Schwab analyst: BTC weakness stems from lost momentum, not Saylor

Jim Ferraioli, an analyst at major U.S. financial firm Charles Schwab, has argued that Bitcoin's recent weakness is not due to selling by Michael Saylor but rather a loss of upward momentum. According to CoinDesk, Ferraioli explained that Bitcoin has been in a bear market since October of last year, bottoming out in early February. He noted that while the launch of ETFs by large Wall Street firms helped Bitcoin recover from its February lows, the rally stalled before developing into the broad speculative frenzy seen in previous cycles. Ferraioli stated that crypto investors chase momentum, and that flow has now been cut off in the market. He added that capital that once pursued speculative gains in crypto is now moving to other promising investments such as gold, AI-related stocks, and IPOs. The analyst emphasized that the market impact of MicroStrategy's recent transaction has been exaggerated and is not the real factor moving the market, concluding that the biggest challenge facing Bitcoin is not Michael Saylor, regulation, or even the macroeconomy.