The Wolf Den #1208 - Freedom, Decentralization, And Unity
Ross is free.
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In This Issue:
Freedom, Decentralization, And Unity
Bitcoin Thoughts And Analysis
Altcoin Charts
Stocks Slip as Trade Tensions Weigh on Risk Appetite
Is A Joe Rogan X Michael Saylor Podcast Coming Soon?
The SEC Clarifies Its Stance On Staking
IBIT’s Inflow Streak Comes To An End
Vitalik Proposes Layer 1 Scaling
Bitcoin’s Purchasing Power: $43 Million Today, Infinite Tomorrow | Jeff Booth
Freedom, Decentralization, And Unity
For those who didn’t make it to the Bitcoin conference – any guesses who received the most electric standing ovation before even reaching center stage, and was, without question, the most anticipated speaker of the event?
It wasn’t a CEO.
It wasn’t someone on track to accumulate 1,000,000 BTC.
It wasn’t an executive from a company adding Bitcoin to its balance sheet, or the head of a major institution like BlackRock or Fidelity.
It was Ross Ulbricht.
For those who don’t know, Ross Ulbricht is the creator of Silk Road – an online marketplace that operated on the dark web and accepted Bitcoin as payment, long before most people had even heard of it. At just 26 years old, Ross saw Bitcoin not as a get-rich-quick scheme, but as a tool for freedom and privacy. In 2013, he was arrested and later sentenced to life in prison without parole. Many believe Ross was made an example of – punished not just for what he built, but for what it represented: a challenge and a ‘threat’ to the system.
Over the years, Ross became a symbol – for some, a cautionary tale; for others, a martyr for digital liberty. His appearance at the conference, live, in person, not through a prison phone, was a deeply emotional moment that reminded the Bitcoin community why many of us got involved in the first place.
Below is the essence of his speech. I’ve condensed it for brevity, but I encourage you to read it – or better yet, watch the full talk.
“Gang, so I’m not in a prison cell anymore. Yep, I’m standing on this stage right here in front of you, on this exact day – May 29th. Exactly one decade ago, I was standing in a courtroom in front of a judge. On that day, that judge gave me two life sentences plus 40 years, without parole. I was just 31 years old.
If she and all the others behind my prosecution had their way, I would have grown old and eventually died still in prison. Instead, I’m here with you. Just a few months ago, I was trapped behind those prison walls and didn’t know if I would ever get out. And now I’m free. I’m free, and it’s because of you. You made this moment possible…
This is bigger than Bitcoin. This is bigger than crypto. Freeing me took many, many people from all walks of life coming together and saying, ‘This is not right.’ It took many people just like you, saying, ‘We care about freedom, and keeping somebody like Ross in a cage until he dies is a threat to freedom itself.’
Today I want you to understand what it means to win your freedom. Winning your freedom – winning your freedom – feels as amazing as losing it feels awful. And I want you to understand that. I want you to understand that because when it comes to freedom, we’re not there yet. There is still more freedom to be won.
Yeah, there’s still more work to be done. And I’m talking about freedom beyond what anyone, anywhere, has ever had. It’s going to be incredible. And it’s going to be worth fighting for.
Freedom is worth the struggle.
David Bailey put it in perspective for me when we were talking about me coming to speak at this conference. He said, ‘Ross, you took Bitcoin from zero to one. And while you were in prison, we – the community, all of you – we took it from one to ten. But we still need to go from ten to one hundred.’
Principles should be simple and few. And today, I’d like to mention three: freedom, decentralization, unity. Remember those three…
Bitcoin doesn’t work without freedom. Bitcoin’s power comes from the fact that any one of us can mine if we choose to. Any one of us can generate addresses if we choose to. Any one of us can send bitcoins to anyone else. We are all on equal footing with Bitcoin. With Bitcoin, we are all free…
Decentralization is our strength as well. We can argue all day about how things can be more decentralized – those are good arguments to have. But as a principle, decentralization is the goal that we strive for. Bitcoin’s strength is in decentralization. Bitcoin lives on the internet, which is itself decentralized. Anyone can run the Bitcoin protocol and connect online. There are people from every corner of the globe – people we will never meet – validating and mining the blocks that make up the blockchain. There are scores of wallets and exchanges spread out all over the world. And because Bitcoin is decentralized this way, nothing can stop it. Nothing…
There are countless forks and blockchains, all riffing off of Satoshi’s original design. And this too is a form of decentralization. So long as we are free to choose, we want as many of these experiments going on as possible. The strong will survive, and the system as a whole will become more robust and able to adapt. With decentralization, there is no single point of failure. That’s a lesson I learned the hard way with Silk Road…
There were days when I thought I would die in that awful cage. But somehow, that spark of an idea that was Bitcoin back in the early days – that idea I risked and lost my freedom for – it grew into a movement. A movement so powerful that, more than a decade later, it came back around and freed me…
We can argue all day, but please, never see each other as enemies. Those that oppose decentralization and freedom love it when we’re divided – I promise you. So stay united. So long as we can agree that we deserve freedom, and that decentralization is how we secure it, then we can be united. We can have each other’s backs, just like you had mine.
