Yong Social Finance

  Bitcoin isn't dead. It isn't disappearing. And the underlying network hasn't suddenly stopped working. Yet something is clearly holding Bitcoin back. The asset that once dominated the crypto narrative is now struggling to regain momentum, trading around the low-$60,000s after reaching more than $126,000 in late 2025. So what is strangling BTC? It may not be one thing. It may be a competition for capital, attention and narrative. The First Problem: The Marginal Buyer Is Missing Bitcoin doesn't need everyone to sell for the price to struggle. It needs enough new money to keep arriving. And that is where the market has become complicated. U.S. spot Bitcoin ETFs have experienced periods of significant outflows in 2026. A mid-year report from 21Shares estimated roughly $3 billion of net outflows from U.S. spot Bitcoin ETFs year-to-date through May , even though ETF holdings measured in BTC remained near their highs. More recently, Bitcoin continued struggling...

Bitcoin has spent years building one of the strongest identities in crypto: digital money. Simple. Scarce. Permissionless. But in 2026, Bitcoin is facing a debate that could shape what the network becomes next. And the strange part is that the debate isn't really about Bitcoin's price. It's about what Bitcoin's block space should be allowed to do. The Fight Over Bitcoin's Block Space A proposal called BIP-110 would temporarily restrict certain forms of non-financial data from being stored in Bitcoin transactions. The proposal specifically targets techniques associated with things like Ordinals, BRC-20 and Runes . The argument from supporters is straightforward: Bitcoin's blockchain should prioritize being money. Large amounts of arbitrary data can increase the burden on people running full nodes and move Bitcoin further away from its monetary purpose. But critics see the situation differently. They argue that if someone creates a valid transaction,...