Monthly Macro Memo – The Reserve Era Begins

Thesis: Bitcoin’s center of gravity moved from retail speculation to state and institutional accumulation.

Signals

• Policy: Shift from selling seized BTC to a reserve posture.
• Product: Downside‑protected structures normalize exposure.
• Liquidity: ETF/mandate flows create a higher structural bid.

Implications

• Beta becomes policy‑sensitive; watch legislative calendars.
• Alpha migrates to infrastructure and compliance rails.