Bitcoin isn't crashing because of Saylor, it's losing the momentum trade
Bitcoin’s recent weakness is being explained less by bad fundamentals and more by a loss of speculative momentum. Schwab analyst Jim Ferraioli says bitcoin has effectively been in a bear market since October and is struggling because traders are chasing other themes. Despite spot ETF approvals, rising institutional access and improving U.S. regulation, capital has rotated into gold, AI-related stocks and even private-company speculation through crypto-native platforms like Hyperliquid. He argues bitcoin remains largely a retail, momentum-driven asset, so positive news alone has not been enough to trigger a sustained rally. Recent selling by Strategy of 32 bitcoin is seen as a minor factor rather than the main driver. Summer seasonality, profit-taking by ETF holders, and limited urgency to buy at current levels are also weighing on demand.
