A few thoughts on the recent events.

The price dump on KYCed exchanges and on derivatives platforms is an obvious manipulation. The goal is as always, to let panic sellers part with their coins.

However, I've seen a few reports, mainly from the US, where people tried to send bank transfers to the exchanges so they can buy this dip, to be essentially debanked. No transfers allowed, fiat money frozen in the bank.

So even if the price on KYCed exchanges is as low as we see it, regular people will have a difficulty actually buying bitcoin at these prices.

The prices on non KYCed p2p exchanges are higher. I see now on Peach Bitcoin the average sell price is 15% above current spot price.

Perhaps non-kyced sats price will normalize with time and we merely see a temporary lack of liquidity in the non-kyced order books. We'll see.

But one thing became very clear. Spot price on KYCed exchange doesn't mean you can actually get bitcoin at this price, unless you already have dry powder is stablecoins or fiat sitting on an exchange.

Over the last few years many OGs pointed out that it's a miracle that you still can get bitcoin with fiat money. I feel like this window of opportunity in the Western world is closing rapidly.

BTC in self custody is way more valuable than the price advertised on KYCed exchanges.

Everyone wants your coins - the bankers, the politicians, the mafia, the criminals, the fucking crypto capital of the world industrial complex wants your coins. Don't get shaken out.

We see the divergence between Slave Market BTC price and Free Market BTC price in real time. This divergence will only grow with time.