Greetings Bitcoiner,

Welcome to Issue #345 of Bitcoin Breakdown, where it’s OPSEC Wednesday special, followed by the latest Quick Bits snippets.

But first, today’s Top Stories:

• 🐋 Bitcoin's $150K Dream Blocked by Two Massive Whales

• 🚪 SEC and CFTC Open Doors for Major Exchanges to Trade Spot Crypto

• 📊 Bitcoin's Realized Cap Hits Record High Despite Price Drop

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Sep 3, 2025

TODAY’S TOP STORIES

🐋 Bitcoin's $150K Dream Blocked by Two Massive Whales

Nakamoto CEO David Bailey claims Bitcoin would hit $150K if two massive whales would just stop selling their holdings already to buy ethirium, with massive liquidations totaling $2.7B and $4B. With one whale 'down' and another 'halfway there,' Bailey sees clear skies ahead. Despite corporate Bitcoin holdings surging past $400B across 312 entities, the 2 whales are seen to have created downward pressure that broke Bitcoin below key $110K support, extending drawdowns over 13% from August highs. Meanwhile, analysts like Arthur Hayes and Tom Lee project Bitcoin to reach $250K by year's end. Cointelegraph

🚪 SEC and CFTC Open Doors for Major Exchanges to Trade Spot Crypto

The SEC and CFTC issued joint guidance confirming that registered US exchanges like NYSE and Nasdaq can legally facilitate spot trading for Bitcoin and other digital assets. This historic clarification, part of ‘Project Crypto’ and ‘Crypto Sprint’ initiatives, ends regulatory turf wars and paves the way for increased mainstream adoption. Traditional exchanges managing trillions in assets can now offer direct bitcoin access alongside conventional products. The Block

📊 Bitcoin's Realized Cap Hits Record High Despite Price Drop

Bitcoin's realized capitalization just smashed through $1.05T, even as the spot price tumbled 12% from its all-time high near $124K. Unlike market cap, which reprices all coins at current levels, realized cap only adjusts when coins actually move on-chain. This resilience shows diamond hands are holding strong, with dormant holdings and long-term stackers providing stability that previous bear markets lacked completely. CoinDesk

POLL #345

PREVIOUS POLL RESULTS

OPSEC FEATURE ARTICLE

Stop Social Engineering Scams: 13 Services Every Bitcoiner Should Use Today

The biggest losses often start with a friendly message, not a zero-day exploit.

ZachXBT, the blockchain sleuth, last month exposed how a victim lost 783 BTC in a single hit after impostors posed as support agents claiming to help.

You need to train your setup, not your luck.

This week’s OPSEC feature article guides bitcoiners on how to always use the right services and procedures so a fake ‘support agent’ never reaches your keys.

Get instant access to this special feature by becoming a premium supporter here.

QUICK BITS

• Cost basis distribution of Bitcoin reveals a surge in spot market activity, signaling strengthening buying pressure across the network.

• Bitcoin's network power smashes through 1 zetahash per second, despite miners being crushed by a brutal combination of rising difficulty and low transaction fees.

• Solo miner overcomes 1-in-4.26M odds to earn $373K block reward while mining with the Solo CKPool, showing again how small-scale miners can compete against industrial operations in 2025.

• Trump's GREAT Trust plan proposes offering Palestinians sh!tcoins to leave Gaza for AI smart cities.

• The Economist reports on how Hong Kong is testing regulated stablecoins while China weighs yuan-backed alternatives amid a US-led push for dollar dominance in the crypto markets.

• Treasury, a Netherlands-based bitcoin treasury firm backed by the Winklevoss twins, plans Amsterdam listing via reverse merger with Dutch investment firm MKB Nedsense after raising $147M.

• Strategy, led by CEO Michael Saylor, adds 4,408 BTC worth $450M to its bitcoin treasury, bringing total holdings to 636,505 BTC valued at $70B.

• Benchmark analyst publishes a note to clients defend Strategy's decision to relax its equity issuance constraints, arguing the move was a rational correction to sustain Bitcoin accumulation.

• Coinbase Derivatives launches Mag7 + Crypto Equity Index Futures on September 22, marking the first US-listed derivative combining traditional equities and Bitcoin and crypto ETFs in a single futures product.

• PeckShield, a security firm, reports that Bitcoin and crypto hackers stole $163M in August, shifting to high-value targets like exchanges and individuals.

• RAK Properties, a leading UAE real estate developer with a $1.3B market cap, now accepts Bitcoin, Ether and Tether for international property transactions through Hubpay payments platform.

• JP Morgan analysts report that Bitcoin miners' market cap hit a record $39B in August as major firms like Hut 8, Core Scientific, and TeraWulf diversify into AI computing amid mining profitability challenges.

• FXAIR, a private jet company, starts accepting bitcoin payments as Bitcoin millionaires drive luxury travel demand.

• Rumble CEO Chris Pavlovski, head of the video-sharing platform competing with YouTube, confirms that testing has begun for Rumble's Bitcoin wallet after successfully purchasing BTC with the new feature.

• Black Pill Capital, a Charlotte-based hedge fund founded in 2025, launches with focus on corporate Bitcoin treasury adoption strategies.

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