Daniel McGlynn
@danielmcglynn.bsky.social
I write about crypto and the internet at http://danielmcglynn.com/
The myth gave Bitcoin its rhythm.
But markets grow up. Narratives evolve. Scarcity rituals now coexist with yield spreads and fund flows.
Full take: www.danielmcglynn.com/bitcoin-four...
But markets grow up. Narratives evolve. Scarcity rituals now coexist with yield spreads and fund flows.
Full take: www.danielmcglynn.com/bitcoin-four...
Is Bitcoin's four-year cycle dead?
Breaking the halving beat: Do liquidity and institutional flows dominate now?
www.danielmcglynn.com
August 17, 2025 at 5:13 PM
The myth gave Bitcoin its rhythm.
But markets grow up. Narratives evolve. Scarcity rituals now coexist with yield spreads and fund flows.
Full take: www.danielmcglynn.com/bitcoin-four...
But markets grow up. Narratives evolve. Scarcity rituals now coexist with yield spreads and fund flows.
Full take: www.danielmcglynn.com/bitcoin-four...
The halving still matters — but it’s fading into the background.
What was once crypto’s internal clock now ticks in sync with global finance.
Liquidity cycles are louder than subsidy cuts.
What was once crypto’s internal clock now ticks in sync with global finance.
Liquidity cycles are louder than subsidy cuts.
August 17, 2025 at 5:13 PM
The halving still matters — but it’s fading into the background.
What was once crypto’s internal clock now ticks in sync with global finance.
Liquidity cycles are louder than subsidy cuts.
What was once crypto’s internal clock now ticks in sync with global finance.
Liquidity cycles are louder than subsidy cuts.
An ETF doesn’t ape in at midnight.
It rebalances at quarter’s end.
It tracks inflows.
It benchmarks.
This isn’t magic Internet money anymore. It’s a macro asset.
It rebalances at quarter’s end.
It tracks inflows.
It benchmarks.
This isn’t magic Internet money anymore. It’s a macro asset.
August 17, 2025 at 5:13 PM
An ETF doesn’t ape in at midnight.
It rebalances at quarter’s end.
It tracks inflows.
It benchmarks.
This isn’t magic Internet money anymore. It’s a macro asset.
It rebalances at quarter’s end.
It tracks inflows.
It benchmarks.
This isn’t magic Internet money anymore. It’s a macro asset.
Why the shift?
93% of all BTC is already mined
ETFs absorbed tens of billions
New buyers are institutions, not Discord traders
Liquidity flows > meme flows
93% of all BTC is already mined
ETFs absorbed tens of billions
New buyers are institutions, not Discord traders
Liquidity flows > meme flows
August 17, 2025 at 5:13 PM
Why the shift?
93% of all BTC is already mined
ETFs absorbed tens of billions
New buyers are institutions, not Discord traders
Liquidity flows > meme flows
93% of all BTC is already mined
ETFs absorbed tens of billions
New buyers are institutions, not Discord traders
Liquidity flows > meme flows
But this time around?
Bitcoin’s price looks less like a retail chart... and more like a Wall Street one.
The beat isn’t block height. It’s ETF flows, Treasury yields, and the shape of the yield curve.
Bitcoin’s price looks less like a retail chart... and more like a Wall Street one.
The beat isn’t block height. It’s ETF flows, Treasury yields, and the shape of the yield curve.
August 17, 2025 at 5:13 PM
But this time around?
Bitcoin’s price looks less like a retail chart... and more like a Wall Street one.
The beat isn’t block height. It’s ETF flows, Treasury yields, and the shape of the yield curve.
Bitcoin’s price looks less like a retail chart... and more like a Wall Street one.
The beat isn’t block height. It’s ETF flows, Treasury yields, and the shape of the yield curve.
It wasn’t just a protocol change — it became folklore. Memes. Charts. Telegram cults counting down to the next block.
Retail-driven cycles where “number go up” felt coded into Bitcoin’s DNA.
Retail-driven cycles where “number go up” felt coded into Bitcoin’s DNA.
August 17, 2025 at 5:13 PM
It wasn’t just a protocol change — it became folklore. Memes. Charts. Telegram cults counting down to the next block.
Retail-driven cycles where “number go up” felt coded into Bitcoin’s DNA.
Retail-driven cycles where “number go up” felt coded into Bitcoin’s DNA.
The halving was simple and symbolic: Every 210,000 blocks, the Bitcoin subsidy gets cut in half. Scarcity goes up. Price follows.
2012 halving → 2013 run
2016 halving → 2017 mania
2020 halving → 2021 peak
A neat, four-beat rhythm.
2012 halving → 2013 run
2016 halving → 2017 mania
2020 halving → 2021 peak
A neat, four-beat rhythm.
August 17, 2025 at 5:13 PM
The halving was simple and symbolic: Every 210,000 blocks, the Bitcoin subsidy gets cut in half. Scarcity goes up. Price follows.
2012 halving → 2013 run
2016 halving → 2017 mania
2020 halving → 2021 peak
A neat, four-beat rhythm.
2012 halving → 2013 run
2016 halving → 2017 mania
2020 halving → 2021 peak
A neat, four-beat rhythm.
This week’s newsletter breaks it all down — PayPal, Walmart, Amazon, and why this marks an inflection point for Open Money.
www.danielmcglynn.com/megacorps-go...
www.danielmcglynn.com/megacorps-go...
