The 7.5-month cash runway for Strategy looks quite tight, and the short-term selling pressure hasn't fully eased. If BTC wants to resonate with macro sentiment, we’ll need to wait a bit longer.

Crypto World News: QCP analysis says that the United States and Iran have reached a Memorandum of Understanding (MOU), releasing signals that the Strait of Hormuz may reopen. Crude oil prices have fallen below $75, and the market has started to price in a decreased risk of energy supply disruptions. Although macro risk sentiment has improved, Bitcoin (BTC) remains capped below $66,000, partly because the market worries that Strategy may need to sell more Bitcoin to pay dividends. Strategy has repurchased $1.5 billion of 2029 convertible preferred notes and raised about $200 million by selling MSTR stock to continue buying BTC. Its cash runway for paying dividends is currently about 7.5 months. QCP believes this pressure may continue to limit BTC from fully benefiting from macro optimism in the short term.