What’s been notable about $BTC price action over the past few weeks is that despite the largest marginal buyer in the market (Strategy/Saylor) shifting from buying weakness to selling into weakness, price has largely held up and continued to chop. That suggests another source of demand is absorbing supply at lower levels. Whether that’s institutions, sovereigns, ETFs, or a new class of buyers isn’t yet clear, but the bid appears broader than a single marginal buyer.