Something has changed in the #Bitcoin market that I don’t think enough people are pricing in. For years, #crypto treasury companies were treated as permanent buyers. Their shares traded above the value of their holdings, they raised fresh capital, then used that money to buy more $BTC. That cycle works beautifully when prices are rising. Now Strategy has sold about $218 million of Bitcoin this year to fund dividends and rebuild its cash reserves, while several treasury companies are trading below the value of the crypto they hold. That changes the risk. When a company trades below the value of its assets, raising money to buy more #BTC becomes much harder. And if dividends, debt, or liquidity needs remain, yesterday’s buyer can slowly become tomorrow’s seller. I don’t think Strategy is abandoning Bitcoin. But the corporate treasury narrative is no longer a guaranteed source of demand for #Crypto. The next thing I would watch is whether these companies can survive a weak market without selling the assets that made investors buy their shares in the first place.