Bitcoin Rebounds Sharply - Is the Bear Market Over?

This episode of WuBlockchain Podcast asks a central question: Has Bitcoin already entered a new bull market?

Guests include frontier-tech investor didier and macro hedge fund portfolio manager Griffin Ardern. didier argues that Bitcoin has reclaimed and moved well above its 200-day moving average, while positioning remains light and short interest is still elevated — conditions he sees as typical of the early stages of a bull market. Griffin is more cautious. He believes the market is still in the later stages of a bear cycle and that a true bull market will require clearer signals from dollar liquidity, U.S. fiscal policy, and the Treasury market.

Both guests agree that the recent rally was driven partly by light positioning, short covering, and shifting expectations around U.S. fiscal credibility, but they differ on the outlook for Treasury yields and liquidity.

The discussion also focuses on Strategy’s balance sheet. didier argues that STRC is perpetual preferred stock, not traditional debt, and that Strategy is reducing near-term repayment pressure through cash reserves, common-stock ATMs, and preferred-stock issuance. In his view, the company’s potential risk to the Bitcoin market is declining. Griffin argues that Bitcoin is increasingly becoming an independent macro asset, and that Strategy itself is not central to Bitcoin’s long-term value.