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Argentina Wires Bitcoin Into Its Financial System
PLUS: A Bitcoin Treasury "Dream Team" Falls Apart
Welcome back to The Warmup.
Happy Friday to all the Solana trenchers still squeezing alpha out of the Robinhood trenches.
Here’s what we’re watching:
Market Snapshot
Argentina Wires Bitcoin Into Its Financial System
BTC 4H EMA200 Test
A Bitcoin Treasury "Dream Team" Falls Apart
Market: Crypto is under pressure today, while equities and gold are showing relative strength.
Argentina Wires Bitcoin Into Its Financial System
What’s going on:
Argentina drafted a bill that would let investment funds hold bitcoin and let borrowers post crypto as collateral for loans.
The same draft gives smart contracts (self-executing code that moves money when conditions are met) full legal recognition and clears the way to tokenize stocks and bonds.
For a country famous for currency meltdowns, that is a big turn: crypto moving from the sidelines into the official plumbing.
What it means:
If regulated funds can hold BTC, professional money gets a clean on-ramp it didn't have before.
Collateral is the sneaky-big part. It means you can borrow cash against your bitcoin without selling it, similar to a home-equity loan against your house.
The catch: if bitcoin drops, the loan can get liquidated (your collateral sold to cover the debt), so it cuts both ways.
The bill still needs presidential sign-off and a vote in Congress. Watch whether it survives the trip.
BTC 4H EMA200 Test
What’s going on:
Bitcoin is testing the 4H EMA200 ($64.2K) after a sharp rejection. This is the key level bulls need to defend to keep the short-term uptrend intact.
Key levels we’re watching:
Support: 4H EMA200 ($64.2K)
Resistance: $66K
Bullish target: $67K+
Breakdown risk: Close below the EMA200 could trigger a move toward $62K–63K
Directional Bias: Neutral
Holding the EMA200 keeps the bullish structure alive. Losing it would shift momentum in favor of the bears.
What we’re waiting for:
Strong bounce from the EMA200
Reclaim of $65K
Volume confirmation before new longs
A Bitcoin Treasury "Dream Team" Falls Apart
What’s going on:
Jack Mallers stepped down as CEO of Twenty One Capital, the second-largest bitcoin treasury company, after a Tether-backed plan to merge it with his payments app Strike and an energy venture collapsed.
Treasury companies do one main thing: raise money and use it to stack bitcoin, so their stock trades like a leveraged bet on BTC.
When that bet is working, investors pay a premium for the shares. When bitcoin chops sideways, the premium can quietly bleed away.
What it means:
This is a clean beginner lesson: owning a bitcoin proxy stock is not the same as owning bitcoin.
You take on the coin's price swings plus company risk: management drama, failed deals, and debt used to buy more coins.
When leverage meets a flat market, the cracks show first in the stock, not the asset.
If you want bitcoin exposure, the simplest version is usually the safest.
 | KAITO: |
 | XRP: |
 | ETH: |
Should governments let investment funds hold bitcoin? |
Fear is loud right now. The Fear & Greed Index sits at 28, deep in "extreme fear," and both bitcoin and ethereum are red on the day.
But look one layer down. DeFi jumped almost 10% while the majors sold off, and spot bitcoin ETFs just logged six straight days of inflows. That split, scared headlines up top and quiet buying underneath, tends to show up when a market is tired, not broken.
None of this is a promise the bottom is in. Prices can chop for weeks and test everyone's patience. The steady move is to zoom out: the plumbing keeps getting built, from Argentina's crypto laws to clearer U.S. stablecoin rules, no matter what today's candle looks like.
— The Warmup Team
Always do your own research. This newsletter is supplemental material to help educate readers as they make their own decisions. Projects mentioned here are provided to give a potential early-mover advantage.