Hey Crypto Addicts,

Glassnode just published a report that zooms out much further than the current bear market.

Glassnode has classified 1.92 million BTC or 9.6% of total Bitcoin supply as structurally exposed to a future quantum computing breakthrough.

These are coins sitting in older address formats where the public key is visible on-chain by design, regardless of how carefully the owner manages their wallet.

The most eye-catching number: Satoshi Nakamoto's coins represent approximately 1.1 million BTC of that structural risk. Coins unmoved for over a decade. Public keys sitting on the blockchain forever.

The broader picture is larger. A total of 6.04 million BTC or 30.2% of all issued supply carries some form of quantum exposure. Binance shows 85% of labeled balances exposed. Bitfinex is at 100%. Coinbase sits at just 5%.

The important caveat: this is not an immediate threat. Breaking Bitcoin's cryptography would require approximately 2,330 logical qubits, far beyond current quantum hardware.

The fix exists on paper. BIP-360 proposes a quantum-resistant output format called Pay-to-Merkle-Root. Adoption is the missing piece.

Not a crisis today. A deadline for the industry to prepare. ☕

Bond yields are surging. Bitcoin is under pressure. And Raoul Pal just zoomed out to a number that makes the entire current bear market feel very small.

Real Vision CEO Raoul Pal is forecasting the total crypto market cap grows from $2.7 trillion today to $100 trillion within a decade.

For context, we are currently less than 4% of the way there. 👀

The thesis is built on two converging forces. First, the debt-driven global liquidity cycle that has historically lifted crypto every four to five years. Second, and more importantly, the structural arrival of AI agents as on-chain participants.

AI agents require instant settlement, fractional payments and permissionless access. Traditional payment rails cannot provide that. Blockchain can. Pal argues this creates a structural, not cyclical, demand floor for crypto infrastructure.

He described crypto as the ownership layer for the AI economy, comparing the current adoption curve to Metcalfe's Law squared. More users means more value, which attracts more users. The loop compounds.

His advice was direct: "Bitcoin if you want pure store of value, a basket of major L1s if you want the coordination layer. 10% of your earnings, every month, for a decade."

Asked what could stop crypto adoption, Pal gave a three-word answer: "Nothing stops this train."

The bear market is real. The decade-long destination is also real.☕

The CLARITY Act cleared the Senate Banking Committee in a 15-9 bipartisan vote on May 14. Now the industry is putting a dollar figure on what that means.

Ripple CLO Stuart Alderoty called it "a monumental outcome" and framed the bill not as industry protection but as consumer protection for 67 million Americans who already hold crypto.

His exact words: "The CLARITY Act isn't about protecting an industry. It's about protecting everyday Americans who deserve clear rules when they participate in the multi-trillion dollar crypto economy. 67 million Americans already hold crypto. The data is in. It's time."

The NCA's 2026 State of Crypto Holders Report confirms the scale. One in four US adults now owns cryptocurrency. California leads with 9.5 million holders. Texas at 5.94 million. Florida at 4.71 million.

Prediction markets currently put the odds of the bill passing this year at 80%. A full Senate floor vote is expected within the next month.

The honest caveat: the bill still needs 60 Senate floor votes to clear a filibuster, two committee reconciliations, and Trump's signature. Ripple CEO Brad Garlinghouse warned that failure in 2026 means the next window is 2030.

The $2 trillion opportunity is real. The legislative path is narrow.

Watch the Senate floor vote closely. ☕

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Tether Bought Out

Tether is not done consolidating. Not even close.

Tether International has acquired SoftBank's entire 26% stake in Twenty One Capital, the NYSE-listed Bitcoin treasury company co-founded by Jack Mallers. SoftBank's board representatives stepped down immediately at closing.

No financial terms were disclosed. SoftBank's stake was worth approximately $679 million at time of sale…

Twenty One Capital currently holds 43,514 BTC worth roughly $3.4 billion, making it the third-largest public Bitcoin treasury in the world behind Strategy and Bitmine.

The bigger picture is what Tether is building.

Tether has separately proposed merging Twenty One with Jack Mallers' Strike and Elektron Energy, a Bitcoin mining operation. If completed, it creates an integrated Bitcoin company spanning treasury, payments infrastructure and mining under one roof.

Not a passive BTC holding vehicle. An entire Bitcoin financial stack.

Tether CEO Paolo Ardoino said SoftBank "brought credibility" during XXI's formative phase. With SoftBank gone, Tether now holds uncontested majority control.

XXI stock is down 84% over the past year. Tether just doubled down anyway.

Extraordinary conviction or extraordinary stubbornness. Probably both.☕

The Future of Crypto Banking Is Here

While most people are still juggling wallets, exchanges, and banks… a small group is already moving faster with all-in-one crypto banking.

Veil Bank isn’t just another tool.

It’s a privacy-first omni-bank where you can swap, bridge, borrow, and spend ~ all in one place, without friction.

No delays. No unnecessary steps. No outdated systems holding you back.

The reality? The people who adopt better tools early are the ones who win long term. Everyone else catches up later… at a cost.

Don’t be the one still figuring it out when the edge is already gone.

👉 Get ahead here: https://veilbank.co/#products

BTC EMA Ribbon

The chart just handed us one of the clearest historical setups in Bitcoin's playbook. And if you know what to look for, the next move is hiding in plain sight.

The EMA ribbon has flipped red.

In every previous bear market, this exact signal preceded an extended period of price action sitting below the red ribbon. Not crashing. Not pumping. Just grinding. Consolidating. Accumulating.

That phase is what patient investors have been waiting for.

The current structure is mirroring previous bear market price action almost identically. Price remains below the ribbon. Momentum is weak. Sentiment is low. And historically, this is exactly where the smart money builds its position quietly before everyone else notices.

The playbook from here is simple.

Bitcoin is likely to continue ranging below the red ribbon in an extended accumulation phase. Every boring sideways candle is the market building a foundation. It does not look exciting. It is not supposed to. That is the point.

The key level to watch for the end of this bear market: $44,000.

A decisive rotation back above the ribbon in that region would signal the beginning of a genuine bull market rally. And once the ribbon flips green with confirmation, the historical projection points toward a price target of $146,000.

Red ribbon. Range bound. Accumulate. Flip green. $146K.

That is the roadmap. The only variable is patience. ☕

Bitcoin faced renewed selling pressure from U.S. traders after briefly pushing toward the $78,000 region, as markets turned cautious ahead of Nvidia’s highly anticipated earnings report. Investors are closely watching the results due to Nvidia’s major influence on broader risk sentiment and AI-related markets. Weak U.S. demand and ongoing macro uncertainty.

SpaceX’s latest IPO filing revealed that the company holds a much larger Bitcoin position than many expected, with reports showing over 18,000 BTC on its balance sheet worth roughly $1.4 billion at current prices. The disclosure highlights continued institutional exposure to Bitcoin ahead of what could become one of the largest IPOs in history.

Rising oil prices are reportedly becoming a major headwind for Ethereum, with Fundstrat’s Tom Lee arguing that ETH has developed a strong inverse correlation with crude oil. As oil surged above $100 amid escalating Middle East tensions, Ethereum faced increasing selling pressure.

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Crypto in 2026: survived the bear market, survived the fake rallies, survived the emotional damage…