Just as we've stated previously, BTC miners are pivoting from crypto mining to AI infrastructure. SBI is the 11th largest BTC miner in the world and it is getting out of the BTC network.
Furthermore, crypto treasury firms (BTC) are also going to dump more BTCs to fund their operations and maintain their dividend payouts.
Simultaneously, the BTC mining cost is still way above its price and this makes it very unprofitable for the miners to continue to mine BTC.
Thus, we don't see any fundamental reason for BTC to be trending up except that it is subjected to manipulations by the big whales. Last but not least, we also do not see any meaningful BTC utility in the mainstream financial services because CBDC and Quantum finance will be adopted instead.
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