BTC's slow breakout is still due to corporate treasuries starting to cool down. The driving engine for the 2024-2025 market is nothing more than the MicroStrategy-style pure buy-the-coin machine: Stock price goes up → Company issues stock at a high price → Buys more $BTC/$ETH → Pushes $BTC and $ETH higher → Drives stock price higher → Issues stock again at an even higher price. This round of treasury companies is in a more complicated situation. Strategy has recently stopped issuing ATMs and is no longer buying $BTC. Bitmine has started large-scale stock buybacks, while companies like Canaan have already sold off some $BTC and $ETH to repurchase their own stock. The once-powerful crypto market engine is slowly starting to rely on the crypto market itself to save their stock prices and backstop their companies. This means the next big rally or new highs for $BTC and $ETH will need to be driven by truly new money stepping in to take the baton. The good news is that we haven’t seen extreme situations where these treasury companies are dumping and offloading on a large scale.