The founder of Strategy claims that the decline in BTC is due to the rotation of funds into AI rather than "issues with Bitcoin itself," and JPMorgan warns that the legislative window for the CLARITY Act is closing
According to BBX data, Bitcoin fell to a new low of $61,300 this year yesterday, putting pressure on the cryptocurrency sector. Key signals have emerged from institutions and the legislative level, with the core dynamics as follows:
Michael Saylor, founder of Strategy, Inc. (NASDAQ: $MSTR), publicly stated on June 4 that the current decline in Bitcoin is not due to a deterioration in BTC fundamentals, but rather a "phase rotation" of capital from Bitcoin to AI stocks, SpaceX IPO, and other emerging assets—"Bitcoin is not broken; it’s just temporarily not the main character in the momentum trade." Saylor also reiterated his position of continued accumulation. Previously, Strategy spent approximately $2.01 billion (average price $80,985) to acquire 24,869 BTC in the week from May 11 to 17, bringing their total holdings to 843,738 BTC with a total cost of about $63.87 billion (average price $75,700); currently, BTC has fallen below the cost line of $12,300, and all of the company's holdings are in a state of unrealized loss, but management has not publicly indicated any intention to reduce their positions.
JPMorgan Chase & Co. (NYSE: $JPM) reported by CoinDesk on June 4 warned in its latest research report that the legislative time window for the CLARITY Act to be voted on by the full Senate is "rapidly narrowing." The wording discrepancies in the stablecoin yield provisions have evolved into the most critical unresolved obstacle for the bill—banks insist on retaining restrictions on "passive income," while the cryptocurrency industry strives for "activity incentive space." If a compromise cannot be reached between the two parties within this month, the timeline for the Senate to complete a 60-vote approval before July 4 will be completely invalidated; the report also pointed out that the capital siphoning effect from the SpaceX IPO and AI stocks has further suppressed institutions' willingness to allocate to BTC in the short term.
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