📜 Show Notes — Bitcoin Fortress Podcast, Episode 181
Recorded: September 14, 2025
Block Height: 914,680 • Moscow Time: 864 • Fees (low/med/high): 1 / 3 / 4 sats/vB
Segment Sources (1–31)
Bitcoin-proxy equities cool / premiums compress — Reuters overview of “bitcoin hoarder” stocks pullback; FT analysis of the “crypto treasury” trade.
Link: https://www.reuters.com/business/bitcoin-buyers-plunge-investors-crypto-euphoria-fades-2025-09-10/ Reuters
Link: https://www.ft.com/content/ad063ed3-4c69-40e6-a478-40e0061d1b3c Financial Times
S&P 500 & MicroStrategy (index inclusion context) — S&P U.S. Indices methodology (eligibility criteria); recent coverage of non-inclusion.
Link: https://www.spglobal.com/spdji/en/documents/methodologies/methodology-sp-us-indices.pdf S&P Global
Link: https://www.investopedia.com/strategy-misses-s-and-p-500-inclusion-this-month-will-it-ever-make-the-cut-11805904 Investopedia
Macro check (CPI, jobs, Fed path) — Reuters economist poll on September cuts; Investopedia FOMC preview; CME FedWatch.
Link: https://www.reuters.com/business/september-fed-rate-cut-done-deal-least-one-more-follow-by-year-end-2025-09-11/ Reuters
Link: https://www.investopedia.com/next-fed-meeting-september-11808225 Investopedia
Tool: https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html CME Group
September seasonality vs. new demand — Background on flows & seasonality via CoinDesk flows recap.
Link: https://www.coindesk.com/markets/2025/09/12/bitcoin-etfs-record-fourth-consecutive-day-of-inflows-adding-usd550m CoinDesk
U.S. strategic Bitcoin reserve discourse — Trump EO / policy statements & ongoing commentary.
Link: https://www.politico.com/news/2025/03/06/trump-executive-order-create-strategic-reserve-crypto-00217147 Politico
Link: https://www.reuters.com/technology/trump-administration-views-bitcoin-reserve-digital-fort-knox-senior-officials-2025-03-07/ Reuters
Link: https://www.reuters.com/technology/us-treasury-chief-says-plan-be-put-place-acquiring-crypto-2025-03-07/ Reuters
Onramp launches an institutional advisory suite — Company release & product page.
Link: Newswire
Link: https://onrampbitcoin.com/products/institutional Onramp Bitcoin
Africa Bitcoin Corporation (Altvest rebrand; JSE) — Company circular + coverage.
Link (PDF): https://altvestcapital.co.za/wp-content/uploads/2025/09/Altvest-Name-Change-and-Strategy-Change-announcement-8-September-2025-FINAL.pdf altvestcapital.co.za
Link: https://cointelegraph.com/news/africa-bitcoin-treasury-company-unique-opportunity Cointelegraph
American Bitcoin (ABTC) Nasdaq debut — PR and coverage.
Link: https://www.prnewswire.com/news-releases/american-bitcoin-debuts-on-nasdaq-as-abtc-302544577.html PR Newswire
Link: https://www.coindesk.com/markets/2025/09/03/trump-linked-bitcoin-firm-american-bitcoin-targets-usd2-1b-stock-sale-after-nasdaq-debut CoinDesk
Metaplanet treasury expansion / capital raise — Recent purchase + larger capital plan.
Link: https://www.coindesk.com/business/2025/09/08/metaplanet-brings-bitcoin-holdings-to-more-than-20k-with-latest-purchase CoinDesk
Link: https://www.coindesk.com/markets/2025/06/24/metaplanet-plans-to-inject-5b-into-us-unit-to-accelerate-bitcoin-buying-strategy CoinDesk
HIVE Digital — August production — Company site; SEC exhibit; coverage.
