004 · December 9

Which dip

A five percent fall and a forty percent fall aren’t the same thing. In 9 years the genuinely extreme days numbered 57 out of 3,284.

bitcoin at $92,679 that day, $78,595 today
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06 · opinionscroll

enters the diary as position {n} · bitcoin at ${p} on {data}

11 positions · bitcoin’s price that day

December 9, 2025 · bitcoin at $92,679

Buy the dip means nothing until you say which dip

The diary of positions, with bitcoin’s price on the day of publication
position	published	bitcoin that day
Buy the dip means nothing until you say which dip	December 9, 2025	$92,679
Hunting for the culprit makes you feel in control and understand less	December 9, 2025	$92,679
The alt season isn’t arriving because there isn’t enough profit to move	December 7, 2025	$90,395
The market isn’t made of the same people any more, and you can see it in how much it moves	December 7, 2025	$90,395
The market doesn’t buy value, it buys attention — and attention expires	November 30, 2025	$90,360
Bitcoin is no longer the market’s clock, and every asset bottoms when it feels like it	November 27, 2025	$91,334
The sum from halving to peak works three times out of three, and it still isn’t a law	November 22, 2025	$84,740
Whoever makes your market can sell into you, and nothing in the contract stops them	November 20, 2025	$86,637
The four-year cycle is over, and a day count that works doesn’t prove otherwise	November 18, 2025	$92,961
Two roads to the same place, and the place is seventy thousand	November 6, 2025	$101,346
Buying shares in whoever buys bitcoin isn’t buying bitcoin	October 27, 2025	$114,108

06 · opinion11 positions

exit liquidity · by alberto

same mistakes.
every cycle. since 2017.

how retail becomes exit liquidity. eight years of pattern recognition, watching it happen.

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cover · exit liquidity

opinion · the bookread a chapter