10x Research: The purchasing power of digital treasury companies is dwindling, and the whale dumping is restricting the Bitcoin rise.

[10x Research: The Purchasing Power Depletion of Digital Treasury Companies and Whale Selling is Restricting Bitcoin's Rise] 10x Research published on the X platform that the significant consolidation of Bitcoin will not last forever. The performance of Bitcoin is not driven by cycles, but rather determined by how much new capital enters the market to offset the exiting funds. Unlike gold, Bitcoin's price is more dependent on the net new demand for actual inflows of assets rather than interest rate expectations. The current market narrative is mainly shaped by two dominant crypto themes, with the core theme being: Digital Asset Treasury is exhausting its purchasing power, while the selling pressure from traditional holders temporarily limits the rise of Bitcoin. We have long anticipated that the volatility of Bitcoin will contract after the momentum brought by the US GENIUS Act fades, allowing the market to enter an “air layer” during Congress's summer recess. The slowdown in news flow is expected to suppress volatility, compress the net asset value of Bitcoin treasury companies, and limit aggressive stock placements and additional Bitcoin purchases by companies like MicroStrategy, thereby naturally constraining the rise of Bitcoin. When these analyses were published, digital asset vault companies were still seen as untouchable, praised by service provider research teams, and amplified by the media—long before the market began to recognize the vulnerabilities we had identified. MicroStrategy's purchases now are only tens of millions of dollars each time, rather than billions—this scale is too small to convince investors that new funds are driving the next round of Bitcoin pump. The second narrative limiting the rise of Bitcoin is that the market realizes traditional wallets are selling billions of dollars worth of Bitcoin—essentially selling to meet ETF demand. Since June, our analysis shows that the selling volume of these traditional holders only matches the absorption capacity of ETFs and new market funds, which has avoided a market crash but created a new equilibrium. In this environment, the volatility of Bitcoin is bound to decline—the optimal strategy is to sell volatility, as prices are likely to maintain a range-bound fluctuation.