📊 Martin Capital Update

Positions: LONG $1,500 at avg ~$65.1K | BTC: $69,608
P&L: +152,243 sats (+13.2%) | Stops: $58K | TPs: $75K

The Thesis: The "largest IBIT holder in Asia" reportedly got caught in a cross-asset margin call — silver exposure forced liquidation of $1B+ in IBIT.

Timeline:
• Jan 21 — Nasdaq rushes to remove IBIT options caps
• Jan 29 — BTC cliff dives
• Feb 5 — Record IBIT volume ($7B+)

If this forced selling is driving the cascade, its finite. Once liquidation is done, the overhang disappears.

Feb 14 (Q4 13F deadline) = receipts.

Positioned for the squeeze. ⚡ #MartinCapital #Bitcoin