# ![@biancoresearch Avatar](https://lunarcrush.com/gi/w:26/cr:twitter::188369814.png) @biancoresearch Jim Bianco

Jim Bianco has been discussing stress in the funding markets, specifically the repo market, which is experiencing a surge in demand and a decline in supply, leading to rising rates. He notes that this stress is driven by massive government spending and deficits, which need to be financed, and that the Fed's balance sheet shrinkage has contributed to the issue. The situation may require the Fed to take action, such as restarting quantitative easing.

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### Social Influence

**Social category influence**
[finance](/list/finance)  50% [cryptocurrencies](/list/cryptocurrencies)  #2411 [stocks](/list/stocks)  17.27% [countries](/list/countries)  3.64% [exchanges](/list/exchanges)  2.73% [technology brands](/list/technology-brands)  2.73% [travel destinations](/list/travel-destinations)  1.82% [financial services](/list/financial-services)  1.82% [luxury brands](/list/luxury-brands)  0.91% [celebrities](/list/celebrities)  0.91%

**Social topic influence**
[$btc](/topic/$btc) #479, [bitcoin](/topic/bitcoin) #1083, [silver](/topic/silver) 8.18%, [crypto](/topic/crypto) #1188, [money](/topic/money) #3366, [stocks](/topic/stocks) #737, [$mstr](/topic/$mstr) #676, [in the](/topic/in-the) 5.45%, [kevin warsh](/topic/kevin-warsh) 4.55%, [federal reserve](/topic/federal-reserve) #1245

**Top accounts mentioned or mentioned by**
[@ericbalchunas](/creator/undefined) [@claymedici](/creator/undefined) [@bankless](/creator/undefined) [@stockgutter](/creator/undefined) [@chickendaddy5](/creator/undefined) [@mikeschiemer](/creator/undefined) [@piptrain](/creator/undefined) [@edodreaming](/creator/undefined) [@grimtrader03](/creator/undefined) [@cryptohayes](/creator/undefined) [@truflation](/creator/undefined) [@readtheticker](/creator/undefined) [@swinggorilla](/creator/undefined) [@garyhaubold](/creator/undefined) [@grok](/creator/undefined) [@bboygaf](/creator/undefined) [@davelevine0com](/creator/undefined) [@rinsana](/creator/undefined) [@teddy21btc](/creator/undefined) [@khazarmafia109](/creator/undefined)

**Top assets mentioned**
[Bitcoin (BTC)](/topic/$btc) [Strategy (MSTR)](/topic/$mstr) [iShares BTC Trust (IBIT)](/topic/$ibit) [BTCS Inc. (BTCS)](/topic/$btcs) [CVS Health Corp (CVS)](/topic/cvs) [Grayscale BTC ETF (GBTC)](/topic/$gbtc) [Fidelity BTC Trust (FBTC)](/topic/$fbtc)
### Top Social Posts
Top posts by engagements in the last [--] hours

"3:38 left in the third quarter Total points = [--] Total punts = [--] Worst Super Bowl ever"  
[X Link](https://x.com/biancoresearch/status/2020682558640382204)  2026-02-09T02:13Z 536.5K followers, 29.2K engagements


"5/6 Let ME offer a name . Kevin Warsh He is worth $2 billion thanks to his wife Jane Lauder granddaughter of Este Lauder. Trump has known Warsh for decades and qualifies as "another billionaire Trump buddy" that few if any outside of the financial markets know"  
[X Link](https://x.com/biancoresearch/status/1944976353838698903)  2025-07-15T04:24Z 533.5K followers, 101.2K engagements


"@dandolfa I think I said the same thing"  
[X Link](https://x.com/biancoresearch/status/1968547276948689188)  2025-09-18T05:26Z 535.8K followers, [----] engagements


"Of goodie Powell just invented a new inflation measure *POWELL: CORE PCE EX-TARIFFS MIGHT BE 2.3% OR 2.4% *POWELL: NON-TARIFF INFLATION NOT FAR FROM OUR 2% GOAL The problem is taking out all the things that are going up and inflation is still not at its target. @donnelly_brent"  
[X Link](https://x.com/biancoresearch/status/1983609162765324569)  2025-10-29T18:57Z 535.4K followers, 79.6K engagements


"1/4 I assume Marks is referring to the 1-year forward P/E ratio for the S&P [---] the standard Wall Street valuation metric (which is closer to [--] now but was [--] a few weeks ago). Here is a long-term proxy for that . the Shiller Cyclically Adjusted Price/Earnings (CAPE) ratio back to [----]. It is a 10-year average of P/E/ ratios. At [--] it is one of the highest readings ever even higher than [----]. https://twitter.com/i/web/status/1990179378228351107 https://twitter.com/i/web/status/1990179378228351107"  
[X Link](https://x.com/biancoresearch/status/1990179378228351107)  2025-11-16T22:05Z 534.2K followers, 122.9K engagements


"4/11 This change in the late 1990s as shown above led housing into a boom-and-bust cycle (above) unlike anything before. The Taxpayer Relief Act of [----] Exclude up to $500000 ($250k for singles) of capital gains on their primary residence tax-free every two years"  
[X Link](https://x.com/biancoresearch/status/2013291580417782113)  2026-01-19T16:44Z 534.5K followers, [----] engagements


"5/11 Starting in the late 1990s the mortgage market underwent a securitization revolution. MBS was packaged as a safer alternative to individual mortgages and sold to Wall Street. This allowed for looser lending standards as mortgages were immediately bought by investors"  
[X Link](https://x.com/biancoresearch/status/2013291582053560601)  2026-01-19T16:44Z 534.9K followers, [----] engagements


"Crashing . *JAPAN 30-YEAR BOND YIELD RISES [----] BASIS POINTS TO 3.875% The old bond market adage is that yields will keep rising until something breaks. In 2022/23 rising U.S. yields "broke" several banks by March [----] (Silicon Valley Bank). Japanese yields are now at a 27-year high and going vertical. When does something "break" in Japan https://t.co/qMANhs6pIm The old bond market adage is that yields will keep rising until something breaks. In 2022/23 rising U.S. yields "broke" several banks by March [----] (Silicon Valley Bank). Japanese yields are now at a 27-year high and going vertical."  
[X Link](https://x.com/biancoresearch/status/2013501500618596364)  2026-01-20T06:39Z 535.2K followers, 771.2K engagements


