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Greetings Bitcoiner,
Welcome to Issue #412 of the Bitcoin Breakdown daily newsletter, where you have only 6 days left to claim your Black Friday offer unlocking a ridiculous 80% off all Premium Supporter tiers!
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Now for todayβs Top Stories:
βοΈ Trump's Monetary War Against JPMorgan's Empire
π¨π³ US Probes Bitmain Over Bitcoin Mining Security Fears
π― Tiny Miner Hits Mega BTC Jackpot

TOGETHER WITH THE ROUNDUP
While crypto Twitter chases Zcash's 12x pump, few are asking the most important question: Why is it still down 99.92% when priced in Bitcoin?
This is the analysis you get from The Roundup - where 15,000+ investors get institutional-grade Bitcoin analysis every Tuesday at 8 AM ET.
COO Hector Alvero cuts through the noise with real math (no altcoin distractions or moonboy predictions).
"My new favorite account on Twitter. No propaganda, just numbers" - @eemi666 on π

Nov 24, 2025
TODAYβS TOP STORIES
βοΈ Trump's Monetary War Against JPMorgan's Empire
JPMorgan fell squarely in the crosshairs of Bitcoiners over the weekend after the bank relayed MSCIβs plan to boot Bitcoin treasury companies from major indexes in January 2026, coinciding with the bankβs sale of 25% of its Strategy shares over the last quarter. The timing suggested potential stock manipulation to many, while others argued the suggested its motivation was targeted sabotage aimed at disrupting a transition to Bitcoin-native corporate finance spearheaded by Strategy β precisely at a moment when Bitcoinβs macro narrative threatens legacy monetary interests and the Trump administration has been pulling the center of monetary issuance toward the US Treasury via the GENIUS Act. Maryland HODL
π¨π³ US Probes Bitmain Over Bitcoin Mining Security Fears
The US Department of Homeland Security is investigating Chinese mining giant Bitmain under βOperation Red Sunset,β probing whether its Bitcoin rigs could be remotely manipulated for espionage or used to disrupt the power grid. Concerns rose after reports of Chinese-linked mining sites near sensitive US facilities, including a Pentagon-linked data center and a nuclear missile base. Bitmain denies all allegations, calling them false and politically driven, while the investigationβs findings remain undisclosed. Atlas21
π― Tiny Miner Hits Mega BTC Jackpot
A solo Bitcoin miner running just 6 terahashes per second β a microscopic 0.0000007% of the networkβs power β defied 1-in-180M odds to mine a block worth roughly $265K. Using CKpool, the anonymous miner keeps the full reward minus a 2% fee, making this the first CK-mined block in three months and the 308th since 2014. The feat rivals historic solo mining wins and proves that even the smallest hashpower can strike digital gold. The Block

POLL #412
Whatβs JPMorgan most afraid of in a Bitcoin-native corporate world?
PREVIOUS POLL RESULTS


QUICK BITS
Basel Committee chair signals Bitcoin and crypto capital rules overhaul as new framework could enable Bitcoin to serve as pristine collateral, potentially transforming Strategy's business model and creating massive utility for BTC within traditional banking systems.
Michael Saylor pushes back on MSCI index delisting concerns, saying Strategy is an operating software company using BTC as productive capital, not a passive vehicle, and that no fund could replicate its model.
JPMorgan faces heavy criticism from influential bitcoiners calling for account closures amid backlash from Bitcoin and MSTR advocates.
JPMorgan abruptly closed Strike CEO Jack Mallers' bank accounts, citing vague 'concerning activity' while refusing to provide details.
Bank for International Settlements warns stablecoin growth could trigger mass redemptions and US Treasury fire-sales amid tariff volatility, while Coinbase argues full-reserve backing makes stablecoins safer than traditional banking's risky loan practices.
BlackRock's head of digital assets Robbie Mitchnick says the firm's clients view Bitcoin primarily as digital gold rather than a payment network, while noting stablecoins dominate the payments sector.
NYDIG head of research Greg Cipolaro argues ETF outflows and corporate treasury reversals are driving Bitcoin's recent decline to multimonth lows, while maintaining that the long-term institutional adoption trajectory remains intact despite short-term market volatility.
Fidelity research shows nearly every major treasury company has paused Bitcoin purchases in Q4, leaving Strategy as the only consistent corporate buyer and helping explain the recent weakness in BTC price.
Bitcoin's implied volatility climbs back toward 60% after two years of ETF-dampened trading, with Bitwise analyst Jeff Park suggesting options-driven price action may return to spark decisive market moves in both directions.
Binance CEO Richard Teng says Bitcoin's 35% decline from its $126K all-time high reflects broader market deleveraging and risk-off sentiment, with volatility aligning with major asset classes despite BTC's 50%+ annualized volatility exceeding the S&P 500's 15%.
Bitcoin open interest drops 1.3M BTC in the sharpest 30-day decline of the cycle, but analyst Darkfost suggests this deleveraging phase forms a solid bottom and sets the stage for a renewed bullish trend.
US Federal Reserve's 25 bps rate cut chances in December spikes to 67%, according to Polymarket.

QUICK MEDIA
Simply Bitcoin analyzes a perceived economic power struggle between the Trump administration and traditional financial institutions like JP Morgan, arguing that Bitcoin and stablecoins (particularly Tether) are central to Trump's strategy to replace the old banking system with a new, Bitcoin-based financial infrastructure amid accusations of market manipulation and political debanking (Nov 24 | 14:52 min watch).
Empery Digitalβs CEO questions whether JPMorgan is trying to force MSTRβs price lower via a coordinated attack after the bank raised its margin requirement on the stock from 50% to 95% (Nov 22 | 1:15 min watch).
Michael Saylor, in an appearance on Fox Business, argues that the company can sustain dividends indefinitely with just 1.25% annual BTC appreciation, while claiming an 80-year runway to adapt if Bitcoin's price stagnates (Nov 23 | 0:31 min watch).
Stafford Masie, Chairperson of Africa Bitcoin Corporation, speaking at Bitcoin Amsterdam, highlights how Bitcoin provides a critical lifeline for Africans confronting currency collapse and financial exclusion by enabling survival and dignity through grassroots adoption, SMS transactions, and circular economies that reverse negative economic trends (Nov 23 | 18:28 min watch).
Simon Dixon, appearing on the 'What Is Money?' show, warns that centralization risks from developers and companies aligning with powerful financial institutions threaten the Bitcoin network, urging users to divest from compromised entities, support alternative implementations like Knots, and maintain decentralization against institutional capture (Nov 18 | 5:40 min watch).
Owen of Satoshi Alliance says Bitcoin's recent drop was not a panic-driven correction but a strategic liquidity reset triggered by global financial shifts, including Japan's yen carry trade unwind, the Federal Reserve's early QT halt, and Bitcoin's own generational transition from early whales to institutional investors (Nov 24 | 8:43 min watch).

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