Freedom. Decentralization. Unity. Stay true to these principles, and the future is ours. Thank you.”
Speechless. That’s how I felt listening to Ross speak – and again while re-listening as I worked on this transcript. He only spoke for 28 minutes, and what I’ve captured here are just the highlights. Ross didn’t talk about price. He didn’t talk about getting rich or Bitcoin hitting $1 million. He didn’t hype the next big thing. He spoke about the core principles – the reason we’re here. The same principles he was imprisoned for… and the same ones that ultimately delivered him to freedom, a decade later.
Bitcoin, in and of itself, is a miracle – and Ross’s freedom because of it is nothing short of extraordinary.
Following Ross’s talk – which, unsurprisingly, became the most talked-about moment of the conference – I saw it spark a wave of conversation on X about unity and division within the space, particularly between Bitcoiners, maximalists, and the broader crypto community. While some negative comments surfaced, as they always do, the overwhelming response was ten times more positive. The sentiment was clear: set aside the differences. Let freedom find its own path. As Ross said, “So long as we are free to choose, we want as many of these experiments going on as possible. The strong will survive, and the system as a whole will become more robust and able to adapt.”
Ross is a Bitcoiner through and through – saved by the community behind the asset he helped pioneer in its earliest days. Now, he’s urging us to let the market operate freely. That, to me, is the highest form of integrity: putting principle and trust in the system above personal gain or control.
And while I have no idea where Ross stands on Ethereum, Solana, Dogecoin, or any other asset, I imagine it doesn’t matter. The market will sort itself out. So long as we agree that we deserve freedom, and that decentralization is how we secure it, then we can be united.
Let me end by saying thank you to Ross – thank you for delivering such a powerful speech, and for never giving up. And thank you to all my readers who continue to show up every day, believing in Bitcoin, the broader space, and the powerful values it stands for.
Here’s to staying true to those principles: freedom, decentralization, and unity.
Bitcoin Thoughts And Analysis
Bitcoin remains incredibly strong, trading near all-time highs. The structure is undeniably bullish, with price continuing to hold above key moving averages and previous resistance levels. The volume profile is healthy and supportive of the uptrend.
That said, I always like to challenge my own bias and look at the other side of the coin. Let’s rewind to 2021 - after a major rally, Bitcoin made a new high, swept previous highs, and then entered a deep correction. If history were to repeat, and this current rally turns into a similar scenario, what would your plan be? Would you take some profits at these levels? Set tighter stop losses? Adjust your risk accordingly?
Again, this is not what I expect to happen. I remain bullish on Bitcoin’s long-term prospects. But it’s essential to stay open-minded and prepared for all outcomes, especially in a market as volatile as crypto.
Altcoin Charts
For those who are new here, I share SETUPS and not SIGNALS. These are ideas that I am watching - if a certain thing happens, then the trade triggers. I am not telling you what to buy or when. I am showing you how I am watching certain charts and what has to happen for me to take a trade.
BITCOIN DOMINANCE
I have said countless times - in this market, the opportunities to trade altcoins for a profit tend to be very brief. It is a nearly impossible game of hot potato. Right now, Bitcoin is once again dominating.
Stocks Slip as Trade Tensions Weigh on Risk Appetite
Global stocks started the month under pressure as renewed trade tensions and geopolitical uncertainty weighed on risk appetite. The S&P 500 futures fell 0.6%, while European and Asian markets also declined. The dollar slipped 0.5%, marking its fifth straight monthly loss, while Treasury yields climbed across the curve.
Oil prices gained 2.2% as OPEC+ increased production less than expected, and gold saw its biggest gain in nearly four weeks as investors sought safe havens.
The backdrop of market unease stems from escalating trade friction between the U.S. and China, after both countries accused each other of violating a recent trade deal. President Trump added fuel to the fire by announcing plans to double tariffs on steel and aluminum imports. Meanwhile, Ukraine staged drone strikes deep into Russia, targeting airfields, adding to the geopolitical uncertainty. Morgan Stanley analysts expect the dollar to drop 9% over the next year as slowing U.S. growth and potential rate cuts continue to pressure the currency.
In corporate news, Sanofi agreed to buy Blueprint Medicines for at least $9.1 billion to expand its rare disease portfolio. Hong Kong’s New World Development delayed interest payments, raising investor concerns. BYD shares extended losses despite record sales, as Beijing scrutinizes steep discounts. Christian Dior named Jonathan Anderson its new womenswear designer, while General Electric is passing on higher costs caused by Trump’s tariffs.
