The Wolf Den #1199 - The Problem With “Never Sell Your Bitcoin”
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In This Issue:
The Problem With “Never Sell Your Bitcoin”
Aptos Weekly Review
Bitcoin Thoughts And Analysis
US Futures Climb as S&P 500 Heads for Strong Weekly Finish Amid Trade Relief
Long Bitcoin, Short MSTR. Will It Work?
Coinbase Was Blackmailed And Data Was Leaked
Singapore Is Moving Toward Tokenization
Bitcoin Bull Run On Steroids - Here Is Why BTC Is Poised To Erupt
The Problem With “Never Sell Your Bitcoin”
“Never sell your Bitcoin.”
It’s become something between a rallying cry and a religious commandment.
The phrase is repeated like gospel across Twitter, Reddit, podcasts, and conferences. And on the surface, it’s easy to see why. Bitcoin has been the best-performing asset of the past decade. It represents a rebellion against fiat debasement, a bet on freedom, and for many, a hedge against systemic failure. When you believe you're holding the future of money itself, selling can feel like sacrilege.
But beneath the surface, this meme conceals a dangerous oversimplification.
Because here’s the truth: never selling your Bitcoin is a great ideal – but it’s also a luxury.
And for most people, it’s not a practical life strategy.
The Privilege of “Never Sell”
Let’s start with the obvious: “never sell” is much easier to say when you don’t need the money.
If you’re already wealthy, or even just financially stable with strong cash flow, you can afford to lock your Bitcoin in cold storage and never touch it. You can weather volatility, ignore market cycles, and treat your BTC as an inheritance plan. For you, Bitcoin is a vault. A time capsule. A multi-generational asset.
And if you’re really wealthy, there’s an entire playbook designed for you – it’s called Buy, Borrow, Die. You buy assets like Bitcoin, borrow against them to access liquidity without triggering capital gains, and pass them on tax-advantaged when you die. It’s a brilliant strategy. It’s also a reminder: even the “never sell” crowd is still accessing value – they’re just using debt as the wrapper.
But most people aren’t in that position. Most people are working jobs, raising families, paying off debt, and trying to build a future. And for those people, Bitcoin often represents not just a long-term belief – but a potential escape hatch. It gives them hope that a few well-timed trades or a couple of bull runs might finally buy them freedom.
To tell those people “never sell” is like telling someone stuck in a burning building not to use the fire escape because the steel might be worth more in the future. It’s a seductive idea – but sometimes, the exit is the point.
Spending Bitcoin Is Part of the Mission
Here’s something that often gets ignored in these ideological conversations: if you truly believe Bitcoin is money, then at some point, you have to spend it.
You can’t argue that Bitcoin will replace fiat – and simultaneously treat every transaction as betrayal. That’s not how money works.
Currency must move. Economic systems require velocity. You don’t build a new economy by locking your assets away forever. You build it by using them. Transacting. Circulating. Choosing Bitcoin when you could have chosen dollars.
In other words, spending is not failure – it’s function.
Satoshi didn’t invent Bitcoin so we could all sit on it forever. He spent it. Laszlo famously spent 10,000 BTC on pizza. Early adopters used it to buy domain names, electronics, t-shirts, even flights. They literally gave it away to facilitate adoption. Were those good trades in hindsight? Maybe not financially. But they were critical in proving that Bitcoin was more than just an idea – it was money.
You don’t create a circular economy by hoarding. You create it by trusting the system enough to use it.
The Highest ROI Isn’t Always Financial
Let’s go even deeper.
What is the point of wealth? What is the purpose of investing in the first place?
It’s not to die with the largest stack. It’s to enhance your life. To provide freedom, fulfillment, opportunity, and time.
And those things – those currencies – are often worth far more when you’re young and healthy than when you’re old and rich.
If selling Bitcoin now allows you to do something that meaningfully improves your life – to start a business, take a once-in-a-lifetime trip, escape a soul-crushing job, move your family somewhere better – then what exactly are you waiting for? A few more basis points on your net worth?
Let’s be real: happiness has a half-life.
The value of adventure, connection, and freedom doesn’t rise over time. It often fades. Your body changes. Your kids grow up. Opportunities vanish. The dream trip you want to take at 35 won’t hit the same at 65. The company you want to build now may be impossible when life gets more complicated later.
The “return” on those moments is exponential – because they shape who you are, how you live, and what you remember.
Bitcoin can fund those moments. And that’s a good thing. It has given you the opportunity to live the life of your dreams and to do it now.
There’s a Difference Between Selling and Surrendering
To be clear, this isn’t an argument for panic selling or abandoning conviction. I’m not saying you should sell your entire stack every time you want to buy a car.
What I’m saying is that intentionality matters.
There’s a massive difference between selling out of fear – and selling to fund your freedom. One is reactive. The other is strategic.
Too many people in this space confuse conviction with rigidity. But true conviction allows for nuance. It allows you to use your assets to build your life, not just your Ledger balance.
