Bitcoin slipped below $100,000 again this week. Right when traders were trying to determine whether this was just another dip after a year-long rise from around $73,700 to highs of around $109,000, Peter Brandt came in with a statement that was more impactful than any chart: he said that institutions have destroyed the spirit that made Bitcoin what it was. Not the price, not the trend — the spirit — something that made it the "people's money" once.
Brandt's argument is based on the ownership map. Today, Bitcoin is dominated by public companies and regulated products, rather than crowds fighting through government control, as they did in earlier eras.
Strategy alone controls 641,692 BTC, and Marathon holds 53,250 BTC, while Coinbase has 14,548 BTC. Even Tesla holds 11,509 BTC. Add the ETFs of BlackRock and others to that total and it becomes clear that a major proportion of the supply is now held by entities that are subject to disclosures, board approvals and internal policies rather than market instinct.
The chart provides further context for what he is implying. Aksel Kibar pointed to the failed breakout from the rising formation that he had tracked for months, the next drop back through $98,200 and the obvious risk that, if buyers do not appear quickly, the next weekly candle could fall further.
Saylor steps in
Ironically or not, Michael Saylor, Chairman of Strategy, pushed back against every part of the narrative in his latest CNBC appearance. He denied rumors of selling, claimed that Strategy is buying "quite a lot," reiterated that the company has established a solid foundation here and confirmed that new purchase disclosures will be made on Monday.
So, the market is left with two readings: Brandt saying the soul of Bitcoin has been overwritten, and Saylor coming as a much-needed "plunge protection team."
Dan Burgin
Vladislav Sopov
U.Today Editorial Team