So from my perspective, there is no one left to sell. We've just exhausted those people.
Bitcoin’s Disbelief Rally: Who Is Left to Sell? | James Check & Michael Sullivan
James Check (Checkmate) and Michael Sullivan are back for round two after Peak Apathy. We put Check’s on-chain analysis alongside Michael’s language-based sentiment research to explore the gap between Bitcoin’s recovering price and the crowd’s lingering disbelief.
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The only thing left to do is to want for something, to hope for 5 something.
14 It is unique in the world in terms of scarcity, but it's the UTXO set that makes sure that 15 we preserve that long term.
18 James Check, Checkmate, Michael Sullivan, both of you on the show individually before 19 and now both of you on the show together before.
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People want to see all-time highs again. They're fully positioned. They've taken action.
My son is probably not going to view it as an investment. He's probably going to view it more
as money. Eventually, right? The only thing left to do is to want for something, to hope for
something. And hoping is not taking action. Hoping is not buying Bitcoin. Bitcoin will progress like
science one funeral at a time. It's very different than the excitement that you see when people are
be still taking out positions there's a ton of really really big ideas in bitcoin you know one
of the biggest is guys the fucking financial system is a ponzi scheme that's a really big one
Show notes & resources
Who is left to sell Bitcoin?
Check explains his seller-exhaustion thesis and why a calendar is no substitute for studying how holders behave. Michael breaks down excitement, desire, fear and anger—and why hoping for a higher price is not the same as buying Bitcoin.
We also discuss coin age and spending behavior, DCA versus emotional buying, how to measure Bitcoin’s returns, and why quieter Bitcoiners may simply be busy building businesses and raising families. Then we zoom out to adoption “one funeral at a time,” shifting narratives, AI, scarcity, and the history embedded in Bitcoin’s UTXO set.
Both guests remain bullish, but their thesis is not a guarantee: Check allows for another selloff, and Michael explicitly separates his long-term conviction from the next two weeks.
Recorded October 19, 2026.
JAMES CHECK / CHECKMATE
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