Willy Woo gets into Bitcoin’s evolving market structure, breaking down how institutional flows, ETFs, and treasury companies are reshaping the bull market. He explains why Bitcoin has never faced a true business cycle downturn, why 2026 could be the first real test, and how liquidity waves set the rhythm for both blow-off tops and brutal bear markets.

He unpacks the mechanics of Strategy's debt model versus MetaPlanet’s synthetic leverage, how ETFs are smoothing inflows and dampening volatility, and why premiums to NAV create both opportunity and risk. Willy also zooms out to the thousand-year arc of money, showing why fiat is a short-lived social consensus ledger and Bitcoin is destined to be the next energy-secured system of value.

In this episode:
How ETFs are changing Bitcoin’s price dynamics
Premiums to NAV, synthetic leverage, and liquidation risk
Why treasury companies could amplify the next bear market
Liquidity cycles and business downturns
ESG, BlackRock, and the shift in institutional adoption
The transition from gold and fiat to Bitcoin

THANKS TO OUR SPONSORS:
IREN: www.iren.com/
RIVER: river.com/wbd
ANCHORWATCH: www.anchorwatch.com/
BLOCKWARE: mining.blockwaresolutions.com/wbd
LEDN: learn.ledn.io/wbd
BITKEY: bitkey.world/

SUBSCRIBE TO THE PODCAST:
FOUNTAIN: fountain.fm/show/gpascDml6iI0sM8aTOCT
SPOTIFY: open.spotify.com/show/18Pixm6jNMATYXSO6cUnTH
APPLE PODCASTS: podcasts.apple.com/gb/podcast/defiance/id148245566…
WEBSITE: www.whatbitcoindid.com/

FOLLOW:
Danny Knowles: x.com/_DannyKnowles or primal.net/danny
Willy Woo: x.com/woonomic

TIMESTAMPS:
00:00:00 – Introduction
00:08:55 – Why Most Traders Fail in Bitcoin
00:11:13 – Bitcoin’s Market Maturity
00:18:01 – How On-Chain Data Has Changed
00:22:10 – Retail vs Institutional Capital in This Cycle
00:28:51 – Treasury Companies and Smooth Capital Inflows
00:39:10 – Business Cycle Downturns and the 2026 Risk
00:42:29 – Blow-Off Tops, Cycles, and Market Structure
00:53:26 – Transitioning from Fiat to Bitcoin
01:01:36 – Short-Term Bullish, Long-Term Ultra Bullish

What Bitcoin Did with Danny Knowles

#Bitcoin #Finance #Money #Economics