Historic Bitcoin Strength Amidst a Storm of Selling

Welcome to the Rhino Roundup!

Every week, we find the most interesting developments across the Bitcoin ecosystem to keep you updated and in the know.

This week, we’re covering 👇

1. Bitcoin rebounds in 48 hours from 80,000 BTC in sell pressure.

2. Bitcoin OG Adam Back’s new treasury proposal.

3. UK proposes the sale of £5 billion worth of previously confiscated bitcoin.

P.S. We’re also giving away $100 in Bitcoin to 3 lucky winners (details below).

1. Bitcoin Absorbs 80,000 in Sell Pressure

If there ever was a sign of a healthy bull market, it would be how quickly Bitcoin’s price rebounded after ~$9B worth of new supply was absorbed by the market.

The owner of the 80,000 bitcoin (which were linked to the MyBitcoin exchange hack of 2011) used Galaxy Digital as their broker. The sale was confirmed by on-chain analysts, confirming it as one of the largest single exits in Bitcoin history.

And although Bitcoin dropped ~4%, the impact of the sale on the broader ecosystem was relatively muted, as Bitcoin’s price rebounded within 48 hours.

This level of absorption speaks to Bitcoin's maturity as an asset class, given the event would have likely caused widespread investor panic selling just a few years earlier.

Galaxy commented on the sale, claiming the reasoning was associated with ‘estate planning’ and not an underlying loss in confidence in Bitcoin itself.

Answer 10 multiple choice questions stand a chance to win $100 💸

2. Bitcoin OG Launches Treasury Offering

Adam Back, one of Bitcoin’s earliest contributors and inventor of Hashcash, is going public with a new Bitcoin company that will initially hold more than 30,000 BTC (worth ~$3.5B).

The company, named Bitcoin Standard Treasury Company, will trade under the ticker BSTR on the Nasdaq, following a merger with a Cantor Fitzgerald–backed SPAC.

They also plan to raise a further $1.5B in cash via a PIPE (“Private Investment In Public Equity'“) whereby private individuals are able to acquire stock at below market prices.

What makes this interesting is not only Back’s involvement, but the manner in which the company was created - most public companies today are raising fiat to buy Bitcoin, not the other way around (i.e. contributing their Bitcoin to seed a public company).

Time will tell whether relinquishing control of their Bitcoin will prove worth it or not (history suggests this may not end well…).

3. UK Weights Sale of £5 billion in Confiscated Bitcoin

The UK government is looking to sell up to 61,000 BTC it confiscated from Chinese Ponzi Scheme, all to plug a gap in the budget.

They also put out a £40M tender to store the assets (which seems a little excessive given the availability of free, open-source bitcoin wallets).

@Hector breaks down the corporate strategies of Germany, Bhutan, El Salvador and Bulgaria (who could have paid off their entire national debt had they not sold).

Watch the full clip below 👇

Institutional Report of the Week

✍️ Who Wrote It?
Fidelity Digital Assets — yes, that Fidelity, with trillions in AUM and one of the earliest Wall Street players in Bitcoin.

🧠 What’s the Big Idea?
More than 17% of all Bitcoin (blue line below) hasn’t moved in 10+ years — Fidelity calls this “ancient supply,” and it’s now at an all-time high.

This cohort aren’t retail, but large whales who are still not selling even as Bitcoin continues to shatter all time highs (i.e. high conviction holders refusing to sell).

📉 Why It Matters
The report highlights the likelihood of deep illiquidity of these old, historic coins, which could become a key structural force that drives long-term BTC price appreciation.

Well, that’s it for this week’s issue of the Rhino Roundup! Join us next week for another edition of all the latest developments in Bitcoin.

To the future of money,

The Rhino Bitcoin Team