📊 Here's another chart that sums up the state of institutional demand very well. In it, we can track the evolution of demand coming from spot Bitcoin ETFs, Treasury companies, and, of course, Strategy. ➤ ETFs are currently showing a 30-day change of -$2.1B. Granted, institutions aren't the only ones involved here, since retail investors also have access to this financial instrument. But some institutions may also be using it as a tool within hedging strategies. ➤ On Strategy's side, demand has been essentially flat at zero for several weeks now. ➤ The same pattern holds for Treasury companies, which are getting hit head-on by the bear market. 💥 Demand from these companies was estimated at around $6.6B in August 2025, when BTC was trading around $115,000, compared to virtually zero demand today with BTC around $65,000. This trend reflects the current market's pessimism, but on closer inspection, it's precisely when their demand is at its lowest that positioning tends to make the most sense.