The dollar must weaken, debts must be monetized, and inflation must kick in—Jack Mallers calls “a historic buying opportunity”

Jack Mallers is back again with another call. This time the core message is very direct: the dollar has to depreciate, debts have to be monetized, inflation has to begin, and the Bitcoin sellers have already run out—this is a historic buying opportunity.

A few points are worth breaking down:

Dollar weakness and debt monetization are long-term narratives, not something that will happen tomorrow. Mallers’ logic is built on structural contradictions within the dollar system—debt keeps expanding, and in the end it can only be resolved through monetization (i.e., printing money). This is indeed a long-term positive for Bitcoin, but it may take years for the full effect to play out.

The claim that “the sellers have run out” has some support from on-chain data. Exchange balances have been steadily declining, long-term holders have been accumulating, and the share of loss-making supply is over 50%—these are signals of seller power exhaustion. But “run out” doesn’t mean “won’t sell again.” If BTC continues to fall, new sellers will be forced out.

It’s worth paying attention to the data from a Bank of America survey. 83% of investors expect the Federal Reserve won’t raise rates before November. If this expectation is validated, it would mean macro pressure in the coming months won’t further escalate, giving risk assets room to breathe.

But the short-term reality is: on the eve of the CPI, ETFs just saw $440 million in outflows, and the market is still waiting for tonight’s data and the hearing in Washington. What Mallers is calling out is the big direction, not a short-term entry point. The truly valuable reference is his long-term logic, not the conclusion of “buy in full right now.”$BTC $ETH #摩根士丹利增持千枚BTC