Sell responsibly. Rebalance when it makes sense. Take profits when they materially change your circumstances. Build, live, and then – yes – buy back in if and when it aligns with your values and your goals.
Bitcoin isn’t going anywhere. But your youth is.
A Healthier Bitcoin Philosophy
So let’s rewrite the meme.
“Never sell your Bitcoin” becomes: “Don’t sell your Bitcoin lightly – but don’t be afraid to use it to build the life you want.”
Yes, be a long-term thinker. Yes, have conviction. Yes, protect your wealth from inflation and debasement.
But also: say yes to the business idea. Say yes to the move. Say yes to the adventure. Say yes to the opportunity to spend more time with your kids.
Bitcoin is freedom tech. Use it to be free.
Because the true flex isn’t never selling.
The true flex is having built a life so rich in meaning that selling a little Bitcoin was absolutely worth it.
Aptos Weekly Review
For those that don’t know, Aptos - one of the most exciting layer 1 blockchain competing with Solana and Ethereum - is an official sponsor of this newsletter! Over the past few months, I’ve had the chance to get to know the Aptos team, create content with them, and watch this project accomplish incredible things.
Each week, I’ll provide an Aptos review, showcasing all the exciting announcements and milestones the network is achieving. This week let’s start with some highlights from this Medium article titled, “Build With X-Chain Accounts on Aptos.”
“The world is moving on-chain, powered by the Aptos Global Trading Engine. X-Chain Accounts push that vision forward by letting users bring existing accounts on Ethereum or Solana to Aptos dApps. Use your favorite wallets like Phantom or MetaMask inside a dApp without extra steps or new seed phrases.”
Essentially, Aptos has launched X-Chain Accounts, a new feature that lets people use their existing Ethereum or Solana wallets - like MetaMask or Phantom - to access apps on the Aptos network. This means users don’t have to create a new Aptos account or manage another set of passwords; they can simply connect with the wallet they already use.
This update makes it much easier for users from other blockchains to try out Aptos apps. It also supports quick transfers of assets like USDC from Ethereum or Solana to Aptos, helping users move between networks more smoothly.
Up next, OKX, one of my favorite exchanges, now supports native USDC on Aptos! In response to this news, OKX posted:
Up next, Nodit is now a validator on Aptos.
Nodit, for those who don’t know, provides Web3 API to developers, and is now officially operating a validator node on the Aptos network, backed by a foundation delegation. Becoming an Aptos validator marks a major step in Nodit’s journey to establish itself as a core Web3 infrastructure provider - spanning everything from protocol-level support to end-user products.
“To strengthen our role at the core of the blockchain ecosystem, we’re honored to share that Nodit has received a foundation delegation and is now operating a validator node on the Aptos network. This also reflects not only our technical capabilities but also our long-term commitment to supporting the infrastructure that builders rely on — from data APIs and node services to protocol-level contributions.”
And for the buzzer beater…
Boom. That is all for this week, make sure to show Aptos some love - they’re a huge reason this newsletter remains free!
Bitcoin Thoughts And Analysis
Bitcoin is boring at the moment - nothing new to share on the chart.
US Futures Climb as S&P 500 Heads for Strong Weekly Finish Amid Trade Relief
US futures advanced early Friday, with the S&P 500 on track for one of its strongest weeks this year. A 0.3% gain in futures follows a 4.5% weekly surge in the index, fueled by cooling US-China trade tensions and growing bets that the Federal Reserve will cut rates twice in 2025. Optimism has returned to equity markets, with risk appetite rebounding sharply as traders shake off last month’s market rout. Jefferies strategist Mohit Kumar cautioned, however, that weaker economic data expected in the summer could temper this momentum.
Globally, European stocks joined the rally with the Stoxx 600 marking its fifth consecutive weekly advance, while in Asia, Alibaba shares dropped up to 6.7% after disappointing earnings. Japan’s economy contracted for the first time in a year, with the yen strengthening modestly amid cautious commentary from the Bank of Japan. The dollar dipped for a second session, boosting safe-haven currencies like the Swiss franc. Meanwhile, gold extended weekly losses and oil prices fell, pressured by renewed uncertainty over US-Iran nuclear negotiations. Investors are also keeping an eye on ongoing US budget talks, which may introduce large tax cuts and impact the fiscal deficit.
Stocks
The Stoxx Europe 600 rose 0.6% as of 10:02 a.m. London time
S&P 500 futures rose 0.3%
Nasdaq 100 futures rose 0.3%
Futures on the Dow Jones Industrial Average rose 0.3%
The MSCI Asia Pacific Index was little changed
The MSCI Emerging Markets Index fell 0.2%
Currencies
The Bloomberg Dollar Spot Index fell 0.1%
The euro rose 0.1% to $1.1201
The Japanese yen rose 0.3% to 145.28 per dollar
The offshore yuan was little changed at 7.2040 per dollar
The British pound was little changed at $1.3304
Cryptocurrencies
Bitcoin was little changed at $103,438.06
Ether rose 1.4% to $2,572.1
Bonds
The yield on 10-year Treasuries declined two basis points to 4.41%
Germany’s 10-year yield declined four basis points to 2.58%
Britain’s 10-year yield declined five basis points to 4.61%
Commodities
Brent crude was little changed
Spot gold fell 1% to $3,206.45 an ounce
Long Bitcoin, Short MSTR. Will It Work?