"Rick Rieder (green) rallying hard on Polymarket. In revealing his thinking on Wednesday about his Fed chair decision in his speech at Davos Trump telegraphed his core anxiety: that candidates tell him what he wants to hear during interviews but then become their own guy once they have the job. Trump: "I'll be announcing a In revealing his thinking on Wednesday about his Fed chair decision in his speech at Davos Trump telegraphed his core anxiety: that candidates tell him what he wants to hear during interviews but then become their own guy once they have the job. Trump: "I'll be announcing a"  
[X Link](https://x.com/biancoresearch/status/2014389503473885280)  2026-01-22T17:27Z 534.4K followers, 58.9K engagements


"Maybe the guy is Rieder (green). If Trump wants someone easy on inflation he got the wrong guy in Kevin Warsh. Here we chart his inflation assessment during the FOMC meeting from 2006-2011 (along the unemployment rate with core PCE inflation in the background). One standout one: April [----] - [--] months after https://t.co/7cbpEKxJ1c If Trump wants someone easy on inflation he got the wrong guy in Kevin Warsh. Here we chart his inflation assessment during the FOMC meeting from 2006-2011 (along the unemployment rate with core PCE inflation in the background). One standout one: April [----] - 7"  
[X Link](https://x.com/biancoresearch/status/2014707768733647355)  2026-01-23T14:32Z 534.4K followers, 31.1K engagements


"iShares Silver Trust (SLV) the $56B ETF that holds physical Silver saw booming volume today"  
[X Link](https://x.com/biancoresearch/status/2015975059404333085)  2026-01-27T02:28Z 535.1K followers, 77.3K engagements


"What great timing It's almost like he knew this would happen --- Red headlines on Bloomberg earlier this AM *UNITEDHEALTH CVS SINK MORE THAN 9% ON MEDICARE RATES REPORT *UNITEDHEALTH SINKS 16% AT OPEN HUMANA FALLS 17% CVS DROPS 11%"  
[X Link](https://x.com/biancoresearch/status/2016189609017749911)  2026-01-27T16:40Z 534.1K followers, 103.5K engagements


"K-shape Two actual headlines today. Consumer confidence at [--] year lows Stocks at all-time highs Two actual headlines today. Consumer confidence at [--] year lows Stocks at all-time highs"  
[X Link](https://x.com/biancoresearch/status/2016268924732535114)  2026-01-27T21:55Z 534.3K followers, 172.4K engagements


"Below is the full transcript from Powell's video statement released on January [--]. This SHOULD dominate the Q&A of the Fed meeting. Although I think it will probably not. It is an extraordinary charge that the Chairman of the Federal Reserve is accusing the President of using the Justice Department try to influence his decisions about monetary policy. It takes precedence over the typical questions about the state of the economy and economic indicators. Powell has not spoken publicly since this video. Asking him to explain it more is entirely appropriate and I would argue more important than"  
[X Link](https://x.com/biancoresearch/status/2016568512664269307)  2026-01-28T17:46Z 534.2K followers, 58.9K engagements


"Kudos to the press for asking Fed Chairman Powell about his accusation that the President is using the Justice Department to influence monetary policy. He said "Now is not the time or place." --- Powell's charge is probably the most significant charge a Federal Reserve chairman has made against a President in history and a press conference is not the time and place to discuss it The press would never allow a President to get away with saying a PRESS CONFERENCE is "not the time or place." Why do they let the Federal Reserve Chairman get away with it It is too important. Keep asking him over"  
[X Link](https://x.com/biancoresearch/status/2016598963202257069)  2026-01-28T19:47Z 534K followers, 81.4K engagements


"The rest of this Press Conference is turning to what may be meaningless questions about the economic outlook that really do not matter given the questions he will not answer"  
[X Link](https://x.com/biancoresearch/status/2016600115906060709)  2026-01-28T19:51Z 534K followers, 14.1K engagements


"Ask this Chairman Powell you have accused the President of the United States of using the Justice Department to conduct a criminal investigation to get you to change monetary policy. This might be the biggest charge a Federal Reserve Chairman has made against a President in the history of this institution. This is a press conference. If now is not the time or place to ask questions about this very serious charge when is https://twitter.com/i/web/status/2016601473098920425 https://twitter.com/i/web/status/2016601473098920425"  
[X Link](https://x.com/biancoresearch/status/2016601473098920425)  2026-01-28T19:57Z 534K followers, 22.9K engagements


"2/3 The largest Digital Asset Treasury (DAT) is Strategy (formally Microstrategy $MSTR) has an average purchase price of $76020. They are sitting on $8000 profit or about 12% gain"  
[X Link](https://x.com/biancoresearch/status/2016924641357357232)  2026-01-29T17:21Z 534.1K followers, 22.9K engagements


"This is why he is struggling to fill the Fed Chairman job He needs someone that not only agrees with this but will make this the roadmap for monetary policy. And this person needs to command the respect of not only Wall Street but get through Senate confirmation. There are only two known unicorns that would meet this criteria Scott Bessent who does not want the job and Donald Trump. Are we absolutely sure he will not try to appoint himself https://twitter.com/i/web/status/2016931971625005237 https://twitter.com/i/web/status/2016931971625005237"  
[X Link](https://x.com/biancoresearch/status/2016931971625005237)  2026-01-29T17:50Z 535.1K followers, 160.6K engagements


"The announcement is expected on Friday morning. Bloomberg: *TRUMP ADMINISTRATION SAID TO BE PREPARING WARSH FED NOMINATION --- The scuttlebutt is they were indeed looking for "door #5" And Scott Bessent even met with @judyshel on Monday (but not Trump). In the end they couldn't find a better candidate so (my characterization) Trump held his nose met with Warsh again this morning and picked him from the four finalists. Warsh has been a favorite for many months. So why did it take such a torturous process to arrive at an early favorite Because while Warsh has credibility and can (presumably)"  
[X Link](https://x.com/biancoresearch/status/2017102673724506211)  2026-01-30T05:08Z 534.9K followers, 47.8K engagements


