Many investors have blamed and Strategy for Bitcoin’s decline, but Jamie Coutts, Real Vision’s chief crypto analyst, argues that the data points elsewhere. In his view, liquidity remains the main force shaping prices across Bitcoin and other risk assets. Why Strategy May Not Be Behind Bitcoin’s DeclineVan de Poppe Coutts’ argument that Strategy did not cause Bitcoin’s market peak or subsequent decline. Global Liquidity Remains the Bigger Market RiskCoutts linked the decline in liquidity to several forces competing for capital. Coutts’ central argument remains that Bitcoin’s weakness reflects a shortage of liquidity and demand rather than the influence of Strategy alone.