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Bitcoin’s Silent IPO: Why OGs Are Selling & What It Really Means

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Bitcoin’s Silent IPO: Why OGs Are Selling & What It Really Means

Galaxy Digital executed a $9 billion Bitcoin sale for a Satoshi-era investor in July 2025, one of the largest crypto exits to date. This event signals a new era, as early Bitcoin adopters distribute coins to meet rising institutional demand without disrupting the market.

This ongoing shift marks Bitcoin’s transition into a more mature and stable market. Institutional capital now dominates, as on-chain data shows dormant wallets reactivating throughout 2025. The asset’s evolution from speculative play to global financial infrastructure continues to accelerate.

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The Mechanics of Bitcoin’s Distribution Phase

Bitcoin’s current consolidation resembles the post-IPO stages in traditional equities, where early backers gradually exit as institutions enter.

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In a Subtack post, Jeff Park, an advisor at Bitwise, describes this as a “silent IPO,” which lets original holders distribute Bitcoin through ETF infrastructure. Unlike previous downturns shaped by regulation or failures, today’s distribution happens under strong macro conditions and growing institutional interest.

On-chain data reflects the trend. Dormant wallets that were inactive for years began moving coins in mid-2025. For example, in October 2025, a wallet that had been inactive for three years transferred $694 million in Bitcoin, highlighting broader wallet reactivations during the year.

Blockchain analytics firm Bitquery also tracked numerous wallets that had been dormant for over a decade, becoming active in 2024 and 2025.

Crucially, this distribution is patient, not panic-driven. Sellers target high-liquidity windows and institutional partners to minimize price impact.

The Galaxy Digital transaction demonstrates this approach, where over 80,000 Bitcoin were moved during estate planning for an early investor, all without destabilizing the market.

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Historically, such consolidation phases in traditional finance last six to 18 months. Companies like Amazon and Google experienced similar periods after their IPOs, as founders and venture investors made room for long-term institutional investors.

Bitcoin’s ongoing consolidation since early 2025 signals a comparable shift from retail pioneers to professional asset managers.

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Institutional Adoption Accelerates as Early Holders Exit

This handoff from early holders to institutions relies heavily on the expansion of ETF infrastructure. Since the launch of spot Bitcoin ETFs in early 2024, institutional inflows have surged.

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CoinShares research reported that as of Q4 2024, investors managing over $100 million collectively held $27.4 billion in Bitcoin ETFs, a 114% quarterly gain. Institutional investors accounted for 26.3% of Bitcoin ETF assets, up from 21.1% the prior quarter.

North American crypto adoption increased by 49% in 2025, driven primarily by institutional demand and the introduction of new ETF products, according to Chainalysis. This growth ties directly to the accessibility of spot ETFs, a familiar option for cautious investors.

Still, market penetration remains early. River’s Bitcoin Adoption Report reveals that only 225 of over 30,000 global hedge funds held Bitcoin ETFs in early 2025, with an average allocation of just 0.2%.

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This gap between interest and allocation demonstrates how institutional integration is just beginning. Still, the trend remains upward. Galaxy Digital ended Q2 2025 with roughly $9 billion in combined assets under management and stake, a 27% quarterly increase—thanks in part to rising crypto prices and the record-setting Bitcoin sale. Its digital assets division delivered $318 million in adjusted gross profit, and trading volumes jumped 140%, as detailed in Galaxy’s Q2 2025 financial results.

The crypto lending ecosystem also expanded. According to Galaxy’s leverage research, Q2 2025 saw $11.43 billion in growth, bringing total crypto-collateralized lending to $53.09 billion.

This 27.44% quarterly rise signals strong demand for institutional-grade infrastructure that supports large transactions and wealth strategies.

Psychological De-Risking and the New Bitcoin Holder Profile

The logic behind early holder exits goes beyond profit-taking. Hunter Horsley, CEO of Bitwise, highlights that early Bitcoin investors remain bullish but prioritize psychological risk management after life-changing gains.

On X (Twitter), he explained that many clients aim to preserve their wealth while keeping some long-term Bitcoin exposure.

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Strategies include swapping spot Bitcoin for ETFs to gain custodial peace of mind, or borrowing from private banks without selling.

Others write call options for income and set price targets for partial liquidations. These approaches signal smart wealth management and continued potential upside, not pessimism.

