TechFlow news, according to Blockworks, Empire analyst Jason Yanowitz pointed out that if MicroStrategy had not recently invested over $20 billion in Bitcoin purchases, the current Bitcoin price would be significantly lower. Yanowitz believes the market is still in an early stage of the cycle, primarily because venture capital has not yet entered on a large scale, leaving the market in a "very PvP" state.
Dan Matuszewski from CMS Holdings expressed agreement, noting that the impact of the 2021 bear market continues, with basic market liquidity still missing and unable to drive substantial capital inflows; venture investment remains the primary benchmark for alternative investments. Investor Santiago Santos added that apart from a few selective opportunities, the market has not seen significant new capital inflows, further confirming the view that the current phase is still early in the cycle.
