Bitcoin Fortress — Episode 182 Date: Sept 21, 2025 Block Height: 915,753 Moscow Time: 865 Fees: 1 / 3 / 4 1) Fed cut 25 bps; more cuts signaled - Reuters: https://www.reuters.com/business/fed-lowers-interest-rates-signals-more-cuts-ahead-miran-dissents-2025-09-17/ - Reuters (Powell “risk management”): https://www.reuters.com/business/view-fed-lowers-rates-by-quarter-point-powell-says-was-risk-management-cut-2025-09-17/   2) Street adds Oct/Dec cuts - Reuters (Gundlach / more cuts commentary): https://www.reuters.com/business/doubleline-capital-ceo-gundlach-says-feds-25-bps-rate-cut-is-the-right-move-2025-09-17/   3) Glassnode: September strong; YTD bull “soft” - Glassnode Week On-Chain: https://insights.glassnode.com/the-week-onchain-week-37-2025/ - Cointelegraph (best Sept in 13 years): https://cointelegraph.com/news/bitcoin-price-gains-8-september-2025-on-track-for-best-in-13-years - TradingView relay of CT story: https://www.tradingview.com/news/cointelegraph%3A1e2968ec4094b%3A0-bitcoin-price-gains-8-as-september-2025-on-track-for-best-in-13-years/   4) Vietnam: ~86M accounts frozen/closed for biometrics - Cointelegraph: https://cointelegraph.com/news/bitcoiners-criticize-vietnam-closing-86m-bank-accounts - (Syndication) CoinFi: https://www.coinfi.com/news/1717721/why-we-bitcoin-vietnam-closes-86m-bank-accounts-that-fail-biometrics   5) Canada: RCMP dismantles TradeOgre; >C$56M seized - RCMP press release: https://rcmp.ca/en/news/2025/09/rcmp-executes-record-seizure-more-56-million-dollars-cryptocurrency - CoinDesk: https://www.coindesk.com/policy/2025/09/18/rcmp-seizes-usd56m-cad-in-crypto-shuts-down-tradeogre-in-canada-s-largest-digital-asset-bust - Global News: https://globalnews.ca/news/11434722/rcmp-record-cryptocurrency-seizure/   6) ETFs vs issuance: funds out-buy miners - Yahoo Finance (River flow map): https://finance.yahoo.com/news/businesses-absorbing-bitcoin-4x-rate-160711584.html - altii BTC report (450 BTC/day issuance reference): https://www.altii.de/the-altii-btc-report-2025-09-02/ - The Block ($553M daily inflow, Sep 12): https://www.theblock.co/post/370413/spot-bitcoin-etfs-553-inflows   7) Difficulty ATH; next jump projected - Cointelegraph (142.3T): https://cointelegraph.com/news/bitcoin-mining-difficulty-all-time-high-centralization-fear - CoinWarz next adjustment est: https://www.coinwarz.com/mining/bitcoin/difficulty-chart   8) Miners ripping - CoinDesk futures/OI wrap mentions miner beta context: https://www.coindesk.com/markets/2025/09/19/crypto-markets-today-treading-cautiously-with-smaller-tokens-showing-froth - (Also) CoinDesk Friday tape: https://www.coindesk.com/markets/2025/09/19/crypto-gives-away-week-s-gains-in-friday-decline   9) American Bitcoin (ABTC) mainstream profile - Barron’s: https://www.barrons.com/articles/american-bitcoin-stock-trump-gryphon-f5672bd5   10) BitGo files for IPO (BTGO) - Reuters: https://www.reuters.com/technology/crypto-custody-startup-bitgo-files-us-ipo-2025-09-19/ - CoinDesk: https://www.coindesk.com/business/2025/09/20/bitgo-files-for-ipo-with-usd4-2b-in-h1-2025-revenue-usd90b-in-crypto-on-platform   11) Michigan BTC reserve bill advances - CoinDesk: https://www.coindesk.com/policy/2025/09/19/michigan-s-stalled-bitcoin-reserve-bill-advances-after-7-months/ - Yahoo Finance relay: https://uk.finance.yahoo.com/news/michigans-stalled-bitcoin-bill-advances-074944268.html   12) Futures OI up after FOMC - CoinDesk: https://www.coindesk.com/markets/2025/09/19/crypto-markets-today-treading-cautiously-with-smaller-tokens-showing-froth/   