Bloomberg ETF analyst Eric Balchunas confirmed on X that original holders are selling actual Bitcoin, not just ETF shares. He likened these early risk-takers to “The Big Short” investors, who were first to spot opportunities and are now reaping the rewards.

As institutional ownership expands, Bitcoin’s volatility is projected to decrease, thanks to a broader distribution across pension funds and investment advisors.

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This supports greater market stability and draws additional conservative capital. As a result, Bitcoin continues to shift from a speculative asset to a foundational monetary tool in global finance.

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Jim Rickards Asked Robert Kiyosaki to Read One Manuscript, Then His View of Global Finance Changed

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Jim Rickards Asked Robert Kiyosaki to Read One Manuscript, Then His View of Global Finance Changed

Key Takeaways

Why Did One Manuscript Change Robert Kiyosaki’s View?

Robert Kiyosaki, the author of the best-selling personal finance book Rich Dad Poor Dad, said an advance manuscript of “The Entropy Trap” shared by Jim Rickards prompted him to rethink how he views global finance. Rickards is an economist, lawyer, and financial commentator known for writing about currencies, debt, and systemic market risk. Kiyosaki said the early reading changed his perspective on where the financial system may be headed.

The reaction was framed around a warning about financial change. The book, written by Mickey M. Maini, “blew my mind and opened my eyes to what & why global financial change is coming,” Kiyosaki described. His comments focused on what he described as a shift in the rules behind wealth, assets, and trust.

The central claim is that wealth could move away from people relying on traditional financial assumptions. Kiyosaki asserted:

“The informed will be tomorrow’s ULTRA RICH. Todays uniformed operating by the old rules of money… will become the new poor.”

The Warning Behind the Claim

The warning centers on assets that depend on trust, including U.S. bonds, exchange-traded funds (ETFs), and mutual funds. Kiyosaki framed those instruments as vulnerable under the financial shift he says is coming, placing commonly held investment products at the center of the risk.

That claim is severe, but he presented it as a warning rather than a proven outcome. He also pointed to large bondholders, including Japan, saying they have already started dumping U.S. bonds. He did not provide supporting data in the statement.

The acclaimed author shared:

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“Message from book… ‘All assets that require trust, assets that most people have… such as U.S. bonds, ETFs, mutual funds will be flushed down toilets, all over the world.’”

The broader conflict is whether traditional financial assets remain reliable under the conditions Kiyosaki described. His framing divides investors between those preparing for a changed financial system and those still operating under assumptions he says may no longer hold.

What Still Needs to Be Proven

A planned August study session could clarify the warning Kiyosaki described. He said his study team would examine the message and that Rickards may join, though the evidence behind the claims has not yet been laid out.

For now, the warning rests on Kiyosaki’s account of a manuscript that changed his view. He urged readers to prepare, writing:

“I want you to be one of the world’s new rich.”

What remains unknown is whether market data, policy moves, or investor behavior will confirm the risk he described.

His recent commentary has focused on what he describes as fragility in the global monetary system, particularly around the U.S. dollar. He has pointed to rising debt, central bank policies, and inflation as risks that could trigger a sharp market downturn.

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Alongside those concerns, he has repeatedly highlighted bitcoin, gold, and silver as alternative stores of value. In his view, those assets may help reduce exposure to traditional financial instruments during periods of currency weakness and market turbulence.

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Strategy Is No Longer Just Going to “Inoculate the Market,” Selling Crypto May Be Much More Common. Here’s What That Could Mean for the Stock | The Motley Fool

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Strategy Is No Longer Just Going to “Inoculate the Market,” Selling Crypto May Be Much More Common. Here’s What That Could Mean for the Stock | The Motley Fool

When Strategy (MSTR 0.69%) sold a modest amount of Bitcoin earlier this year, it was a noteworthy development given that the company’s business has centered around buying up as much of the cryptocurrency as it can, and vowing to never sell. And it often boasts of being the largest corporate holder of the digital currency.

The company brushed off the sale of 32 Bitcoins, with management saying it simply wanted to “inoculate the market.” Well, now it appears that Strategy is doing much more than just that, and there could be more significant cryptocurrency sales in the future.

Image source: Getty Images.

Strategy unveils a Bitcoin monetization program

On June 29, Strategy released a framework going forward that it says will “enhance liquidity, preserve long-term Bitcoin exposure, and support long-term value creation for shareholders.” Among the notable components is its Bitcoin monetization program.

