The Moral Case for Bitcoin, STH Record Losses, Fannie Mae BTC Mortgage, Anthropic $35B, Intel Photonics

Your daily bitcoin and macro intelligence briefing. AI-generated audio from the TFTC Bitcoin Brief newsletter, written and curated by Marty Bent. • Hulsmann's Ethics of Money Production (2008) diagnosed the disease. Satoshi built the cure. Same year. • "It takes just a drop of ink to add zeros to a $100 bill." The Trump admin is now floating a $250 bill. • STH realizing largest losses on record. Most oversold since 2018. • First Fannie Mae-conforming Bitcoin-backed mortgage issued • Apollo + Blackstone: $35B private credit deal for Anthropic AI compute • Auto loan delinquencies gamed: Capital One/Ally = 57% of industry delinquencies, using loan mods to mask reality • China's Unitree shipping 10K humanoid robots. BYD/DJI playbook. • Intel EMIB at 90-95% yield. TSMC CoWoS crashes after 5.5 reticles. The packaging bottleneck nobody is pricing. Get the full written brief with all links, sources, and Hulsmann quotes — subscribe free at tftc.io/bitcoin-brief