Bitcoin is down more than 50% from October’s high and June was the worst month for ETF outflows in the product’s history. More than four billion dollars left the funds, most of it from BlackRock’s IBIT. This episode argues the sell-off wasn’t holders capitulating, it was renters leaving. The people who bought Bitcoin through a paper wrapper never had the keys, so the second the Fed turned hawkish they bailed. Meanwhile conviction buyers like Strategy and Strive were buying above the market price on purpose. The price got cut in half but the network never changed. Renters left, owners stayed, and that’s the whole story.