Physical Address
304 North Cardinal St.
Dorchester Center, MA 02124
Bitcoin fell below $100,000 again this week. Just when traders were trying to determine if it was just another drop after a year of growth from about $73,700 to highs of about $109,000, Peter Brandt came up with a statement that was more impactful than any chart: he said that institutions have destroyed the spirit that made Bitcoin what it was. Not the price, not the trend – the spirit – something that made the “people’s money” once.
Brandt’s argument is based on the property map. Today, Bitcoin is dominated by public companies and regulated products, rather than crowds fighting through government control, as they had done in earlier eras.
You may also like it
Strategy alone controls 641,692 BTC, and Marathon holds 53,250 BTC, while Coinbase has 14,548 BTC. Even Tesla holds 11,509 BTC. Add BlackRock’s ETFs and others to that total and it becomes clear that a large portion of the supply is now held by entities that are subject to disclosures, board approvals and internal policies rather than market instinct.
The chart provides more context for what that entails. Aksel Kibar pointed to the failed breakout from the rising formation he had been tracking for months, the next drop back to $98,200 and the obvious risk that if buyers don’t show up quickly, the next weekly candle could fall further.
Saylor enters
Irony or not, Michael SaylorChairman of Strategy, pushed back against every part of the narrative in his latest CNBC appearance. He denied the sale rumors, stated that the Strategy is bought “quite a lot”, repeated that the company has established a solid base here and confirmed that the new purchase disclosure will be made on Monday.
You may also like it
So, the market is left with two readings: Brandt saying that the soul of Bitcoin has been overwritten, and Saylor coming as a much needed “dive protection team”.
