05/08/2026
Demand did not disappear. It changed hands.
📊 Strategy sold 1,638 BTC last week under a programme authorising up to $5 billion.
Spot ETFs took in $205 million in July, the smallest month since launch. MidChains reports a sovereign wealth fund accumulating spot.
⚙️ Both bids that defined the last cycle were reflexive. Treasury companies can only issue equity to buy while trading above the value of their coins.
ETF creations follow the tape. Neither is a source of demand. Both are transmission belts that need the price to cooperate.
A sovereign balance sheet does not.
🟠 Bitcoin Poland Conference. 5 - 6 October, Poznań.
Grab your tickets 👇
Check our BIO!