Listen to Jim Chanos explain this strategy:
“A good while, on and off for a couple of years. We are short the spread. I don’t know where Bitcoin is going. $100,000, $1 million, $10,000 - I don’t know. I don’t think anyone else knows. But what I do know is that it is generally profitable to short $1 for $2.5 or $3. If you look at where MicroStrategy and now, more ominously, some of the copycat companies that are raising lots of money are doing, is that they are basically selling retail investors that we are going to buy Bitcoin at a corporate structure, and because of what MicroStrategy has done, you should value us at a similar premium, and therefore earnings are created by the difference of what new investors are paying and what the net asset value is. But it’s ridiculous. So, what we are doing is exactly what MicroStrategy and Michael Saylor are doing - we are selling MicroStrategy stock and buying Bitcoin. Basically, buying something for $1 and selling it for $2.5.”
Jim Chanos is obviously a very smart investor, but this strategy isn’t as free or simple as it may sound. This trade could go very wrong if Strategy’s stock continues to outperform Bitcoin, either due to market hype, investor sentiment, or new bullish developments unrelated to Bitcoin’s actual price. A short squeeze is also a risk, especially if many traders are betting against the stock and it suddenly spikes. Even if Bitcoin rises, the timing might not align, and the spread between the stock and its net asset value could persist or widen, leading to mounting losses.
I have no idea what the final outcome of Saylor’s experiment - and all the “copycat companies” - will be, but I have no interest in betting against any of them. Sure, they might not all succeed, but I’m confident Bitcoin will, and its returns will be strong without the risks of a basis trade or leverage.
Peter Schiff is still a lost soul. Pray for him.
Coinbase Was Blackmailed And Data Was Leaked
Here’s what happened: Cybercriminals bribed overseas Coinbase support agents to steal customer data and carry out social engineering attacks. According to Coinbase, a small number of accounts were affected, but no passwords, private keys, or funds were directly compromised, and Coinbase Prime accounts were unaffected. Victims who sent funds to the attackers will be reimbursed. Coinbase is working with law enforcement, refusing to pay a $20 million ransom, and instead is taking the badass approach, offering a $20 million reward for information leading to the attackers’ arrest and conviction.
While the situation is unfortunate, one of the key takeaways is that Coinbase remains a company worthy of our trust. Brian Armstrong’s video response is one of the most effective and genuine crisis communications I’ve seen - it’s clear, measured, and free of any red flags or evasiveness. Second, I think this attack highlights the need for deeper conversations around KYC. The more a major entity like Coinbase knows about its customers, the more valuable - and vulnerable - that information becomes, making it an even greater target for attackers. Maybe this is a sign governments need to relax a little on KYC information. This is a topic I’ll look to explore more on CryptoTownHall and my podcast.
According to CoinTelegraph, the exchange estimated that attack, “could cost them between $180 million and $400 million in remediation and reimbursement.”
Singapore Is Moving Toward Tokenization
Franklin Templeton has received approval from Singapore's financial regulator to launch the country’s first tokenized fund for retail investors - the Franklin OnChain U.S. Dollar Short-Term Money Market Fund. Offered through the firm’s blockchain-based platform, the fund gives everyday investors access to high-quality, short-term USD-denominated assets with a low entry point of just $20.
Modeled after an existing $1.76 billion Luxembourg fund, it aims to minimize currency risk while investing in global government and corporate securities. Franklin Templeton has been a leader in tokenized finance since 2018 and continues to innovate through projects like MAS’s Project Guardian and its earlier U.S.-registered blockchain-based mutual fund.
Bitcoin Bull Run On Steroids - Here Is Why BTC Is Poised To Erupt
Bitcoin is capped at 21 million – but governments are just getting started printing money to refinance massive COVID-era debts. My guest today, Bill Barhydt, CEO of Abra, believes this could fuel a massive Bitcoin bull run. He joins me and Edan Yago, core contributor to Bitcoin OS, to break it all down. Join us live at 9 AM EST!
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X - I spend most of my time on X, contributing to CryptoTownHall every weekday morning, sharing random charts, and responding to as many of you as I can.
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The views and opinions expressed here are solely my own and should in no way be interpreted as financial advice. Every investment and trading move involves risk. You should conduct your own research when making a decision. I am not a financial advisor. Nothing contained in this e-mail constitutes or shall be construed as an offering of financial instruments or as investment advice or recommendations of an investment strategy or whether or not to "Buy," "Sell," or "Hold" an investment.
I wonder if they are gonna request Monero?
Your advice is very appreciated. Thank you for addressing all levels of investors.