Link: https://www.hivedigitaltechnologies.com/news/hive-digital-technologies-provides-august-2025-production-report-with-22-monthly-increase-in-bitcoin-production-and-phase-3-expansion Hive Digital Technologies
Link: https://www.sec.gov/Archives/edgar/data/1720424/000106299325015417/exhibit99-2.htm SEC
Link: https://www.proactiveinvestors.com/companies/news/1077999/hive-digital-technologies-reports-jump-in-august-bitcoin-production-advances-phase-3-expansion-1077999.html Proactiveinvestors NA
Spot Bitcoin ETF inflows (record week markers) — CoinDesk and The Block.
Link: https://www.coindesk.com/markets/2025/09/11/bitcoin-ether-etfs-post-positive-flows-as-prices-rebound CoinDesk
Link: https://www.theblock.co/post/370413/spot-bitcoin-etfs-553-inflows The Block
Whale distribution vs. LTH supply — CoinDesk LTH context; additional LTH spending gauge.
Link: https://www.coindesk.com/markets/2025/07/04/bitcoin-long-term-holders-signal-patience-in-market CoinDesk
Link: https://finance.yahoo.com/news/bitcoin-long-term-holders-spend-052352459.html Yahoo Finance
“Paper BTC” unwind / open interest context — OI trend snapshots.
Link: https://www.coindesk.com/markets/2025/08/18/markets-today-crypto-declines-as-u-s-index-futures-hold-steady CoinDesk
Link: https://www.ainvest.com/news/bitcoin-news-today-bitcoin-futures-open-interest-drops-3-66-retail-traders-cut-leverage-positions-2508/ AInvest
Fed cuts & BTC sensitivity — Reuters poll; FedWatch snapshot.
Link: https://www.reuters.com/business/september-fed-rate-cut-done-deal-least-one-more-follow-by-year-end-2025-09-11/ Reuters
Tool: https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html CME Group
Hashrate & difficulty at ATHs — Decrypt roundup.
Link: https://decrypt.co/339228/bitcoin-hash-rate-difficulty-hit-record-highs-as-miner-supply-spikes Decrypt
Miner holdings at 90-day high — Decrypt notes miner balances rising alongside difficulty.
Link: https://decrypt.co/339228/bitcoin-hash-rate-difficulty-hit-record-highs-as-miner-supply-spikes Decrypt
Tether unveils USAT (U.S. stablecoin) — CoinDesk; Reuters; DLNews.
Link: https://www.coindesk.com/business/2025/09/12/tether-unveils-usat-stablecoin-for-u-s-market-names-bo-hines-to-lead-new-division CoinDesk
Link: https://www.reuters.com/sustainability/boards-policy-regulation/tether-plans-launch-new-us-stablecoin-ceo-says-2025-09-12/ Reuters
Link: https://www.dlnews.com/articles/defi/tether-to-release-usat-stablecoin-for-us-market DL News
Bitcoin-hoarding equities pull back — Reuters wrap.
Link: https://www.reuters.com/business/investors-retreat-shares-bitcoin-buyers-decline-2025-09-10/ Reuters
Miner margins compress (hashprice, power, difficulty) — HIVE data (efficiency); industry OI/hashrate context.
Link: https://www.hivedigitaltechnologies.com/news/hive-digital-technologies-provides-august-2025-production-report-with-22-monthly-increase-in-bitcoin-production-and-phase-3-expansion Hive Digital Technologies
Link: https://coinstats.app/news/5b2c77a5ec1f29aec70277474fa19e10493ef34dace19c4345d9c83d025d8e6b_Bitcoin-Hash-Rate%2C-Difficulty-Hit-Record-Highs-as-Miner-Supply-Spikes/ CoinStats
BTC pop on CPI (three-week high near $115,150) — Economic Times market note.
Link: https://m.economictimes.com/markets/cryptocurrency/bitcoin-trades-near-115k-as-cpi-data-lift-sentiments/articleshow/123846238.cms The Economic Times
Tether’s U.S. compliance pivot (leadership & rails) — Reuters; CoinDesk.
Link: https://www.reuters.com/sustainability/boards-policy-regulation/tether-plans-launch-new-us-stablecoin-ceo-says-2025-09-12/ Reuters
Link: https://www.coindesk.com/business/2025/09/12/tether-unveils-usat-stablecoin-for-u-s-market-names-bo-hines-to-lead-new-division CoinDesk
Strategic reserve + institutional demand convergence — Mix of policy + flows above (Segments 5 & 11); add CoinDesk flows day.
