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Michael Saylor Selling Isn't Bitcoin's Biggest Problem—Here's What JPMorgan Says the Real Threat Is
Strategy Inc.’s Bitcoin sales create periodic selling pressure but are not the main structural threat to Bitcoin, according to a JP Morgan note published on Thursday.
Analysts led by managing director Nikolaos Panigirtzoglou argued the bigger danger comes from financial institutions adopting blockchain technology in ways that bypass public networks entirely.
If tokenization, payments, and settlement move to permissioned infrastructure controlled by banks rather than public chains, the broader crypto ecosystem faces slower activity, lower liquidity, and weaker capital flows over time.
“The more important risk stems from blockchain adoption within traditional finance continuing to develop in ways that bypass public permissionless networks,” the analysts wrote.
Eric Trump Said 'Just Hold On' While Bitcoin Erased $600M From His Fortune
$American Bitcoin Corp(ABTC)$ shares hit an all-time low Wednesday, erasing more than $600 million from Eric Trump‘s stake as competitors that pivoted to AI averaged 60% gains against ABTC’s 77% plunge.
The company co-founded by Eric Trump and Donald Trump Jr. launched in September 2025 and peaked five trading days later at $139.65.
Since then, Bitcoin entered a bear market while AI data center demand exploded, and every major competitor moved to capitalize on it.
Riot Platforms, Cipher Digital, MARA Holdings, and TeraWulf all announced deals to expand into high-performance compute infrastructure.
Their shares averaged more than 60% gains this year. American Bitcoin didn’t follow.
BlackRock Is Moving Bitcoin Again
BlackRock has transferred 951.5 $BTC, worth approximately $59 million, to Coinbase Prime, according to on-chain data flagged by Onchain Lens. The move is the latest in a series of large on-chain Bitcoin movements tied to the asset manager's spot ETF operations.
Coinbase Prime serves as BlackRock's custody, trading, and operational partner for its crypto ETF products. These transfers are the standard mechanics behind ETF share creation, redemption, and portfolio rebalancing. When new ETF shares are created to meet investor demand, the underlying crypto needs to move to the right custodial accounts. When shares are redeemed, the process reverses.
Bitcoin, Ethereum Gain as Bitcoin Death Cross Sparks End-Of-Bear-Market Debate
Bitcoin extended gains after Robinhood launched its blockchain, with the company touting it as ideal for both real-world assets and meme coins.
Trader Jelle noted Bitcoin is flashing a weekly death cross, a signal that has historically appeared late in bear markets rather than at the beginning.
The analyst argues that past occurrences have often coincided with the final stages of Bitcoin’s downturn, suggesting the bear market may be nearing its end. With multiple bullish indicators aligning, he believes starting a dollar-cost averaging strategy a few weeks ago was the right move.
Trader Titan said that regardless of whether Bitcoin has already bottomed or has further downside ahead, history suggests accumulating around a weekly death cross has typically been a favorable long-term strategy.
Bitcoin & Ethereum Spot ETF Flow
The overall net outflow of the US Bitcoin spot ETF on Thursday was $95.3 million. The total net asset value of Bitcoin spot ETFs is $76.51 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 6.03%.
The Bitcoin spot ETF with the highest net inflow on July 9 was VanEck Bitcoin Trust, with a net inflow of $5.36 million, according to SoSoValue.