Bitcoin is stuck for a year in this price range. While bitcoin treasury companies, Trump family and big whales have been aggressively accumulating BTC over the counter (OTC). The OTC balances have dropped to around 150k bitcoin, and the exchange balances are still dropping. The market is trying to flush out short term holders.

But those who believe in bitcoin as digital gold, the perfect hard asset – – will never sell. And that’s what Blackrock, and others have been advising their wealthy clients. With talks of AI bubble rising, short term investors are fearful of investing in bitcoin as they consider it a risk on asset. For bitcoin to really start its bull run, it needs to behave like gold. Institutional capital and retail capital needs to flow into bitcoin as a hedge against inflation and money printing. That is when it will finally decouple with the NASDAQ. Until then, the bull run won’t start.

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