JPMorgan’s latest research report reveals an interesting observation: at this stage, the key factor influencing Bitcoin’s price trend is no longer the traditional miner selling pressure, but rather institutions’ holding strategies.

Their analysts specifically pointed out that companies like MicroStrategy, which hold Bitcoin for the long term and have a “resolutely not selling” attitude, are the real forces shaping the market. The selling pressure from miners, who need to sell to cover operational costs? Compared to the determination of these whale-level players to hoard coins, its impact has become negligible.

This judgment is quite interesting—the market is undergoing a shift in discourse power. As a large amount of BTC is locked up by institutions, the circulating supply naturally tightens. These illiquid holdings essentially become the market’s price anchor.