @GensynFND]

the network for machine intelligence

$AI is live on @Revolut

[a16z crypto @a16zcrypto]

Most people experience AI through apps. Those apps run on infrastructure owned by a handful of companies.

@benfielding and @harrygrieve of @gensynai on why that needs to change, and what it's going to take to rebuild AI as crypto-native open infrastructure.

00:00 – Intro
00:29 – Misconceptions about AI infrastructure
01:20 – Why centralization in AI is a deeper problem than people realize
04:19 – Why AI needs crypto
05:51 – How AI models are trained
08:15 – The rise of autonomous AI agents with onchain identities
10:37 – Lightning round

[Cascade @cascade_xyz]

WTI is now available for trading on Cascade.

Long or Short American Oil with up to 20x leverage.

[Notional @NotionalFinance]

The new $liUSD-4w market with @infiniFi is a big success! 🔥🔥🔥

All capacity was utilized within the first week.

But good news anon - more liquidity is coming from @ClearstarLabs !

Capacity will go fast. Better get ready 👀