"As I've argued for a few months now this explains what Fed watching has now become. It is no longer about what the Fed chairman says it's about counting FOMC voter intentions and seeing which side of the ledger has [--] votes (majority of the [--] FOMC voters). Here is a look at who has a say on Federal Reserve interest-rate policy this year https://t.co/gWn1PwMloC Here is a look at who has a say on Federal Reserve interest-rate policy this year https://t.co/gWn1PwMloC"  
[X Link](https://x.com/biancoresearch/status/2017108840676802717)  2026-01-30T05:33Z 534.9K followers, 37.6K engagements


"In a Jan [--] video the Fed chairman accused the POTUS of weaponizing the Justice department to pressure him to lower rates. This is probably the most serious accusation a Fed Chairman has leveled in the institutions [---] year history. It deserves more explanation. Yet at a PRESS CONFERENCE Powell said this is not the timer placed to discuss it. No this is exactly the time and place to discuss it. There is no better time than a PRESS CONFERENCE By refusing to discuss this serious accusation he engaged in the worst five minutes of his eight year term as Fed Chairman."  
[X Link](https://x.com/biancoresearch/status/2017127746095272119)  2026-01-30T06:48Z 534K followers, 10.4K engagements


"@jimiuorio 💯 My answer is to send me back three minutes after my last child was born"  
[X Link](https://x.com/biancoresearch/status/2017132872998547871)  2026-01-30T07:08Z 534.9K followers, [----] engagements


"1/4 Here is a six-month bar chart of silver prices. It is no surprise that such a bar chart often signals "problems." 267k followers https://t.co/RJef1UnodS 267k followers https://t.co/RJef1UnodS"  
[X Link](https://x.com/biancoresearch/status/2017648446778290250)  2026-01-31T17:17Z 535.6K followers, 76K engagements


"2/4 Silver prices (above) have only given back the last two weeks or so. How can a mid-January level produce a stressful situation Here is the entire history of the value traded (volume x price) for the $60B iShares Silver ETF ( $SLV) a proxy for the entire silver market"  
[X Link](https://x.com/biancoresearch/status/2017648449672429774)  2026-01-31T17:17Z 535.6K followers, [----] engagements


"Bitcoin is now below $80k for the first time since April 7th. This was just a few days after the April 2nd "Liberation Day" collapse began when markets were in full hyperventilation mode. $BTC"  
[X Link](https://x.com/biancoresearch/status/2017659030093561863)  2026-01-31T17:59Z 535.3K followers, 39.7K engagements


"3/5 This explains why "good news" isn't moving the price. Kevin Warsh speaking Walmart accepting crypto Nice stories but priced in months ago. Even old correlationsdollar debasement & tech stocksare failing. The market has discounted the "adoption" story to zero"  
[X Link](https://x.com/biancoresearch/status/2017698475312304170)  2026-01-31T20:36Z 534.5K followers, 18.9K engagements


"4/5 Winter continues until a new narrative emerges. It won't be about institutional permission. It will be about replacement. The next leg up belongs to builders creating an alternative financial system (BTC/DeFi/Stables) that makes legacy finance irrelevant"  
[X Link](https://x.com/biancoresearch/status/2017698477719892104)  2026-01-31T20:36Z 534.3K followers, 22.3K engagements


"SLV's NAV was $95 on Friday. The closing price was $75 (the record 19% discount). Silver can be unchanged on Monday (NAV stays at $95) and the price can be up $20 (or 27%) to close this premium/discount. My guess is we SHOULD see massive degen/retail buying right on the open Sunday night trying to take advantage of the massive discount. If that does not happen or the immediate bound fades into Monday I would interpret that as a forced liquidation steamrolling the degens/retail. Forced liquidation is the result of a troubled firm being forced to sell due to margin calls and other immediate"  
[X Link](https://x.com/biancoresearch/status/2017722773645222394)  2026-01-31T22:12Z 535.9K followers, 81.4K engagements


"@stockgutter @Chickendaddy5 The top above is what matters. The NAV is their estimate of the cash price of silver at 4:00 PM Eastern New York Time on Friday"  
[X Link](https://x.com/biancoresearch/status/2017726277243859261)  2026-01-31T22:26Z 535.4K followers, [----] engagements


"@stockgutter @Chickendaddy5 What is the purpose of calculating the net asset value in the first place Do you know what the ETF creation/redemption process is about"  
[X Link](https://x.com/biancoresearch/status/2017730333861351519)  2026-01-31T22:42Z 535.4K followers, [---] engagements


"@SpecialSitsNews @Chickendaddy5 Then answer this question: What is the purpose of calculating the net asset value in the first place Hint: How does the ETF creation/redemption function work"  
[X Link](https://x.com/biancoresearch/status/2017731939596165566)  2026-01-31T22:49Z 534.9K followers, [----] engagements


"@Jbuehler777 @tomaas26 @Chickendaddy5 @grok I'll ask again what is the net asset value of an ETF used for It is not some random reference number. ETFs do not have a fixed number of shares. It changes every day. What price do they use to determine it"  
[X Link](https://x.com/biancoresearch/status/2017734481998692413)  2026-01-31T22:59Z 534.3K followers, [--] engagements


"@jdthatch1 There is no net asset value for the Shanghai spot price"  
[X Link](https://x.com/biancoresearch/status/2017742312642617449)  2026-01-31T23:30Z 534.3K followers, [----] engagements


"@stockgutter @Chickendaddy5 See the name of $WTBN And no iShares has got it exactly correct. The price of SLV closed 19% below its Net Asset Value a record divergence. Instead of arguing that the divergent doesn't exist we'd be better off asking why it happened and what it means"  
[X Link](https://x.com/biancoresearch/status/2017743287562436799)  2026-01-31T23:34Z 535.3K followers, [---] engagements


