# 10.5 Million Bitcoin Underwater: Is This THE Bottom?

Page: https://stenobird.com/podcast/bitcoin-audible-1000839/10-5-million-bitcoin-underwater-is-this-the-bottom
Text version: https://stenobird.com/podcast/bitcoin-audible-1000839/10-5-million-bitcoin-underwater-is-this-the-bottom.md
Podcast: [Bitcoin Audible](https://stenobird.com/podcast/bitcoin-audible-1000839)
Published: 2026-06-27T00:44:21+00:00
Episode link: https://feeds.fountain.fm/jju8hH7aXnP0afzXN7GS/items/kXXyhlrEcJSI3JAm1SoE/files/VIDEO---DEFAULT---bb024460-d30a-4ca3-b162-1fd246a0836d.mp4/ORIGINAL.mp3
Audio file: https://feeds.fountain.fm/jju8hH7aXnP0afzXN7GS/items/kXXyhlrEcJSI3JAm1SoE/files/VIDEO---DEFAULT---bb024460-d30a-4ca3-b162-1fd246a0836d.mp4/ORIGINAL.mp3
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JSON: https://stenobird.com/v1/public/podcasts/bitcoin-audible-1000839/episodes/10-5-million-bitcoin-underwater-is-this-the-bottom
Duration seconds: 663

## Resource

Over 10.5 million Bitcoin are currently underwater. Everyone is panicking about a grueling bear market, but I see things differently. In today's Take, I explain why this recent drop actually signals deep liquidity and a historically accurate market bottom. The traditional four-year cycle is breaking. And as the national debt keeps doubling and the fiat printing won't stop, let's talk about why staying patient right now means everything. Chapters (00:00:00) - Another big dump & 10.5M BTC underwater (00:01:25) - Capitulation signal that’s called every bear bottom (00:02:22) - From 90% crashes to a muted bear (00:03:10) - Liquidity, ETFs, and Bitcoin as collateral & SoV (00:04:57) - Patience: the rarest Bitcoin skill (00:05:28) - Exponential US debt and the long‑term Bitcoin lens (00:06:15) - How past cycles felt vs how they look on the chart (00:06:42) - From $15K to a $60K+ floor: what that implies (00:07:10) - Self‑custody, ETFs, and why keys matter (00:08:01) - Volatility vs risk in a fast‑growing asset (00:09:21) - Max pain, hopelessness, and where opportunity lives (00:10:08) - Blood in the streets & hunting one more dip Affiliate Links Become sovereign, hold your keys, be censorship resistant with the Bitbox hardware wallet. Get 5% off everything in the store with code GUY (Link: https://bitbox.swiss/guy/ ) Get 10% off the best Bitcoin board game in the world, HODLUP! Or any of the other great games from The Free Market Kids! Use code GUY10 at checkout for 10% off your cart! (Link: https://www.freemarketkids.com/collections/games-1 ) Host Links ⁠Guy on Nostr ⁠(Link: http://tinyurl.com/2xc96ney ) ⁠Guy on X ⁠(Link: https://twitter.com/theguyswann ) Guy on Instagram (Link: https://www.instagram.com/theguyswann ) Guy on TikTok (Link: https://www.tiktok.com/@theguyswann…

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## Transcript

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