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Bitcoin Magazine

UTXO’s Duke Waldrop: Bank of Japan “Liquidity Shock” Could Impact Bitcoin

Bitcoin fell to $79K this weekend, and this week both the Fed and the Bank of Japan decide on rates. Duke Waldrop, Head of Asia Markets at UTXO Management, joins Grace Remington and Sean Hagan to explain why a yen repricing hits Bitcoin first: macro funds with yen-denominated liabilities become forced sellers, and Bitcoin’s 24/7 liquidity is where they find the exit. He also breaks down why Metaplanet is trading below the value of its own Bitcoin, why possible removal from MSCI indexes on November 30 doesn’t change the thesis, and why the bet is on the Tokyo team’s execution.

Chapters:
0:00 Bitcoin at $79K, Fed and Bank of Japan Decisions, and Metaplanet Below NAV
0:29 How Asian Investors Are Learning the Treasury Playbook
1:16 The Yen Carry Trade and Why Bitcoin Sees the Liquidity Shock First
2:12 Who Sells First If the Bank of Japan Surprises: Overleveraged Macro Funds
2:58 Metaplanet’s Nasdaq Route Through Super League and the Second Liquidity Pool
3:46 Why Metaplanet Trades Below Its Bitcoin: Bitcoin Per Share Is the Metric
4:30 Asia Is “Way Behind” on Bitcoin Preferreds
5:32 MSCI Removal on November 30: Why It Changes Nothing Fundamental
6:57 Balance Sheet Caps, Delisting and Moon Inc.
8:45 Thailand, Astra’s Cash-Flow Model, Capital Group’s 11% and “The Moon, a Million”

This video is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities. Past performance is not indicative of future results. Investments in digital assets involve significant risk and may result in loss of capital. Both UTXO Management and BTC Inc., producer of BMTV, are owned by Nakamoto Inc. (NASDAQ: NAKA)

DISCLAIMER: The views and opinions expressed in this show are those of the participants and do not necessarily reflect the official policy or position of BTC Inc., Bitcoin Magazine, or any affiliated entities. This content is provided for informational and educational purposes only and should not be construed as investment, legal, tax, or accounting advice. Nothing contained in this show constitutes a solicitation, recommendation, endorsement, or offer to buy or sell any securities or financial instruments. Viewers should consult their own advisors before making financial or business decisions.

This post UTXO’s Duke Waldrop: Bank of Japan “Liquidity Shock” Could Impact Bitcoin first appeared on Bitcoin Magazine and is written by Patrick Green.

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Bitcoin Magazine

Sam Callahan: Bitcoin Doesn’t Need Rate Cuts to Succeed

The U.S. dollar has lost at least 20% of its purchasing power in just five years, using the Fed’s own favorite inflation gauge. Sam Callahan explains why financial repression is already happening, from core PCE averaging 3.7% to the U.S. bond market’s steepest drawdown in history. He argues the policy is “working great. It’s just not working for the people.”

Chapters:
0:00 – Sam Callahan on Why Brazil Was Ready for a Bitcoin Treasury Company
2:05 – MSCI’s Exclusion: Why “Bitcoin Is Permanent”
4:18 – The Global Debt Binge and Why Debasement Is the Easy Way Out
5:55 – The Dollar Lost 20% of Its Purchasing Power in Five Years
7:03 – Financial Repression: Working for the Government, Not the People
8:17 – The BIS, Gold’s “Monetary Protest” and Central Bank Credibility
12:13 – When Will Central Banks Adopt Bitcoin?
14:10 – Gold, Bitcoin and the Dollar: The Three Pillars of Reserves
16:50 – Does Bitcoin Need Lower Rates? Why Fiscal Dominance Matters More
19:00 – Why All Roads Lead to Currency Debasement

DISCLAIMER: The views and opinions expressed in this show are those of the participants and do not necessarily reflect the official policy or position of BTC Inc., Bitcoin Magazine, or any affiliated entities. This content is provided for informational and educational purposes only and should not be construed as investment, legal, tax, or accounting advice. Nothing contained in this show constitutes a solicitation, recommendation, endorsement, or offer to buy or sell any securities or financial instruments. Viewers should consult their own advisors before making financial or business decisions.