"To be clear I said the "silver market is broken" not $SLV is broken. ETFs always trade at premiums/discounts. That does not mean something is wrong with the ETF. Instead extremes signal problems in the underlying market. Like this chart the biggest move in 75+ years"  
[X Link](https://x.com/biancoresearch/status/2017763045057917281)  2026-02-01T00:52Z 534.1K followers, 29.1K engagements


"1/4 The viral "19% discount" in $SLV is a timing artifact not a broken product. The Official NAV is based on the London Fix (7 AM ET). This means the official price missed the entire afternoon crash in the US futures market.🧵 Just to be clear yes the discount is not what it appears bc the NAV is struck using London close so NY Noon ish. Prob more like 2% if we used 4pm NAV. That said it's history is standardized w Noon close so it is to show just how crazy the afternoon was. Just to be clear yes the discount is not what it appears bc the NAV is struck using London close so NY Noon ish. Prob"  
[X Link](https://x.com/biancoresearch/status/2017834781740814705)  2026-02-01T05:37Z 534.4K followers, 64.2K engagements


"3/4 While -1.7% sounds small vs 19% it is historically massive. This is the deepest liquidity dislocation in $SLV since Aug [--] 2011the day after the US lost its AAA rating. Discounts don't mean the ETF is broken. They signal the underlying market is under severe stress"  
[X Link](https://x.com/biancoresearch/status/2017834786119684242)  2026-02-01T05:37Z 534.1K followers, 25.4K engagements


"Will this complicate his nomination to be Fed chair -- Kevin Warsh is named in the latest Epstein files release: * [----] St. Barts Xmas guest list email * Dinner attendee hosted by British Aristocrat William Astor. No island visits or misconduct evidence"  
[X Link](https://x.com/biancoresearch/status/2017839118978347369)  2026-02-01T05:55Z 535.3K followers, 54K engagements


"Trump said this last night Assuming that Warsh gets confirmed without complication he will Chair his first Fed meeting on June [--]. What if the Fed doesnt cut rate at this meeting One day after announcing Kevin Warsh as his choice to run the Fed Trump joked during a speech on Saturday night that he would sue Warsh if Warsh doesnt lower rates. Warsh had been on the guest list of attendees at the elite Alfalfa Club dinner. https://t.co/SdyFZrq3dT One day after announcing Kevin Warsh as his choice to run the Fed Trump joked during a speech on Saturday night that he would sue Warsh if Warsh doesnt"  
[X Link](https://x.com/biancoresearch/status/2018021799850582217)  2026-02-01T18:01Z 533.4K followers, 62.9K engagements


"2/6 The [--] biggest spot $BTC ETFs now hold 1.29M $BTC worth over $115B (Friday PM). These ETFs hold roughly 6.5% of all $BTC in circulation. The [--] largest iShares $IBIT (blue) Fidelitys $FBTC (red) and Grayscales $GBTC (orange) hold 5.65%"  
[X Link](https://x.com/biancoresearch/status/2018069766070554946)  2026-02-01T21:11Z 535.7K followers, 18.1K engagements


"3/6 The [--] Spot $BTC ETFs average purchase price is $90.2K (blue) about $13K (16%) above the current price (bottom panel). Note these ETFs are collectively on a record [--] consecutive outflow days. $BTC is down 8% since Friday's NYSE close"  
[X Link](https://x.com/biancoresearch/status/2018069768679371084)  2026-02-01T21:11Z 535.2K followers, 17.3K engagements


"4/6 Strategy (formerly MicroStrategy or $MSTR) hold 713K of $BTC (orange). When combined with the Spot $BTC ETFs (blue) these two entities own 10% of all bitcoin (green)"  
[X Link](https://x.com/biancoresearch/status/2018069771183333618)  2026-02-01T21:11Z 533.4K followers, 10K engagements


"5/6 Strategy has been buying bitcoin since [----] averaging $76.02K per purchase (blue). It is currently holding an unrealized profit of just $1.17B (bottom panel). This unrealized profit was $30+ B last October"  
[X Link](https://x.com/biancoresearch/status/2018069773549010970)  2026-02-01T21:11Z 534.2K followers, 23.4K engagements


"6/6 Boombers are collectively holding losses the ETFs have had outflows for a record [--] straight days and the $BTC is down 8% from Friday's NYSE close. $BTC needs a new narrative see post #5 in the repost. https://x.com/biancoresearch/status/2017698470870540589s=20 1/5 The Bitcoin "Boomer Adoption" Trade is Dead Markets are discounting mechanisms. They price the narrative long before the event occurs. The "TradFi" narrative drove $BTC up 400% ($25k $106k) from BlackRocks filing to Trumps victory. But that engine is now out of fuel🧵 https://x.com/biancoresearch/status/2017698470870540589s=20"  
[X Link](https://x.com/biancoresearch/status/2018069775599939648)  2026-02-01T21:11Z 534.1K followers, 37.4K engagements


"1/2 Follow-up to the 🧵👇 Comments say that if 10% of $BTC is held by the Spot $BTC ETFs this is good because they are diamond-handed institutions that will not sell. Avg size of ETF trades: SPY=$111.3K GLD=$87K $BTC ETFs=$15.8K $BTC ETFs = retail https://x.com/biancoresearch/status/2018069763507839283s=20 1/6 10% of the outstanding $BTC is held by $MSTR and the [--] Spot BTC ETFs. These are the ways normies hold $BTC in regulated brokerage accounts. Collectively the avg purchase price is $85.36K meaning the average is now $8k underwater with an unrealized loss of $7B. 🧵"  
[X Link](https://x.com/biancoresearch/status/2018144447263826030)  2026-02-02T02:08Z 535.7K followers, 49.7K engagements


"2/2 Top Panel Daily flows into ALL $BTC ETFs. Outflows to [--] straight days (last inflow Jan 15). New Record Trw (Mon) the mkt will react to an 8% decline since Friday's NYSE close. (11th day) Bottom Panel Cumulative flows. Peaked in early Oct. Net seller for months"  
[X Link](https://x.com/biancoresearch/status/2018144449524625734)  2026-02-02T02:08Z 535.2K followers, 17.9K engagements