13) Friday gave back gains; higher lows intact - CoinDesk: https://www.coindesk.com/markets/2025/09/19/crypto-gives-away-week-s-gains-in-friday-decline - Yahoo relay: https://finance.yahoo.com/news/crypto-gives-away-weeks-gains-155303876.html   14) JPM: BTC undervalued vs gold as vol collapses - CoinDesk: https://www.coindesk.com/markets/2025/08/28/bitcoin-undervalued-versus-gold-as-volatility-collapses-jpmorgan-says - Yahoo Finance relay: https://finance.yahoo.com/news/bitcoin-undervalued-compared-gold-fair-172230487.html   15) CME/derivatives deepening - CoinDesk Indices note (CME OI, flows): https://www.coindesk.com/coindesk-indices/2025/09/17/now-is-the-time-for-active-management-in-digital-assets/   16) ETF rotation: new spot funds > legacy trusts - The Block daily flows: https://www.theblock.co/post/370413/spot-bitcoin-etfs-553-inflows   17) September strength (seasonality flip) - Cointelegraph: https://cointelegraph.com/news/bitcoin-price-gains-8-september-2025-on-track-for-best-in-13-years   18) Global policy split: Fed eases, others hold - Reuters: https://www.reuters.com/business/finance/global-markets-cenbank-graphic-2025-09-19/   19) Institutional > retail - Reuters (context from summer ATH): https://www.reuters.com/sustainability/boards-policy-regulation/bitcoin-rally-driven-more-by-institutional-demand-than-speculation-2025-07-14/   20) Miners’ energy economics - (Context via difficulty & miner rally items) CT difficulty: https://cointelegraph.com/news/bitcoin-mining-difficulty-all-time-high-centralization-fear - CoinDesk market wraps (miner beta context): https://www.coindesk.com/markets/2025/09/12/crypto-markets-today-bitcoin-pulls-back-pengu-open-interest-surges   21) Price map (levels) - CoinDesk (resistance talk, OI): https://www.coindesk.com/markets/2025/09/19/crypto-markets-today-treading-cautiously-with-smaller-tokens-showing-froth/   22) “Slow bull” theme (on-chain + pods) - Glassnode: https://insights.glassnode.com/the-week-onchain-week-37-2025/   23) Podcast: What Bitcoin Did — “Is Bitcoin Culture Dead?” (Rizzo) - Apple: https://podcasts.apple.com/us/podcast/is-bitcoin-culture-dead-pete-rizzo/id1482455669?i=1000727497867   24) Podcast: Rabbit Hole Recap #375 — “The Powell Parlay” - Audacy: https://www.audacy.com/podcast/rabbit-hole-recap-f28d4/episodes/rabbit-hole-recap-375-the-powell-parlay-b519c - YouTube: https://www.youtube.com/watch?v=8qkZAWH9Jto   25) Podcast: Coin Stories — recent macro/treasury episodes - Apple (feed): https://podcasts.apple.com/us/podcast/coin-stories/id156913093 2 26) Bitcoin Magazine on the cut & Q4 - Article: https://bitcoinmagazine.com/markets/fed-rate-cut-boosts-bitcoin-price-ahead-of-q4-melt-up   27) American Bitcoin stock narrative (mainstream lens) - Barron’s: https://www.barrons.com/articles/american-bitcoin-stock-trump-gryphon-f5672bd5   28) On-chain supply/dormancy context - Glassnode: https://insights.glassnode.com/the-week-onchain-week-37-2025/   29) BTC dominance steady; alts wobble - CoinDesk Friday tape: https://www.coindesk.com/markets/2025/09/19/crypto-gives-away-week-s-gains-in-friday-decline   30) Difficulty jump risk into early Oct - CoinWarz estimate: https://www.coinwarz.com/mining/bitcoin/difficulty-chart   Featured Substack Post: https://open.substack.com/pub/bitcoinfortress/p/success-failure-and-the-lessons-of Books: Bitcoin Fortress: A Simple Guide to Bitcoin for Beginners Bitcoin Retirement and Estate Planning The Bitcoin Lifestyle