The Myth of Institutional Demand for Bitcoin
From April to October, Bitcoin's rise was primarily supported by two forces:
．ETF capital inflows led by iBIT
◇Leverage accumulation through MicroStrategy
But these capital inflows mask a deeper reality.
Underlying liquidity is steadily tightening.
As the narrative loses momentum, market structure is quietly changing.
Now, seasoned capital is not chasing headlines.
It is patiently observing the reset phase.
From April to October, Bitcoin's rise was primarily supported by two forces:
．ETF capital inflows led by iBIT
◇Leverage accumulation through MicroStrategy
But these capital inflows mask a deeper reality.
Underlying liquidity is steadily tightening.
As the narrative loses momentum, market structure is quietly changing.
Now, seasoned capital is not chasing headlines.
It is patiently observing the reset phase.
BTC0,69%