"No bounce. pickup up where we left off on Friday. *SPOT GOLD FALLS 5% ADDING TO BIGGEST PLUNGE IN OVER A DECADE (Down 18% from Thursday's high)"  
[X Link](https://x.com/biancoresearch/status/2018169409798312430)  2026-02-02T03:47Z 535.8K followers, 78.9K engagements


"Looks like we're doing this again *BLS WILL DELAY RELEASE OF JAN. JOBS REPORT DUE TO GOVT SHUTDOWN --- The government shut down at midnight Saturday. They're hoping to pass the bill to reopen it today or tomorrow but apparently that is enough to get the BLS to delay Friday's release of the payroll report. I will assume it will be released next week. unless they screw up the reopening and it drags on for several days"  
[X Link](https://x.com/biancoresearch/status/2018373749637013917)  2026-02-02T17:19Z 535.8K followers, 61.5K engagements


"The Trump [---] $BTC rally has now been reversed. *BITCOIN DROPS TO LOWEST PRICE SINCE TRUMPS ELECTION VICTORY The correction is now 41.5% since the October [--] [----] high ($126k)"  
[X Link](https://x.com/biancoresearch/status/2018756983709389198)  2026-02-03T18:42Z 535.8K followers, 40.5K engagements


"@EricBalchunas While 94% are still holding the AVERAGE holder is now 24% underwater and collectively holding nearing a $11B loss"  
[X Link](https://x.com/biancoresearch/status/2019115456871952896)  2026-02-04T18:26Z 534.4K followers, 45.3K engagements


"@EricBalchunas And cumulatively spot $BTC ETFs have not seen NET new money for months and have experienced a steady "low grade" outflow (bottom panel). Buy when the low-grade outflow turns into a panic"  
[X Link](https://x.com/biancoresearch/status/2019116143215276513)  2026-02-04T18:29Z 535.2K followers, 17K engagements


"Totally agree that the pricing-power-erosion angle is the real gut punch here even if demand doesn't evaporate overnight. I've been thinking about this sell-off and it reminds me a lot of what happened with Disney/ESPN back in August [----]. Bob Iger basically admitted on the earnings call that ESPN was seeing "some modest subscriber losses" due to cord-cutting trends. It wasn't apocalyptiche called ESPN a "must-have" and said they were bullish on the bundlebut the market had this sudden epiphany: cable TV's subscriber base was in terminal decline and it wasn't reversing. Stocks tanked hard"  
[X Link](https://x.com/biancoresearch/status/2019229530913755435)  2026-02-05T02:00Z 535.7K followers, 61.5K engagements


"I assume you have an office manager and you pay for software to handle accounting scheduling taxes ordering product research (new or lower cost options) and customer service (answering texts and emails). All of this can be done for little to no cost with an AI Agent with less than an hour of training and can be run off your phone. The AI agent can do this with little interaction from you (in other words it will not ask you a million questions a day) It's not quite there yet but markets are forward-looking and can see that this is coming. And it's coming really fast. If anything the AI"  
[X Link](https://x.com/biancoresearch/status/2019236466434449408)  2026-02-05T02:27Z 534K followers, [----] engagements


"@StockUnit And what will it be in six months or a year"  
[X Link](https://x.com/biancoresearch/status/2019236685297643576)  2026-02-05T02:28Z 534.1K followers, [----] engagements


"@edodreaming 50% decline in $CRM"  
[X Link](https://x.com/biancoresearch/status/2019278355162661163)  2026-02-05T05:14Z 535.7K followers, [---] engagements


"Back on oct [--] [----] ($BTC $6250) he wrote this famous tweet near the low. Now he is back with the same argument at $70k. Into the darkness of breaking below $70k is some hope. https://x.com/nouriel/status/1050425363413827584s=46 The Crypto Apocalypse Out of 20k ICOs: 80% of them (16k) were a total criminal scam in the first place - steal the money and run - based on results of an academic research paper. Another 18% of them (3.6k) went to zero and collapsed . Of remaining 2% (400) that survived those https://x.com/nouriel/status/1050425363413827584s=46 The Crypto Apocalypse Out of 20k ICOs:"  
[X Link](https://x.com/biancoresearch/status/2019376358665908560)  2026-02-05T11:43Z 534.9K followers, 51.6K engagements


"Businesses are built on providing the lowest cost highest quality products they can and doing this in a competitive environment. If they elect to keep their highest cost legacy systems that also limit productivity due to their inflexibility (relative to an AI Agent) they risk become a former business"  
[X Link](https://x.com/biancoresearch/status/2019389535042384325)  2026-02-05T12:35Z 534.4K followers, [----] engagements


"@Grimtrader03 Are you sure the North Korean Chinese Iranian and Russian Hackers share this belief"  
[X Link](https://x.com/biancoresearch/status/2019408009257185416)  2026-02-05T13:49Z 534.4K followers, [---] engagements


"@Evan_ss6 What role do you think BTC plays in this system"  
[X Link](https://x.com/biancoresearch/status/2019416662571614425)  2026-02-05T14:23Z 534.3K followers, [---] engagements


"@WatcherGuru Presented without comment"  
[X Link](https://x.com/biancoresearch/status/2019528345013350512)  2026-02-05T21:47Z 534.5K followers, 27.8K engagements


"@edodreaming @CryptoNobler @CryptoHayes And stocks had decades to sort this reality out. Along the way they have the [----] stock market crash trading debacles and other disasters. BTC is starting year [--] of this reality"  
[X Link](https://x.com/biancoresearch/status/2020175321056919981)  2026-02-07T16:38Z 535.4K followers, [----] engagements


"5:10 left in the third quarter Total points = [--] Total punts = [--] Worst Super Bowl ever"  
[X Link](https://x.com/biancoresearch/status/2020681953750519862)  2026-02-09T02:11Z 535.6K followers, [----] engagements


