16th September 2025 > > Party!.

tl;dr

In the immortal words of ex-MP Keith Vaz, “Let’s get this party started”.

Market Snap 

Market Wrap

Six straight days of inflows to the spot BTC ETFs and five for spot ETH ETFs tells us the smart money continues to accumulate in size.

Curious Cryptos’ Commentary – BITCOIN Act 2025

In March this year, Senator Cynthia Lummis introduced an amended BITCOIN (Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide) Act 2025. The first iteration directed the government to buy 200,000 BTC annually for five years, at the end of which the US would own 5% of the total BTC supply. The amended act allows the US to own more than that if additional coins are seized by law enforcement agencies.

There has been legislative progress in the US, particularly regarding the regulation of stablecoins, whilst the CLARITY Act is gaining momentum. Little has been heard of the BITCOIN Act since March. That might be about to change.

A conference is being held today between some US lawmakers and some of the great and good of the crypto world including Michael Saylor who needs no introduction to crypto enthusiasts. There are senior representatives from the miners including CleanSpark and Marathon, from the exchanges including eToro, and some venture capital firms such as Off the Chain Capital and Reserve One. Intriguingly, TradFi will be represented by Western Alliance Bank and Blue Square Wealth.

The main topic will be the means of addressing the requirement in Trump’s original Presidential Order that states the accumulation of BTC must be done in a budget-neutral manner. Accounting sleight of hand in the form of revaluing gold reserves higher must surely be a favourite contender to satisfy this demand.

There will also be discussion about the reasons for a lack of progress of late, with ideas generated to assuage some of the reticent lawmakers’ concerns. I wish the conference well in the hope that it raises the profile of the BITCOIN Act 2025.

…

Once passed, as it surely will, I am quietly confident that I do not need to explain to you the impact it will have on the price of BTC. It will also galvanise other countries to follow suit, though not I suspect the UK or any country in the EU, to the great loss of our domestic taxpayers.

We are all still so early to the party.

Curious Cryptos’ Commentary – Fidelity & BTC scarcity

A new report from crypto-friendly investment manager Fidelity provides a timely boost to a BTC conviction play before the US starts its massive buying programme:

https://fidelitydigitalassets.com/research-and-insights/bitcoins-illiquid-supply-new-era-investors

The main premise is that BTC has moved from an era of abundance to an era of scarcity, a process that was embedded in the BTC code from launch. Block rewards began at 50 BTC per block, reducing according to a predetermined schedule every four years, such that it is now only 3.125 BTC per block. The total number of BTC that can ever be mined is limited to 21 million. This much we have always known.

Fidelity suggests that by the end of this year, when 95% of all BTC will be in circulation, a whopping 6mm, representing 28% of total supply, will be tied up as being illiquid either in the wallets of long-term holders (much of which has been lost forever) who seem reluctant to sell, and on the balance sheets of publicly listed companies. This figure does not include the US government’s future stash of BTC, which will nearly double that total:

“Over time, the scarcity of bitcoin may become the focal point as more entities buy and hold the asset long term. If nation-state adoption increases and the regulatory environment surrounding bitcoin continues to evolve, the growth of the illiquid supply could be even more dramatic than what has been detailed above.”

We are all still so early to the party.