Link: https://www.coindesk.com/markets/2025/09/11/bitcoin-ether-etfs-post-positive-flows-as-prices-rebound CoinDesk
Iren (mining + AI cloud) update — IBD coverage; Globenewswire monthly update.
Link: https://www.investors.com/news/iren-stock-bitcoin-miner-ai-cloud-monthly-business-update-august-2025 Investors
Link: https://www.globenewswire.com/fr/news-release/2025/09/08/3145927/0/en/index.html GlobeNewswire
On-chain fundamentals (activity, fees) — Glassnode “Week On-Chain” context; exchange-balance trend.
Link: https://insights.glassnode.com/the-week-onchain-week-12-2025 Glassnode
Link: https://cryptoslate.com/bitcoin-supply-on-exchanges-reaches-lowest-since-2018 CryptoSlate
Cloud mining counterparty risk (historical) — Wired & CoinDesk on Compass Mining saga.
Link: https://www.wired.com/story/compass-mining-bitcoin-russia WIRED
Link: https://www.coindesk.com/business/2022/08/08/after-countless-bungles-compass-mining-tries-to-change-its-course CoinDesk
Miners partnering with AI/HPC — Cointelegraph on CoreWeave/Riot & broader pivot; The Block overview.
Link: https://cointelegraph.com/news/bitcoin-miners-gamble-ai-paid-off Cointelegraph
Link: https://www.theblock.co/post/336129/riot-platforms-bitcoin-mining-ai-data-encouraging-analysts-say The Block
Stablecoin legislation shaping rails (U.S.) — Reuters on bill passage; Practical Law explainer; House docs.
Link: https://www.reuters.com/legal/government/us-house-passes-stablecoin-legislation-sending-bill-trump-2025-07-17 Reuters
Link: uk.practicallaw.thomsonreuters.com
Link: https://www.congress.gov/bill/119th-congress/house-bill/2392/text Congress.gov
Investor rotation toward fundamentals (ETFs > proxy equities) — Reuters/FT pullback (see #1) + CoinDesk inflows (see #11).
Link: https://www.reuters.com/business/bitcoin-buyers-plunge-investors-crypto-euphoria-fades-2025-09-10 Reuters
Link: https://www.coindesk.com/markets/2025/09/12/bitcoin-etfs-record-fourth-consecutive-day-of-inflows-adding-usd550m CoinDesk
Macro & Fed path ahead — Reuters poll; Morgan Stanley/DB expectations wrap.
Link: https://www.reuters.com/business/morgan-stanley-deutsche-bank-expect-three-us-interest-rate-cuts-this-year-2025-09-12 Reuters
Long-term supply tightness (illiquid supply, exchange balances) — CryptoSlate / CryptoQuant summaries.
Link: https://cryptoslate.com/bitcoin-supply-on-exchanges-reaches-lowest-since-2018 CryptoSlate
Link: https://bitbo.io/news/cryptoquant-bitcoin-supply-warning Bitbo
FinCEN proposal on privacy tools (CoinJoin/mixers) — status & scope — Official NPRM + summary explainer.
Link (NPRM): https://www.fincen.gov/news/news-releases/fincen-proposes-new-regulation-enhance-transparency-convertible-virtual-currency FinCEN.gov
PDF: https://www.fincen.gov/sites/default/files/federal_register_notices/2023-10-19/FinCEN_311MixingNPRM_FINAL.pdf FinCEN.gov
Explainer: https://www.mayerbrown.com/en/insights/publications/2023/10/fincen-proposes-recordkeeping-and-reporting-requirements-for-convertible-virtual-currency-mixing Mayer Brown
Featured & Extras
This week’s Substack: Bitcoin Under the Hood – Part II → https://bitcoinfortress.substack.com/p/bitcoin-under-the-hood-part-ii
Books:
Bitcoin Fortress: A Simple Guide for Beginners → (Amazon link)
Bitcoin Retirement & Estate Planning → (Amazon link — now available)
Coming soon: The Bitcoin Lifestyle
