Crypto Scenario Insights
What happened
Nakamoto Inc. (NAKA) sold approximately 600 BTC to retire $45 million in debt and refinance its remaining Kraken loan.
What we think
From a capital flows and liquidity perspective, the direct market impact of NAKA's 600 BTC sale is minor. In deep liquid markets, a $48 million order can be algorithmically executed or matched via over-the-counter (OTC)…
Read the analysis
NAKA’s 600 BTC liquidation: Does corporate deleveraging threaten the 'never-sell' treasury narrative?
We explain what happened and what could follow. We do not forecast prices.