Market Overview & Trends - Bitcoin has shown tremendous performance, still up over 100% since the start of last year [2] - Late stages of a Bitcoin bull market typically see long-term holders unwinding, a trend that picked up in July [3] - The market is witnessing a transfer of wealth from stickier to less stickier owners, with the latter being flushed out [4] Institutional Adoption & Investment - Bitcoin flows have been strong throughout the year, with institutional adoption and buying observed weekly [6] - Examples of institutional adoption include the government of Texas, Harvard, and the Czech National Bank acquiring Bitcoin [7] - Despite volatility, large institutional buyers are taking positions and buying the dip [7] Investment Strategies & Company Analysis - Investability of crypto-tied stocks depends on the company and manager [9] - Sailor has a proven track record of protecting downside and creatively raising capital [10] - The influx of new money into crypto treasury vehicles has involved various players, requiring time to assess execution capabilities [11] Market Sentiment & Price Stability - The question arises as to why there aren't more dip buyers in the crypto market, given price targets like $100,000 for Bitcoin by year-end and $1 million by 2030 [5]