"Hot off the Presses Our year-end investor letter for our Index the Bianco Research Total Return Fixed Income Index (Bloomberg: BTRINDX) Our partners at WisdomTree have a ETF that tracks our Index (symbol: WTBN) https://www.biancoadvisors.com/2025-the-u-s-stands-alone/ https://www.biancoadvisors.com/2025-the-u-s-stands-alone/"  
[X Link](https://x.com/biancoresearch/status/2008592782269837563)  2026-01-06T17:33Z 536.5K followers, 83.2K engagements


"I've been digging into this agentic AI stuff quite a bit latelyI've got Pro access on a few of the top tools like Gemini Copilot Grok Claude and Perplexityso I've been messing around with them hands-on and seeing how they actually work in real workflows. Makes the long-term implications feel even more tangible (and a little scary for traditional SaaS moats). I truly believe this is a game-changereven bigger than the Internet itself in terms of how it redefines work business and productivity. https://twitter.com/i/web/status/2019233073175421017"  
[X Link](https://x.com/biancoresearch/status/2019233073175421017)  2026-02-05T02:14Z 536.5K followers, 38.7K engagements


"It has been said that crypto is "programmable money." If so $BTC should trade like software stocks. And this chart shows they do. Is the era of AI Agents which is killing SaaS and smashing software stocks is "programmable money" suffering under the same fate"  
[X Link](https://x.com/biancoresearch/status/2019523303933899013)  2026-02-05T21:27Z 536.5K followers, 60.8K engagements


"@EricBalchunas Maybe it's not a good thing that they're hanging on. The market needs a capitulation And the sooner we get panic selling the better. And the longer they hang on the worse it will get"  
[X Link](https://x.com/biancoresearch/status/2019760018732540343)  2026-02-06T13:08Z 536.5K followers, 48.2K engagements


"1/4 I fear this is spot on. @CryptoNobler's thread unpacks $BTC's "synthetic supply" problem. ETFs structured notes (@CryptoHayes) futures options swaps lendingall flood the system with "paper" BTC. When it swamps real demand price crashes. https://x.com/CryptoNobler/status/2019504206844141820 🔥 ARTHUR HAYES ON WHY BTC SUDDENLY DROPPED Arthur Hayes says Bitcoin likely sold off because banks were hedging bets tied to BlackRocks $IBIT ETF. He cited Morgan Stanley structured note linked to IBIT basically a bank-made bet on Bitcoins price. When $BTC moves banks https://t.co/OU07TFetYi"  
[X Link](https://x.com/biancoresearch/status/2020167095166677366)  2026-02-07T16:05Z 536.5K followers, 152.7K engagements


"3/4 Wall Street's entry turned BTC into a pseudo-fractional reserve system. 21M cap On-chain onlyprice discovery swims in synthetic street "printing." Fractional is inherently unstable. That's why banks need heavy regs (Fed/Treasury/OCC/FDIC). On-chain BTC only needs code"  
[X Link](https://x.com/biancoresearch/status/2020167098882830831)  2026-02-07T16:05Z 536.5K followers, 21.2K engagements


"@EricBalchunas Serious question . Why not see them as a bunch of bagholders getting hurt every week and refrain from selling They are allowing degens and whales to get out at better prices"  
[X Link](https://x.com/biancoresearch/status/2021707138930803050)  2026-02-11T22:05Z 536.5K followers, 14.5K engagements


"Last sentence is key. Trump sees 26% annualized to Dow 100k by [----]. If it fails it wont be the Feds fault for slow cuts itll be the Supreme Courts for (supposedly) killing tariffs on Feb [--]. The Court becomes Trumps new whipping boy and Warsh is off the hook. BREAKING: President Trump predicts the Dow Jones will hit [------] by the end of his term. https://t.co/LSYol5p82A BREAKING: President Trump predicts the Dow Jones will hit [------] by the end of his term. https://t.co/LSYol5p82A"  
[X Link](https://x.com/biancoresearch/status/2020072614937432454)  2026-02-07T09:50Z 536.5K followers, 140.3K engagements


"4/4 What breaks the cycle [--]. Regulation caps synthetics. (not with Trump) [--]. A brutal winter/bear scorches TradFi's interestlike gold/silver post-2011. [--]. $BTC's narrative evolves to outpace paper claims. (Not yet) Bearish loop until then. Who is betting on #2 $BTC"  
[X Link](https://x.com/biancoresearch/status/2020167100468212154)  2026-02-07T16:05Z 536.5K followers, 16.7K engagements


"The Patriots had [--] first down in the 3rd quarter on a defensive penalty"  
[X Link](https://x.com/biancoresearch/status/2020684995334148366)  2026-02-09T02:23Z 536.6K followers, 20.2K engagements


"Trump The halftime show sucks and is a slap in the face to the country with the best 401(k)s"  
[X Link](https://x.com/biancoresearch/status/2020686807319331277)  2026-02-09T02:30Z 536.6K followers, 91.5K engagements


"Software stoicks are struggling again today. $IGV (iShares Software ETF) is essentially back to last week's panic lows. Don't forget "there's another type of software "programmable money" crypto. Bitcoin (blue) with the software index (orange). They are the same thing"  
[X Link](https://x.com/biancoresearch/status/2022019537848377424)  2026-02-12T18:46Z 536.5K followers, [----] engagements


"@charcware I didn't say it's going to replace software I said it's going to collapse the cost to zero"  
[X Link](https://x.com/biancoresearch/status/2022024101641302262)  2026-02-12T19:04Z 536.5K followers, [----] engagements


"Look away not pretty. The avg purchase price for a $BTC ETF is $90K 41% underwater or a $15B unrealized loss. Need 50% rally to get back to breakeven ETF hodlers (boomers) had diamond hands during the decline. But does this serve to set up a coming capitation (puke)"  
[X Link](https://x.com/biancoresearch/status/2019516506267349156)  2026-02-05T21:00Z 536.5K followers, 40.4K engagements


"The $BTC carnage is accelerating. Now down 12+% today. Now the 4th worst day this decade. The other [--] were days around something "breaking." So what is "breaking" now Nov [--] [----] FTX failure Jun [--] [----] Terra Luna Collapse Mar [--] [----] worst of COVID Shutdown"  
[X Link](https://x.com/biancoresearch/status/2019509285244252433)  2026-02-05T20:31Z 536.5K followers, 323.7K engagements