Stablecoins Go Mainstream: PayPal, Amazon, Walmart Move In
Stablecoins are becoming crypto’s killer app. PayPal, Amazon, and Walmart are quietly rewriting the rails of digital money — without changing the interface.
www.danielmcglynn.com
June 15, 2025 at 3:06 PM
This week’s newsletter breaks it all down — PayPal, Walmart, Amazon, and why this marks an inflection point for Open Money.
www.danielmcglynn.com/megacorps-go...
www.danielmcglynn.com/megacorps-go...
The takeaway:
Stablecoins are becoming a default money layer for the internet.
The UI stays the same.
The rails change.
And the next time you check out online, crypto might be doing the heavy lifting.
Stablecoins are becoming a default money layer for the internet.
The UI stays the same.
The rails change.
And the next time you check out online, crypto might be doing the heavy lifting.
June 15, 2025 at 3:06 PM
The takeaway:
Stablecoins are becoming a default money layer for the internet.
The UI stays the same.
The rails change.
And the next time you check out online, crypto might be doing the heavy lifting.
Stablecoins are becoming a default money layer for the internet.
The UI stays the same.
The rails change.
And the next time you check out online, crypto might be doing the heavy lifting.
Regulation is catching up, too.
The GENIUS Act is working its way through Congress.
If passed, it gives Walmart and Amazon a legal path to launch fully-reserved, regulated stablecoins at scale.
The GENIUS Act is working its way through Congress.
If passed, it gives Walmart and Amazon a legal path to launch fully-reserved, regulated stablecoins at scale.
June 15, 2025 at 3:06 PM
Regulation is catching up, too.
The GENIUS Act is working its way through Congress.
If passed, it gives Walmart and Amazon a legal path to launch fully-reserved, regulated stablecoins at scale.
The GENIUS Act is working its way through Congress.
If passed, it gives Walmart and Amazon a legal path to launch fully-reserved, regulated stablecoins at scale.
This isn’t mass adoption through onboarding.
It’s adoption by absorption.
Stablecoins hide the crypto and deliver the benefits.
No seed phrases. No L2s. Just dollars that move like messages.
It’s adoption by absorption.
Stablecoins hide the crypto and deliver the benefits.
No seed phrases. No L2s. Just dollars that move like messages.
June 15, 2025 at 3:06 PM
This isn’t mass adoption through onboarding.
It’s adoption by absorption.
Stablecoins hide the crypto and deliver the benefits.
No seed phrases. No L2s. Just dollars that move like messages.
It’s adoption by absorption.
Stablecoins hide the crypto and deliver the benefits.
No seed phrases. No L2s. Just dollars that move like messages.
Here’s the big unlock: stablecoins let web2 companies join web3 without changing the user experience.
You still tap “Pay.”
You still get your order.
Only now, the backend is programmable, fast, and global.
You still tap “Pay.”
You still get your order.
Only now, the backend is programmable, fast, and global.
June 15, 2025 at 3:06 PM
Here’s the big unlock: stablecoins let web2 companies join web3 without changing the user experience.
You still tap “Pay.”
You still get your order.
Only now, the backend is programmable, fast, and global.
You still tap “Pay.”
You still get your order.
Only now, the backend is programmable, fast, and global.
Meanwhile, Amazon and Walmart are reportedly exploring launching their own stablecoins.
They’re not chasing hype. They’re chasing margins.
Billions in annual card fees are on the table. Stablecoins cut out the middlemen.
They’re not chasing hype. They’re chasing margins.
Billions in annual card fees are on the table. Stablecoins cut out the middlemen.
June 15, 2025 at 3:06 PM
Meanwhile, Amazon and Walmart are reportedly exploring launching their own stablecoins.
They’re not chasing hype. They’re chasing margins.
Billions in annual card fees are on the table. Stablecoins cut out the middlemen.
They’re not chasing hype. They’re chasing margins.
Billions in annual card fees are on the table. Stablecoins cut out the middlemen.
PayPal just added Stellar as the third chain for PYUSD.
Why?
→ 5-second settlement
→ Sub-cent fees
→ Remittance rails that already reach the global edge
This isn’t a flex—it’s infrastructure.
Why?
→ 5-second settlement
→ Sub-cent fees
→ Remittance rails that already reach the global edge
This isn’t a flex—it’s infrastructure.
June 15, 2025 at 3:06 PM
PayPal just added Stellar as the third chain for PYUSD.
Why?
→ 5-second settlement
→ Sub-cent fees
→ Remittance rails that already reach the global edge
This isn’t a flex—it’s infrastructure.
Why?
→ 5-second settlement
→ Sub-cent fees
→ Remittance rails that already reach the global edge
This isn’t a flex—it’s infrastructure.
But increasingly when I think about the future of the internet I think about my kids...
May 29, 2025 at 12:44 PM
But increasingly when I think about the future of the internet I think about my kids...
Recently, the idea of thinking about internet architecture feels less revolutionary and more existential.
The motivations are different. I used to worry about macro outcomes -- things like decentralization and economics, etc. And to a large extent that's the stuff I still write about.
The motivations are different. I used to worry about macro outcomes -- things like decentralization and economics, etc. And to a large extent that's the stuff I still write about.
May 29, 2025 at 12:44 PM
Recently, the idea of thinking about internet architecture feels less revolutionary and more existential.
The motivations are different. I used to worry about macro outcomes -- things like decentralization and economics, etc. And to a large extent that's the stuff I still write about.
The motivations are different. I used to worry about macro outcomes -- things like decentralization and economics, etc. And to a large extent that's the stuff I still write about.