TechFlow News, June 3: 10x Research (@10xResearch) published a post stating that the primary driver behind Bitcoin’s latest downturn is macroeconomic forces—not quantum computing threats or AI-related sentiment fluctuations, both of which are mere noise. The market is currently digesting expectations that MicroStrategy has shifted from accumulation to selective selling; its most recent $2 million BTC sale was a trial operation—part of a managed sell-down rather than a forced liquidation, a distinction of fundamental importance. MicroStrategy currently holds 843,706 BTC, corresponding to approximately $22.2 billion in debt and preferred stock obligations. Its equity value would hit zero at a BTC price threshold of roughly $26,000—a level closely monitored by institutional risk managers. 10x Research notes that the market remains in the process of forming a bottom, though a new bull market will inevitably arrive. After each bull cycle concludes, “evangelists” exit the scene in various ways; a new bull market requires fresh faces and new narratives to attract new buyers.
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