"Software stocks are struggling again today. $IGV (iShares Software ETF) is essentially back to last week's panic lows. Don't forget there's another type of software "programmable money" crypto. Bitcoin (blue) with the software index (orange). They are the same thing"  
[X Link](https://x.com/biancoresearch/status/2022023443638890657)  2026-02-12T19:02Z 536.5K followers, 42.7K engagements


"I think you can reduce [--] percent of culture wars to questions of economicslike a libertarian or a Marxist wouldand then you can reduce maybe [--] percent of economic questions to questions of real estate. --- Peter Thiel --- He is correct detailed here https://x.com/biancoresearch/status/1987545268485599690s=20 Peter Thiel: If you graduated in [----] with no student debt compare that to the millennial experience: too many people go to college they dont learn anything and they end up with incredibly burdensome debt. Student debt is a version of this generational conflict that Ive"  
[X Link](https://x.com/biancoresearch/status/1987546266738307426)  2025-11-09T15:42Z 536.2K followers, 258.3K engagements


"Both scrape millions of prices from the internet and they say prices are booming the opposite reading of @truflation https://x.com/nicktimiraos/status/2018405590662348908s=46 US CPI inflation dropped significantly today from 1.24% to 0.86% in our independent price data the lowest since [----]. Truflation US CPI today: 0.86% Y/Y The biggest downward drivers were: [--]. Utilities down -0.13% [--]. Clothing -0.08% [--]. Housing -0.05% [--]. Transport -0.05% [--]. Food https://t.co/HFef56JGyl https://x.com/nicktimiraos/status/2018405590662348908s=46 US CPI inflation dropped significantly today from 1.24% to 0.86%"  
[X Link](https://x.com/biancoresearch/status/2018660315559596268)  2026-02-03T12:18Z 536.1K followers, 122.3K engagements


"Crashing back to Friday's low *SPOT SILVER DROPS BY AS MUCH AS 14% ERASING TWO DAYS OF GAINS"  
[X Link](https://x.com/biancoresearch/status/2019245068931244218)  2026-02-05T03:01Z 536K followers, 51.2K engagements


"RT @biancoresearch: Look away not pretty. The avg purchase price for a $BTC ETF is $90K 41% underwater or a $15B unrealized loss. Need"  
[X Link](https://x.com/biancoresearch/status/2019516558125723899)  2026-02-05T21:00Z 536.1K followers, [--] engagements


"A titanic battle is now underway. Who ya got Martin Shkreli @MartinShkreli is short $MSTR. Says: - Saylor is insane - no way this can end well - Saylor is not a good advocate for #Bitcoin - being short MSTR has been painful - he's bearish on bitcoin Welcome Martin. Have fun getting run over by Saylor and btc. https://t.co/D0duGoGAG5 Martin Shkreli @MartinShkreli is short $MSTR. Says: - Saylor is insane - no way this can end well - Saylor is not a good advocate for #Bitcoin - being short MSTR has been painful - he's bearish on bitcoin Welcome Martin. Have fun getting run over by Saylor and"  
[X Link](https://x.com/biancoresearch/status/1868325847301754886)  2024-12-15T16:02Z 536.4K followers, 308.3K engagements


"1/3 Bitcoin breakeven update The average purchase for all the flows into all the spot $BTC since inception (January 2024) is $90200. With todays plunge the AVERAGE $BTC ETF holder is about $5000 (or 7% underwater)"  
[X Link](https://x.com/biancoresearch/status/2016924620570386636)  2026-01-29T17:21Z 536.2K followers, 134.6K engagements


"*BITCOIN FALLS BELOW $70000 FOR FIRST TIME SINCE NOV. [--] 2024"  
[X Link](https://x.com/biancoresearch/status/2019402793618968678)  2026-02-05T13:28Z 536.3K followers, 26.7K engagements


"@Grimtrader03 Why do we worry that quantum computing is going to disrupt Bitcoin Won't quantum computer hackers empty the Federal Reserve and JP Morgan long before they bother with Bitcoin Tradfi has more to worry about than crypto"  
[X Link](https://x.com/biancoresearch/status/2019404067416813581)  2026-02-05T13:33Z 536.4K followers, [----] engagements


"RT @biancoresearch: It has been said that crypto is "programmable money." If so $BTC should trade like software stocks. And this chart sho"  
[X Link](https://x.com/biancoresearch/status/2019523326939742688)  2026-02-05T21:27Z 536.2K followers, [--] engagements


"RT @JacobKinge: Every major Bitcoin bull market peak has been perfectly timed with a glossy Forbes cover crowning the latest 'Bitcoin king'"  
[X Link](https://x.com/biancoresearch/status/2019731862818795578)  2026-02-06T11:16Z 536.4K followers, [---] engagements


"RT @CryptoNobler: 🚨 HERES WHY BITCOIN IS NONSTOP DUMPING RIGHT NOW If you still think $BTC trades like a supply-and-demand asset you MUS"  
[X Link](https://x.com/biancoresearch/status/2019737399807598832)  2026-02-06T11:38Z 536.3K followers, [----] engagements


"RT @biancoresearch: @EricBalchunas Maybe it's not a good thing that they're hanging on. The market needs a capitulation And the sooner we"  
[X Link](https://x.com/biancoresearch/status/2019760053239021707)  2026-02-06T13:08Z 536.2K followers, [--] engagements


"RT @KobeissiLetter: BREAKING: President Trump predicts the Dow Jones will hit [------] by the end of his term"  
[X Link](https://x.com/biancoresearch/status/2020039106722513263)  2026-02-07T07:37Z 536.2K followers, [---] engagements


"2/4 @CryptoHayes: structured notes on $IBIT flooded $BTC with synthetic supply forced liquidations turbocharged the dump. Next rally TradFi piles into ETFs Wall Street "prints" more synthetics. Price discovery decoupled from on-chain. Volatility on steroids"  
[X Link](https://x.com/biancoresearch/status/2020167097238655152)  2026-02-07T16:05Z 536.3K followers, 11.2K engagements


