“In the short run, the market is a voting machine but in the long run it is a weighing machine.” — Benjamin Graham Benjamin Graham's distinction between the market's "voting machine" and "weighing machine" frames our reflection on a paradoxical year. Price action frustrated the consensus. Yet beneath the surface: a macro regime reverting to debasement, commercial banking integration unlocked, and America's oldest endowments disclosing exposure. @BackslashBTC examines the casino psychology that defined 2025, the expensive lesson of wrapping bearer assets in corporate complexity, and why the erosion of trust in centralized institutions made the case for a truthful ledger undeniable. Our 2025 Shareholder Letter for the @OnrampBitcoin Statutory Trust is now available. Find the link below...