The Great Capitulation: Mallers Exits, Satsuma Liquidates & BitMEX Shuts Down

Back from summer hiatus, David Sencil and Graham Stone return to a market where the bad news keeps piling up - and where that might be the most bullish signal of all.

They break down the digital asset treasury unwind: Jack Mallers stepping down at 21 Capital as Tether's control grows, Satsuma shareholders voting to liquidate 668 BTC after a roughly 99% collapse, the expanding list of DATs selling their Bitcoin, and Strategy quietly building a $3.2B dollar reserve to cover its preferred dividends.

Then it's the Clarity Act's do-or-die window: Trump's disclosed $1.5B in 2025 crypto profits, the ethics provision critics call "pulling up the ladder," seven Democratic objections, coin-toss odds, and a surprise wave of endorsements from BlackRock, Schwab, Fidelity and Goldman Sachs.

Plus: BitMEX shuts down amid a lawsuit alleging "God access" insider trading, Bitmart winds down, and July racks up three exchange closures - the depressing grind David calls bullish bearishness.

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