Bitwise's CIO just said the Bitcoin rally could continue "for some time."
And the reason he gave is the one most people aren't talking about.
It's not BlackRock. Not the Clarity Act. Not retail returning.
It's Strategy's new yield-paying stock product.
Here's why this mechanism matters more than the headline.
Strategy just issued a financial instrument structured like a bond paying yield backed by Bitcoin exposure.
That product gives fixed income investors access to Bitcoin-linked returns without holding Bitcoin directly.
Pension funds. Insurance companies. Bond allocators.
The capital that has been structurally prohibited from holding Bitcoin
because their mandates require yield-generating assets now has an entry point.
This is the Clarity Act for a different category of investor.
Not legislation. Financial engineering.
Saylor didn't wait for Washington to open the door.
He built a door.
Now connect the full demand picture Hougan is seeing:
BlackRock buying $250M daily through IBIT.
Morgan Stanley MSBT with zero outflow days.
Novogratz confirmed retail is back through ETFs and Strategy.
Strategy's bond-like product opening the fixed income allocator universe.
$2.25 billion in shorts waiting to be liquidated above $80K.
Clarity Act markup confirmed for May.
Every week this series has added a new category of institutional buyer.
ETF buyers. Wealth management. Retail. Now fixed income.
Four completely different capital pools.
Four completely different reasons to own Bitcoin.
One asset with 21 million coins.
Hougan said "for some time."
The supply math suggests he's being conservative.
#Bitcoin #Bitwise #Strategy #BTC #Crypto