Stocks
The Stoxx Europe 600 fell 0.5% as of 8:46 a.m. London time
S&P 500 futures fell 0.6%
Nasdaq 100 futures fell 0.7%
Futures on the Dow Jones Industrial Average fell 0.5%
The MSCI Asia Pacific Index fell 0.3%
The MSCI Emerging Markets Index fell 0.4%
Currencies
The Bloomberg Dollar Spot Index fell 0.5%
The euro rose 0.7% to $1.1423
The Japanese yen rose 0.8% to 142.92 per dollar
The offshore yuan was little changed at 7.2038 per dollar
The British pound rose 0.7% to $1.3552
Cryptocurrencies
Bitcoin rose 0.4% to $105,468.11
Ether fell 0.7% to $2,507.99
Bonds
The yield on 10-year Treasuries advanced four basis points to 4.44%
Germany’s 10-year yield advanced five basis points to 2.55%
Britain’s 10-year yield advanced five basis points to 4.69%
Commodities
Brent crude rose 2.2% to $64.19 a barrel
Spot gold rose 2.1% to $3,356.70 an ounce
Is A Joe Rogan X Michael Saylor Podcast Coming Soon?
Bitcoin doesn’t need Joe Rogan, and Michael Saylor doesn’t need Rogan’s audience, but I believe this conversation could still be valuable for other reasons. For one, it might reveal a new side of Saylor and provide a gauge of where we are in the cycle. Joe Rogan is smart, but I’m not sure he’s truly part of our community. The day Joe Rogan becomes a Bitcoin maximalist – or even just admits he’s heavy on crypto – we might have to reconsider how far along we are in the cycle. Also, Rogan is a master at making complex ideas relatable, so this conversation may offer a clearer and more accessible vision of where Saylor is taking Strategy – one that might not be widely understood otherwise.
The SEC Clarifies Its Stance On Staking
It’s official: the SEC does not consider staking to fall under securities laws. What’s next? I expect BlackRock to file for staking in its ETHA product, following Fidelity’s lead, and soon, staking will become the industry standard across all ETH products. The big question following this inclusion won’t be how hard ETH pumps on the day BlackRock files, that doesn’t matter; rather instead, how will the long-term inflows post-staking inclusion size up against the inflows pre-staking inclusion. Even a modest 2% annual yield makes these products significantly more attractive, especially to institutional investors who favor income-generating assets. ETH’s yield is likely to draw fresh capital as a result.
“It is the Division’s view that “Protocol Staking Activities” (as defined below) in connection with Protocol Staking do not involve the offer and sale of securities within the meaning of Section 2(a)(1) of the Securities Act of 1933 (the “Securities Act”) or Section 3(a)(10) of the Securities Exchange Act of 1934 (the “Exchange Act”).[10] Accordingly, it is the Division’s view that participants in Protocol Staking Activities do not need to register with the Commission transactions under the Securities Act, or fall within one of the Securities Act’s exemptions from registration in connection with these Protocol Staking Activities.”
IBIT’s Inflow Streak Comes To An End
BlackRock’s IBIT saw its largest single-day outflow on May 30, with $430.8 million pulled by investors, ending an epic 31-day streak of consistent inflows and marking its first net withdrawal in over seven weeks. A truly insane run. Despite this setback, IBIT had an impressive May overall, attracting $6.5 billion, bringing the fund to the top 25 US-listed ETFs by assets under management out of more than 4,200 funds.
Here’s an interesting thought from Eric Balchunas:
“The IBIT vs Everyone Else flow disparity is interesting. Normally IBIT takes in 70% of the net inflows but lately it’s over 100%. My theory: the latest rally was more an institutional buying spree than retail (perhaps sparked by the decoupling and lessened vol).”
Vitalik Proposes Layer 1 Scaling
While speaking at the ETHGlobal Prague event, Vitalik presented a short-term plan to increase Ethereum’s Layer 1 scalability by ten times within just over a year, while maintaining the network’s decentralization. He emphasized a cautious, step-by-step approach to ensure the upgrades align with Ethereum’s core values. His roadmap involves carefully implementing technical improvements that will boost capacity, improve security, strengthen censorship resistance, and enhance the Ethereum Virtual Machine, all without compromising stability or decentralization. For those wondering what this may do for price, L1 scalability will boost Ethereum’s capacity to handle more transactions directly on its base layer, reducing fees and improving usability. This increased on-chain activity should drive greater value accrual to ETH, supporting stronger demand and potentially lifting its price over time. I think this is a pretty good sign of Vitalik and ETH leadership listening to the community.
Bitcoin’s Purchasing Power: $43 Million Today, Infinite Tomorrow | Jeff Booth
I sat down with Jeff Booth to explore why Bitcoin isn't just a better money – it's an entirely new system redefining the future of freedom, value, and global markets. On this episode of The Wolf Of All Streets, we unpack why “never sell” might be the most dangerous Bitcoin meme, how Bitcoin protects your wealth against collapsing fiat systems, and why self-custody is your real vote. If you care about financial sovereignty, this conversation will blow your mind.
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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.
Thanks for your excellent summary of Ross A.
Most important and best post you’ve done it in many months!!