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$BTC is still trading within the sideways market. MicroStrategy’s buying activity has a certain support effect. But I think there will be another round of sell pressure.
This is mainly because institutional selling performance has been clear enough over the past six months to refute the view some people hold that “once ETFs are available, there will be a long bull run.”
Institutions have been stockpiling coins since Q1 of 2024, roughly continuing until the end of Q2 of 2025.
With such a long coin stockpiling process and such a massive amount of coins accumulated, it won’t just clear the sell pressure within half a year.
After BTC touched 76000 and swept through a large number of short positions’ stop-loss points, all it takes is for the funding rate to rise or a bearish news event to trigger the next wave of decline.