Analyst Dismisses Strategy as Cause of Bitcoin Decline, Points to Weak Market Demand

TL;DR

• Jamie Coutts rejects claims that Strategy caused Bitcoin’s decline, arguing weak demand and tightening global liquidity better explain the market reversal across markets.
• Long-term holder selling peaked last year, while Coutts now believes an earlier risk-model warning may have marked the top of the entire cycle.
• Government debt, AI borrowing and private fundraising are absorbing capital, though tokenization and autonomous AI agents could create genuine demand for crypto’s next cycle.

Many investors have blamed Michael Saylor’s Strategy for Bitcoin’s latest decline, but Real Vision chief crypto analyst Jamie Coutts argues the evidence points elsewhere. Speaking on Michaël van de Poppe’s podcast, Coutts said the reversal reflected weak demand and tightening global liquidity rather than pressure from one corporate buyer. Bitcoin fell because the market lacked enough buyers to sustain higher prices, not because Strategy’s holdings or debt-funded purchases created the peak. The distinction matters today because it shifts attention from a visible company toward the less dramatic, but more powerful, forces shaping risk assets globally.

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