Currently, 10% of the total circulating Bitcoin is held by two main entities: MicroStrategy (Strategy) and 11 spot Bitcoin ETF funds.

- Average combined purchase price: $85.36K.

- Current status: Unrealized losses amounting to approximately -$7 billion.

=> A new generation of investors (Boomers) is holding positions at a loss and tends to withdraw capital en masse.

=> The "institutional cash flow" narrative has been reflected in the price and is currently creating selling pressure as prices drop significantly below the cost basis.