Within that program, the company says it may sell some of its cryptocurrency holdings for multiple reasons, including to fund a USD reserve, fund dividends or interest expense, or to fund repurchases of digital credit securities or common stock.

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While the company says it remains committed to Bitcoin for the long term and it’s the company’s “primary treasury reserve asset,” it’s a significant change of course for Strategy, which was previously heavily against ever selling the digital asset.

Strategy Stock Quote

Today’s Change

(-0.69%) $-0.69

Current Price

$100.08

The stock is as risky and volatile as ever

Whether or not Strategy buys or sells Bitcoin doesn’t change the fact that this is a highly risky and speculative stock to own. While crypto fans may be disappointed in the company’s change in strategy, selling Bitcoin will likely not be enough to make the business any better or worse as an investment.

In just the past 12 months, the stock has plummeted a whopping 75% as volatility in digital assets has drastically weighed on its earnings, with the company incurring $12.8 billion in losses over the trailing 12 months, on revenue of $490 million.

That’s not likely to change significantly, even if Strategy offloads some of its crypto holdings, because with such a large exposure to Bitcoin, how the cryptocurrency performs will inevitably impact the company’s bottom line in a big way. This year, the leading cryptocurrency is down 28% as investor excitement around it has largely cooled off, which has proven disastrous for Strategy’s stock as well. And at this stage, there’s little reason to anticipate a recovery anytime soon.

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An Easy-to-Miss Radio Traffic Jam Is Behind Many Home WiFi Slowdowns

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An Easy-to-Miss Radio Traffic Jam Is Behind Many Home WiFi Slowdowns

Key Takeaways

Your WiFi can feel rock-solid at midnight and oddly sluggish by breakfast, even when you have not touched a single setting. The culprit is often outside your walls: a crowded slice of public radio spectrum where your router has to negotiate space with every nearby network, plus a grab bag of household gadgets that leak interference. Add peak-hours demand and the signal-blocking quirks of building materials and weather, and “slow internet” starts to look less like a billing issue and more like an invisible traffic problem you are forced to share.

When WiFi slows down without warning

One day your home WiFi feels snappy, the next it drags, even though your router hasn’t moved and your internet plan hasn’t changed. That swing is real, and it’s usually not your imagination or a “bad day” from your ISP. WiFi lives on shared airwaves, and those airwaves get crowded, noisy, and sometimes just plain finicky.

Think of your connection as a conversation in a busy room. Your laptop and router may be talking just fine, but the room itself can fill up fast with other chatter. What looks like a mystery slowdown is often the result of invisible competition and interference that changes hour by hour.

The battle of competing networks

Most homes still rely heavily on the 2.4 GHz and 5 GHz WiFi bands, which are unlicensed spectrum in the US. That “free for everyone” reality is convenient, but it also means your network shares space with your neighbors, their smart TVs, their work laptops, and every nearby router doing the same thing.

Congestion has a rhythm. During common work-from-home and school-from-home windows, especially 8-10 AM, and again in the evening 6-10 PM, more devices are streaming, video calling, syncing, and downloading updates. Even if you pay for fast broadband, your WiFi link can become the bottleneck when the local radio environment gets packed.

Interference inside your home

Your own house can sabotage you. A microwave is the classic culprit because it can leak noise near 2.4 GHz, exactly where many WiFi networks still operate. Older cordless phones, some baby monitors, and even dense clusters of Bluetooth gadgets can add more clutter, especially in smaller apartments where everything sits close together.

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Then there’s physics. Concrete, metal, and even water (think aquariums or thick pipes in walls) absorb and scatter radio signals. A router shoved behind a TV, tucked into a cabinet, or stuck in a far corner forces your devices to “hear” through more obstacles, lowering speeds and making dropouts more likely.

Weather, channels, and what you can do tonight

Environmental changes can matter too. Higher humidity and rain can slightly increase signal loss, and shifting temperatures can change how radio waves propagate around a neighborhood. You might never notice on its own, but paired with congestion it can tip a marginal connection into a frustrating one.

The 2.4 GHz band is also channel-limited. In the US there are 11 channels, but only 1, 6, and 11 don’t overlap. Many routers default to “auto channel,” so nearby networks can hop around trying to escape interference, sometimes creating instability. Practical fixes: prefer 5 GHz (or 6 GHz if you have WiFi 6E/7 gear), place the router centrally and higher up, and use a WiFi analyzer app to pick a less crowded channel instead of leaving it on auto.

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