"@bobomc2 My god have mercy on your bags"  
[X Link](https://x.com/biancoresearch/status/2022021086196752466)  2026-02-12T18:52Z 536.4K followers, [--] engagements


"1/6 10% of the outstanding $BTC is held by $MSTR and the [--] Spot BTC ETFs. These are the ways normies hold $BTC in regulated brokerage accounts. Collectively the avg purchase price is $85.36K meaning the average is now $8k underwater with an unrealized loss of $7B. 🧵"  
[X Link](https://x.com/biancoresearch/status/2018069763507839283)  2026-02-01T21:11Z 536.5K followers, 178.5K engagements


"The old bond market adage is that yields will keep rising until something breaks. In 2022/23 rising U.S. yields "broke" several banks by March [----] (Silicon Valley Bank). Japanese yields are now at a 27-year high and going vertical. When does something "break" in Japan"  
[X Link](https://x.com/biancoresearch/status/2013125530678132904)  2026-01-19T05:45Z 536.5K followers, 574.8K engagements


"Yesterday's 19% discount to NAV broke the record set on 10/10/2008 the day the TARP was introduced during the Global Financial Crisis. Before Friday's collapse SLV had about $60 billion in assets. The chart above shows that the silver market is now broken meaning there is a high risk that a financial firm heavily involved in this market is either bankrupt (causing the large discount above) or in serious trouble (due to the large discount above). It doesn't mean we will automatically see a firm fail but the silver market needs to correct itself quickly; otherwise it probably will. Quickly"  
[X Link](https://x.com/biancoresearch/status/2017718845474300085)  2026-01-31T21:57Z 536.5K followers, 429.2K engagements


"Silver is down 21% in the last [--] hours and is now below last Friday's crash low. Why is this happening When markets get chaotic and dysfunctional the most vulnerable and most leveraged get taken out and killed first. This is somewhat analogous to the very early days of the pandemic. What were the markets that were killed first in early [----] Not the ones that had anything to do with the primary driver (pandemic coming out of China) but the ones that were the most levered and the most vulnerable. For the last couple of months that's been silver."  
[X Link](https://x.com/biancoresearch/status/2019533822727999744)  2026-02-05T22:09Z 536.5K followers, 115.8K engagements


"@GallivantiX This is about assigning blame . moving from the Fed to the Court"  
[X Link](https://x.com/biancoresearch/status/2020078664608518572)  2026-02-07T10:14Z 536.5K followers, [----] engagements


"1/5 The Bitcoin "Boomer Adoption" Trade is Dead Markets are discounting mechanisms. They price the narrative long before the event occurs. The "TradFi" narrative drove $BTC up 400% ($25k $106k) from BlackRocks filing to Trumps victory. But that engine is now out of fuel🧵 Alright addressing the bitcoin bulls out there. Let me here from you. What exactly is the thesis at this point IDEA #1: its the future of money. REALITY: heard this five years ago yet still cant buy almost anything with it. IDEA #2: its protection against geopolitics and Alright addressing the bitcoin bulls out there. Let me"  
[X Link](https://x.com/biancoresearch/status/2017698470870540589)  2026-01-31T20:36Z 536.5K followers, 267.8K engagements


"Crypto is built on the principle of being permissionless; it's supposed to be a disruptive force to Tradfi. I believe in this mission. In many ways Tradfi needs to be disrupted. This is why I bristled against **TradFi / Boomer Adoption** narrative. Asking permission from Larry Fink Jay Powell (or Donald Trump) is everything crypto is NOT supposed to be. Thankfully this "asking permission" narrative died in November [----] (see post below). The next leg wont come from more suits blessing $BTC and telling tradfi to buy. I believe it should come from building systems that replace tradfi and"  
[X Link](https://x.com/biancoresearch/status/2019402529767919888)  2026-02-05T13:27Z 536.5K followers, 111.2K engagements


"Software stoicks are struggling again today. $IGV (iShares Software ETF) is essentially back to last week's panic lows. Don't forget there's another type of software "programmable money" crypto. Bitcoin (blue) with the software index (orange). They are the same thing"  
[X Link](https://x.com/biancoresearch/status/2022021262760132929)  2026-02-12T18:53Z 536.5K followers, [----] engagements


"@DaveLevine0com Claude Cowork was released on January [--]. "Programmable money" ($BTC) was $97k. Three weeks later down 39% (to $60k). The cost of creating and maintaining software is collapsing to zero. Don't need big companies or foundations to create software anymore. Anyone can do it"  
[X Link](https://x.com/biancoresearch/status/2022022573752828329)  2026-02-12T18:58Z 536.5K followers, 65.3K engagements


"@Cato_184_CENSOR The same chart is above going back to April 30th [----] the end of the COVID recession. Yes all correlations end eventually. Why will this one end now And if software stocks were to recover do you want it to end now"  
[X Link](https://x.com/biancoresearch/status/2022101789374574613)  2026-02-13T00:13Z 536.5K followers, 29.2K engagements


"@ChrisWhodl @DaveLevine0com"  
[X Link](https://x.com/biancoresearch/status/2022104586824429636)  2026-02-13T00:24Z 536.5K followers, [---] engagements


"Exactly one month ago. $MSTR - 32%"  
[X Link](https://x.com/biancoresearch/status/1895373637219471494)  2025-02-28T07:21Z 536.5K followers, 486.6K engagements


"July [--] MetLife Stadium East Rutherford New Jersey Might be the most expensive tickets ever sold in North America"  
[X Link](https://x.com/biancoresearch/status/2003445075842650487)  2025-12-23T12:38Z 536.5K followers, 4.8M engagements


"@Todd_Sohn @EricBalchunas Reminds me of [--] years ago when ETFs that bought futures were rolled out such as $DBC and $USO. These were enormously successful and now collectively have hundreds of billions in assets. You agree with the analogy @DaveNadig"  
[X Link](https://x.com/biancoresearch/status/2022556393866404134)  2026-02-14T06:19Z 536.5K followers, [--] engagements

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