One year ago, Bitcoin Treasury Company fever was nearing its peak.

Twelve months later, it’s becoming increasingly clear that many of these companies joined the trade to ride a wave of market euphoria rather than out of genuine conviction in Bitcoin. In the process, many shareholders paid the price.

Heck, even Strategy has now put pen to paper, formally authorizing a program to sell Bitcoin whenever management deems it advantageous.

Yet even as smaller treasury companies unwind their positions and Saylor spends more time promoting Digital Credit than Bitcoin itself, Bitcoin continues to hold the line. Beaten and bruised? Absolutely. But standing firm over $60K nonetheless.

In Bitcoin, bottoms are a process. Weak hands get shaken out every cycle, just make sure you’re not one of them.

Other top stories from the week include:

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The sell-off from the spot Bitcoin ETFs finally appears to be losing momentum.

Since early May, the ETFs have steadily shed Bitcoin, with only a handful of positive inflow days. Selling pressure intensified as Bitcoin approached its recent lows near $57,000, but the pace of outflows now appears to be easing.

What stands out is how well Bitcoin held up. Despite weeks of persistent institutional selling, it never meaningfully broke below its recent lows. Then, on Thursday, sentiment finally began to shift, with spot Bitcoin ETFs recording more than $200 million in net inflows.

This doesn’t necessarily mean the selling is over.

But it does suggest there is still meaningful demand in the high-$50,000 range. Even with persistent ETF outflows, peak fear over Strategy potentially selling Bitcoin, and an overwhelmingly bearish narrative, buyers consistently stepped in and defended those levels.

The current sentiment is fascinating.

If I had to describe it, I'd call it a mix of anger and depression.

Maybe I'm wrong, but it feels like we've reached the point where almost every crypto analyst is converging on the same forecast: Bitcoin is headed to $30K–40K.

Traders have already been heavily liquidated, confidence is low, and this week I came across a chart showing how every Bitcoin cycle tends to follow the same emotional pattern.

I couldn’t agree more. The Bitcoin community doesn’t even feel like a community anymore. Everyone is fighting each other on X, and we’re entering that stage of the cycle where yesterday’s heroes suddenly become today’s villains.

And yes, I’m talking about Michael Saylor.

I’ll always give him credit for helping millions understand why Bitcoin matters. But lately, it’s become increasingly rare to hear him talk about the beauty of Bitcoin itself. Instead, many of his appearances feel more like pitches for “Digital Credit,” which also happens to be the product his company is selling.

You might wonder what I mean by saying the leverage blew up.

After all, Strategy never had to sell its Bitcoin. In fact, it accumulated a massive amount this year. That’s true. The company itself has not faced any form of forced liquidation.

The shareholders, however, bore the cost. As the stock fell by roughly 85% from its all-time high, Strategy issued a large number of new shares near the lows to raise capital and meet its financial obligations, significantly diluting existing shareholders.

This allowed the company to continue operating as intended, but it wasn't such a great outcome for the shareholders, many of whom would likely have been better off simply holding Bitcoin directly rather than owning the stock.

What about the wave of smaller Bitcoin treasury companies that emerged throughout 2025?

Many have not only seen their share prices steadily decline, but have also quietly begun reducing their Bitcoin holdings.

So yes, I think we’re deep in the anger and depression stage.

For the record, I’ve never personally advocated buying Bitcoin treasury companies. That said, I’ve found the phenomenon fascinating, and I’ve spent a lot of time covering it.

What I appreciated was their ability to raise relatively cheap capital and convert it into Bitcoin. From a Bitcoiner’s perspective, that creates additional demand for the asset, which is generally a positive.

What I didn’t fully appreciate was where that capital was ultimately coming from.

Increasingly, it seems the capital wasn’t coming from entirely new investors who couldn’t access Bitcoin. Instead, much of it may have come from people who otherwise would have bought Bitcoin directly but were chasing returns beyond what Bitcoin alone could offer.

If that’s true, the dynamic becomes more uncomfortable. If these companies were genuinely bringing new capital into Bitcoin, why did so many spend so much time marketing themselves to the existing Bitcoin influencer community?

Credit where it’s due: FF2K really helped bring this point into focus. If you’re interested in the topic, I’d recommend reading these two articles:

Keep building. Keep stacking.
- Bam