Sakana Fugu vs. Anthropic Export Ban, Bitcoin Miners' Golden Era, Howell's Dollar Thesis

Your daily bitcoin and macro intelligence briefing. AI-generated audio from the TFTC Bitcoin Brief newsletter, written and curated by Marty Bent. • Japan's Sakana AI releases Fugu Ultra, claiming frontier-model parity ten days after the U.S. forced Anthropic to shut down Fable 5 and Mythos 5 globally under export controls • Open-source orchestration models at 90% discounts raise the Jevons' Paradox question: does cheaper intelligence slow the buildout or accelerate it? • Brandon Bailey (TFTC 761): bitcoin miners trading at a 5x discount to AI data center operators, mega miners selling rigs to smaller off-grid operators, hashrate decentralizing as big players leave • June 13 difficulty adjustment of -10.09% was the 11th largest downward adjustment in Bitcoin history • Jordi Visser (22V Research): this is not a bubble, rotating from chips to power, energy infrastructure, and physical bottlenecks • CryptoQuant: 800K daily transactions (highest since 2024), but 80% are dust from Ordinals, Runes, and OP_RETURN • Michael Howell's Capital Wars: Warsh won't hike rates but will let markets tighten via stronger dollar, adjustment burden falls on Europe • ETF outflows slow 87% to $227M, Bitfinex says market is "under-positioned, not overheated" • Nvidia Rubin Ultra needs four dies stitched together, packaging is the new bottleneck Get the full written brief with all links, sources, and on-chain data at tftc.io/bitcoin-brief