This post Sam Callahan: Bitcoin Doesn’t Need Rate Cuts to Succeed first appeared on Bitcoin Magazine and is written by Patrick Green.

Bitcoin Magazine

Fundstrat Analyst Sean Farrell: Bitcoin to $100k by Year End + MSTR MSCI Exclusion

Where is Bitcoin headed by year-end? Fundstrat’s head of digital asset strategy, Sean Farrell, says he’s constructive. He doesn’t expect new all-time highs this year, but he sees 95K–100K as possible before year-end. He explains how bond volatility is spilling into equities, why the near term is murky, and why the bigger regime shift still favors Bitcoin.

Chapters:
0:00 – MSCI’s Decision on Excluding Bitcoin Treasury Companies
0:36 – Why Sean Farrell Expects Exclusion but Sees Limited Impact on Strategy
1:43 – Exclusion vs. Inclusion: Upside Catalyst or Nothing Burger?
2:28 – Why the Downside Is Priced In and What Could Spark Upside
3:17 – How MSCI Exclusion Could Affect STRC’s Return to Par
4:09 – Strategy’s $1.5B STRC Buyback and the Daily Dividend Vote
5:40 – Reading Today’s Selloff and Reversal in Bitcoin Treasury Stocks
6:20 – Why the Macro Regime Is “Heads I Win, Tails You Lose” for Bitcoin
7:16 – Treasury Buying, Financial Repression and Rising Liquidity
8:43 – Sean Farrell’s Bitcoin Outlook: $95K to $100K by Year-End

DISCLAIMER: The views and opinions expressed in this show are those of the participants and do not necessarily reflect the official policy or position of BTC Inc., Bitcoin Magazine, or any affiliated entities. This content is provided for informational and educational purposes only and should not be construed as investment, legal, tax, or accounting advice. Nothing contained in this show constitutes a solicitation, recommendation, endorsement, or offer to buy or sell any securities or financial instruments. Viewers should consult their own advisors before making financial or business decisions.

This post Fundstrat Analyst Sean Farrell: Bitcoin to $100k by Year End + MSTR MSCI Exclusion first appeared on Bitcoin Magazine and is written by Patrick Green.

Bitcoin Magazine

MSCI To Move Forward With Proposal That Could Exclude Strategy From Index

Morgan Stanley Capital International is moving ahead with a proposal that could remove bitcoin juggernaut Strategy from its global equity benchmarks. 

The index maker said Thursday that it “will implement the proposal to define and classify non-operating companies as ineligible for inclusion in the MSCI Global Investable Market Indexes.” 

Bitcoin treasury Strategy previously blasted the idea, calling it “misguided” and “flawed.” 

“MSCI will implement the proposal to define and classify non-operating companies as ineligible for inclusion in the MSCI Global Investable Market Indexes, as set out in the consultation announced on August 3, 2026, with minor modifications,” the statement read. 

“The changes will be implemented as part of the November 2026 Index Review, which will take effect as of the close of November 30, 2026.”

MSCI’s decision won’t immediately remove Strategy from its Global Investable Market Indexes but future tests could end up excluding the company from the index. 

If Strategy does get removed from the index, it would mean that fewer institutional investors can or will hold the stock. 

Strategy did not immediately comment on the MSCI’s decision. The company said of the proposal in August: “Bitcoin doesn’t need MSCI. Neither does Strategy.”

MSCI in 2025 proposed excluding from its indices all companies whose digital-asset holdings represent 50% or more of total assets. 

Strategy — formerly MicroStrategy — is an enterprise software company that pivoted to buying and holding bitcoin in 2020. 

It first bought the cryptocurrency to protect shareholders but has since aggressively bought the asset and is now the largest corporate holder of the cryptocurrency, with 848,250 bitcoins worth $69.2 billion at today’s prices. 

Investors can buy Strategy’s Nasdaq-listed stock (MSTR) to get heightened exposure to bitcoin’s performance. 

Nasdaq-listed Strategy’s shares were trading over 6% lower on Friday. 

This post MSCI To Move Forward With Proposal That Could Exclude Strategy From Index first appeared on Bitcoin Magazine and is written by Mathew Di Salvo.