Chris Kuiper of Fidelity Digital Assets returns to The Last Trade to apply the inversion mental model to Bitcoin's post-halving landscape. He walks through why trading volume is largely irrelevant noise and why the correct lens is net inflows versus available-for-sale supply, with roughly 70% of circulating Bitcoin held by long-term holders. The discussion covers the 155% 2023 bull market that traditional finance largely ignored, the surprise magnitude of ETF inflows in the weeks after approval, and why Fidelity's sustained research and education investment is a signal of their long-term conviction. The episode closes with Chris calling Bitcoin better than gold as a store of value, citing Japan's yen instability and the relentless block production as proof of Bitcoin's durability.