Bitcoin Decline Not Due to Strategy, Says Real Vision Analyst

Bitcoin's recent decline has been blamed on Michael Saylor's Strategy, but Real Vision chief crypto analyst Jamie Coutts disagrees. Speaking on Michaël van de Poppe's podcast, Coutts argued that the market reversal is due to weak demand and tightening global liquidity rather than pressure from one corporate buyer.

Coutts pointed out that selling by long-term holders peaked last year, a pattern often associated with later stages of a market cycle. His own risk model had warned of a possible top earlier than expected, which may have identified the peak of the entire cycle.

The analyst linked shrinking liquidity to competing demands for capital, including government debt, AI borrowing, and private fundraising. He expects policymakers will need to respond to the imbalance.

Coutts believes that tokenization and autonomous AI agents could create genuine demand for crypto in the next cycle, potentially leading to a future rally supported by limited supply and new use cases.