Bitcoin’s Tragic Return: Coins Head Back to Exchanges, Sellers Call the Shots
Axel Adler, our modern-day prophet of blockchain, warns that the exchange netflows remain a noose around Bitcoin’s neck. While optimists cheer the coin’s return to exchanges as a sign of vigor, it’s more a funeral procession of sellers gathering their spoils. The Bitcoin Exchange Reserve metric? A ledger of quiet betrayal, showing 28,489 BTC flooding back to exchanges like exiles returning home, dragging their feet but compelled by unseen hands.
![The half-filled square-lattice Hubbard model exhibits a complex crossover from a weak-coupling Fermi liquid to a strong-coupling Mott insulator, punctuated by an intervening bad metal phase-identified through the local maximum of thermal entropy-and further characterized by the alignment of inflection points in double occupancy, the peak position of the AFM structure factor, the disappearance of quasiparticle coherence, minima in thermal entropy, fidelity susceptibility peaks, and crossings in imaginary self-energy components, all converging near a low-temperature transition from Slater to Mott insulator at [latex]U^{\*}/t \sim eq 4.25 [/latex].](https://arxiv.org/html/2602.22705v1/2602.22705v1/x1.png)
![The qubit-regularized model, governed by the Hamiltonian [latex] \tilde{1} [/latex], suggests that a substantial continuum quantum field theory can arise from a carefully chosen perturbation at its quantum critical point, hinting at emergent behavior from a fundamentally discrete system.](https://arxiv.org/html/2602.22515v1/2602.22515v1/x4.png)
