Mike Novogratz just said the words the Bitcoin market has been waiting to hear.
US retail demand is back.
Not institutional. Not ETF flows from pension mandates.
Retail. American retail. Coming back through ETFs and MicroStrategy.
Here's why this signal changes the entire rally thesis.
The bull case for Bitcoin this month has been almost entirely institutional:
BlackRock buying $732M in a week.
Morgan Stanley MSBT with zero outflow days.
4 consecutive green weekly candles on institutional flow.
All real. All structural. All bullish.