Every Bitcoin bull run follows the same script. One group gets wiped out. Then it goes up. 2018 - Miners capitulate. Bitcoin craters to $3,200. Mining unprofitable. Rigs go dark. Then: $69,000. 2022 - Leveraged funds capitulate. Three Arrows. Celsius. FTX. All bankrupt. Bitcoin hits $15,500. Then: $126,000. Two cycles. Two different groups. Same pattern. It only pumps after the most overstretched players are washed out. Now meet the new group. 100+ public companies are holding Bitcoin as a treasury reserve. ~40% of them trade below the value of their BTC. Here's the mechanism: Stock above BTC value → issue shares, buy more Bitcoin Stock below BTC value → stop buying, start selling That second phase just started. Strategy sold Bitcoin for the first time in 4 years. 32 coins. To pay a dividend. Tiny amount. But Saylor's "never sell" promise is gone. Miners? Washed out. Funds? Washed out. Treasury companies? Now in the crosshairs. This applies to altcoin treasuries too. The Solana treasury already sold. For ETH: watch BitMine - most exposed. If the pattern holds, the next bull run won't begin until these are flushed. That's not bearish. That's the setup. Every capitulation has been the bottom. We're watching one play out in real time.