Public firms like Coinbase and other companies with sizable BTC holdings are becoming the preferred way to gain exposure, effectively acting as substitutes for the asset itself.
At the same time, Bucella pointed to financial stress in the mining sector. Many miners are facing shrinking profit margins and, in some cases, running at a loss.
Without lucrative AI or hyperscale computing contracts to offset costs, some are tapping into their Bitcoin reserves to stay afloat, adding further pressure on the market.
These combined trends—risk shifting and miner-driven selling—are limiting Bitcoin’s ability to rally, even as demand from ETFs and corporate treasuries remains robust.
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