Les coffres-forts d'actifs numériques sont devenus le plus grand acheteur de BTC, mais leur pression de vente n'est pas le principal coupable de la chute des prix — la véritable histoire réside dans l'impasse législative et le flux de capitaux vers les ETF, et le point d'inflexion structurel est plus préoccupant qu'un seul événement.

Citi analyst says that MicroStrategy is selling Bitcoin at $66,881.93 per coin, which has a noticeable impact on market sentiment but has not changed the long-term strategy. This move is consistent with signals from the earnings call, namely the intention to dispose of tax-inefficient BTC. ETF capital flows are turning negative, and the passage of the Market Structure Act reduces the opportunity for new investments, potentially weakening interest from new investors. Although digital asset treasuries have become the main buyers of Bitcoin, related sell-offs are not the primary reason for recent market weakness. The report warns that the likelihood of passing the bill this year is decreasing, and short-term catalysts may diminish.