Citi’s report has a lot of information: ETF funds are beginning to withdraw, the probability of the bill passing is falling, and in the short term there really isn’t much good news to expect.

Citi analysts say MicroStrategy is selling Bitcoin at $66,881.93 each, which has a noticeable impact on market sentiment but does not change the long-term strategy. This move is consistent with signals from the earnings call, indicating plans to dispose of tax-inefficient BTC. ETF capital flows are turning negative, and the passage of the Market Structure Act reduces opportunities, 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.