Key takeaways from @dpuellARK's interview on Bitcoin: 1/ First real upside momentum in years, driven by a short squeeze. If this was the bottom, it was atypical: ~50% drawdown vs. 70–90% historically, without touching realized price. 2/ Capitulation signals appeared: supply in loss exceeded supply in profit, and sellers exhausted. But a drop to realized price remains a risk. 3/ Confirmation needs higher highs/lows and SOPR above 1 for months. With pre-midterm September weakness, the base case is a range or correction into a higher low. 4/ Observer effect: institutions front-run on-chain signals, making bottoms shallower each cycle. 5/ Volatility and kurtosis keep compressing, accelerated by ETFs. Cycle-timing alpha is fading. 6/ ETFs and custody moves, including Coinbase's 800K BTC internal transfer, distort long-term holder supply. Whale address metrics are noisy; holding time × volume is the cleanest signal. 7/ Quantum is a major 5–10-year theme, with some discount already priced in after Willow/ECDSA.fail. Quantum-resistant transactions, signature proposals, and Blockstream’s lattice research signal bullish preparation. 8/ The real quantum fight is over Satoshi's and lost coins: 1.1–2.6M BTC. Puell favors hourglass (timelocks → security budget) or salvage (escrow + legal claims) over freezing.(Ki Young Ju)