Our analytical reading of the data indicates a lack of institutional buying flows from (Strategy) on Bitcoin (BTC) this week, which is a strong bullish signal reflecting the market's resilience and its ability to absorb supply organically without needing pivotal support from a single source. On the other hand, the gradual unwinding of convertible bonds represents a qualitative step towards cleansing the balance sheet and reducing artificial selling pressure stemming from hedge funds (Arbitrage Hedging), a strategic move that aligns perfectly with the recent disclosures in the earnings call

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