The On the Margin newsletter discusses the possible near-term catalysts for bitcoin and the potential impact of a US government-managed strategic bitcoin reserve. It highlights that growing education around bitcoin is leading to increased adoption and investment from asset management firms and pension plans. However, not everyone sees the creation of a strategic bitcoin reserve as a good idea, as recent market volatility has tested the argument that bitcoin can be a successful bulwark against inflation and market volatility. The newsletter also mentions that the recent dip in bitcoin prices has led to the longest net outflow streak for US spot bitcoin ETFs since their launch in January. Overall, the newsletter emphasizes the importance of understanding current market conditions and upcoming catalysts to gain insights into the future of crypto markets.



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