When Strategy sold a tiny 32 Bitcoin for the first time since 2022, the market treated it as the top. But a single balance-sheet decision is not necessarily reflecting long-term demand data. The subsequent much larger sale of bitcoin by Strategy was digested more as treasury management than capitulation, interpreting the step as Strategy evolving its long-term treasury strategy from passively HODLing collateral to actively managing it over time. The market initially spent its energy reacting to a press release while the real long-term relevant picture was being written somewhere it was not looking at directly.

Fabian Dori is Chief Investment Officer at Sygnum Bank.

When spot Bitcoin ETFs had their worst month on record for outflows, the…