The American bald eagle–our nation’s national bird and symbol–is doing well. Populations have been expanding for years, and are now approaching the levels estimated for the founding era. Many policymakers, pundits and professional environmentalists want to credit the Endangered Species Act for the success of eagle recovery efforts. But try as they might, it is hard to find much evidence that the ESA (as opposed to other conservation laws and recovery efforts) did much good, for reasons I explain in the latest issue of PERC Reports, published by the Property & Environment Research Center in Bozeman, MT. The biggest factor in…

Roughly 10.83 million BTC are currently held at a loss, meaning their holders paid more than today’s price, against 9.22 million still in profit, according to Glassnode data. It is the first time loss-making supply has overtaken profitable supply since the current cycle began and reflects how deep the correction from bitcoin’s $109,000 January peak has cut.Historically, these crossovers have landed near periods of peak financial stress and capitulation among newer buyers. They have also marked the point at which coins migrate from weaker hands to stronger ones, since only holders with high conviction tend to sit on losses rather…

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