Bitcoin may not have found a bottom yet, as exchange volumes have collapsed and sentiment remains at extreme fear. On August 1st, short-term holders sent over 32,000 BTC to exchanges at a loss, one of the largest loss-selling events of the past 30 days. Bitcoin’s Coinbase Premium Index dropped nearly 25% in August, signaling fading U.S. demand. Strategy (Michael Saylor) continues buying BTC despite this backdrop, but if Bitcoin hasn’t reached its final bottom, this purchase could increase unrealized losses and weigh on MSTR’s balance sheet, with the stock having fallen back below the $100 level.
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