JPMorgan analysts said that although recent bitcoin spot ETF fund flows have fluctuated significantly, Strategy-related leveraged ETFs have recorded relatively stable net inflows for seven consecutive weeks, driven mainly by retail investors. This could support their share price and help prevent common shares from falling below the net asset value of the bitcoins they hold. At the same time, Strategy has increased its U.S. dollar reserves from $2.55 billion to $3 billion, covering about 20 months of preferred stock dividends, which may ease market concerns that it will sell BTC in the future to pay dividends. The analysts also noted that this week, CME bitcoin futures and perpetual contracts recorded positive fund flows even as spot ETFs saw net outflows, indicating that institutional demand may be improving. While it is still difficult to judge whether Strategy’s increased cash holdings have directly improved bitcoin investor sentiment, the above factors are all seen as positive signals for the bitcoin outlook. (The Block)