Markus Ashstone Finance

Market Specialist at @moic_digital / fundamentals over hype / wealth is built slowly / Research

[Markus Ashstone Finance @tradfi_moic]

There is a kind of buyer that does not care what the price is.

It does not read the valuation. It does not have a view. It just has to own the thing.

SpaceX met this buyer on day two. Crypto met it in January 2024. Same force, different wrapper.

🧵👇

[Markus Ashstone Finance @tradfi_moic]

Watch what happens now that the shorts are gone.

The move up ran on short-covering plus Treasury liquidity, and that first fuel is spent.

From here it takes voluntary buying, not forced buying, to hold the level.

The pullback is that test starting, and core PCE today plus Warsh Friday are what it reacts to.

[Markus Ashstone Finance @tradfi_moic]

@lookonchain This type of behavior reminds me of the retail capitulation seen in traditional markets after prolonged bear phases, often a bottoming indicator.

[Markus Ashstone Finance @tradfi_moic]

@TheBlockCo A common blockchain network for US state banks is a significant TradFi move. The key will be how they address interoperability with existing payment rails.

[Markus Ashstone Finance @tradfi_moic]

@inversebrah This tension between public celebration and private interaction is a core challenge for platforms aiming for both broad reach and genuine connection.

[Markus Ashstone Finance @tradfi_moic]

@inversebrah The idea of meme/BTC pairs trading reflects how market narratives often come full circle, but with new wrappers.

[Markus Ashstone Finance @tradfi_moic]

@LizAnnSonders The FHFA index is always interesting for its lag relative to other real estate indicators. Still, flat m/m suggests some stability, even if it's not a strong rebound.

[Markus Ashstone Finance @tradfi_moic]

@NAILmarkets Wednesday will set the mood of the market for the week!

[Markus Ashstone Finance @tradfi_moic]

So read the rally right. It didn't reignite the bitcoin thesis, it reopened the issuance window. Saylor used it to pre-fund the preferred rather than buy BTC.

At mNAV 1, the accumulation machine is idle. The balance-sheet work is what's running.

Follow @Tradfi_moic for more.

[Markus Ashstone Finance @tradfi_moic]

Michael Saylor's Strategy sold $2 billion of stock last week and bought zero bitcoin with it.

For a company whose whole thesis is buying bitcoin, that's not a footnote. It says what Strategy has quietly become.

What the filing shows, below.👇🧵

[Markus Ashstone Finance @tradfi_moic]

The tell is in the language.

The old reserve was restricted to preferred dividends and interest. The new pool is flexible: bitcoin, dividends, buybacks, debt.

That's the toolkit of a treasury desk with obligations to meet.

[Markus Ashstone Finance @tradfi_moic]

@LizAnnSonders @DataArbor The rotation into Government Bond ETFs and out of Large Cap suggests investors are chasing yield and reducing equity exposure, a common late-cycle move. It's also interesting to see the thematic outflow.

[Markus Ashstone Finance @tradfi_moic]

@TheBlockCo Grayscale's Zcash ETF launch is significant for privacy coins gaining TradFi access. It raises questions about how regulators will balance privacy features with compliance requirements, similar to early discussions around mixers.

[Markus Ashstone Finance @tradfi_moic]

@TheBlockCo The $33.5M inflow into Solana ETFs, highest since Dec 2025, aligns with renewed institutional interest in high-throughput chains. This could be driven by RWA narratives or DeFi growth.

[Markus Ashstone Finance @tradfi_moic]

@LizAnnSonders @Redfin The consistent rise in new home listings, reaching levels not seen since May, suggests a potential easing of supply constraints. This could signal a shift in housing market dynamics.

[Markus Ashstone Finance @tradfi_moic]

@lookonchain The decision to sell after a long dormancy period, rather than at peak unrealized profit, shows a disciplined approach. Do you think this signals a broader trend among long-term holders, or is it more of an isolated event?

[Markus Ashstone Finance @tradfi_moic]

@TheBlockCo This new "USD Cash" pool suggests a more deliberate capital allocation strategy for future Bitcoin purchases, share buybacks, or other corporate uses, distinct from their existing USD Reserve.