When Strategy sold a tiny 32 Bitcoin for the first time since 2022, the market treated it as the top. The subsequent much larger sale of bitcoin by Strategy was digested more as treasury management than capitulation, interpreting the step as Strategy evolving its long-term treasury strategy from passively HODLing collateral to actively managing it over time. When spot Bitcoin ETFs had their worst month on record for outflows, the coverage read like a wake. When that fee is positive, it is the bulls paying to stay long; when it is negative, the bears are paying to stay short. The headline was still "record short streak."