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bitcoin:native is recovering. But the real move hasn't started yet, from its June lows around $58K back toward $80K, supported by returning ETF inflows and long-term holder accumulation. That said, macro headwinds remain, Fed holding rates at 3.50–3.75%, jobs data still unfriendly, and BTC sitting 37% below its October 2025 ATH.
Structure is rebuilding, but no clear directional bias yet. Patience is still the trade.
Chart -> @VerticalViewX
$700 billion. That's what Big Tech is about to set on fire this year chasing a bet nobody's proven pays off.
Sequoia calculated the industry needs $600B in new annual AI revenue just to justify that spend. The gap isn't closing, it's widening.
Meta's free cash flow is projected to drop close to 90%. Alphabet's could fall from $73B to $8B. Amazon is expected to go negative. These aren't struggling companies, they're the most profitable businesses on earth, voluntarily torching their cash generation to build capacity nobody's proven can be monetized at this scale. The bear case isn't "AI doesn't work." It's that the infrastructure layer is pricing in 2029's demand today, on hardware that depreciates in 3 years, funded partly through vendor financing arrangements that read a lot like the fiber buildout of 1999. The tech might be real. The capex math still doesn't check itself.
$4,135 payout for Charles, one of our beta testers on @VerticalPropX .
His take on Vertical
His experience using the app
How his challenge went
He breaks it all down here 👇