$BTC Clearly, the marked price is still around $62,843.83, so why does the fund footprint look like “someone is supporting the market, someone is withdrawing liquidity”?


1) In the past 30 days, $2.4 billion USDC has exited circulation, indicating that the on-chain stablecoin levels are decreasing, and spot support is not getting thicker as prices fall.
2) Saylor has hinted that the strategy may continue to buy $BTC, but JPMorgan Chase has warned that its dollar reserves might need rebuilding, and the probability of the Clarity Act passing is less than 50%, suggesting that institutional buying narratives are being countered by cash flow and policy uncertainty.
Generated using Claude Opus 4.8 model. Claude is AI and can make mistakes. Please double-check responses.
BTC1.37%
USDC0.03%
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