In bitcoin ’s 4-year cycles, there has always been a distinct driver of selling pressure. In 2018, we saw the promise of crypto running ahead of its skis; the market drove up valuations of crypto projects far beyond their nascent stages of development that led to selling once participants understood the reality. In 2022, leveraged blow ups brought several forced sellers, such as Celsius and FTX, which pressured crypto prices. The most recent overhang on the market has been Strategy (MSTR), whose evolving capital structure drove concerns of potential BTC sales to meet dividend obligations. The good news is that MSTR took concrete steps to placate said concerns, shoring up its USD reserve and updating its capital allocation…
