1. First and foremost: BTC has no usecase other than buying, shilling it, selling 2. In July, all the attention has been taken away from BTC Treasury Companies and got moved to ETH Treasury Companies. Treasury Companies have been the cause of 99% of price appreciation over the past 2-3 years for BTC. Basically, blame @fundstrat for ETH crushing BTC over that timeframe. 3. 1 and 2 caused BTC whales and other hodlers to rotate into ETH, exacerbating BTC's underperformance. There is nothing else for a btc hodler to do with their memecoin, other than to sell it again after they bought it. This causes @saylor to struggle even more, thus causing the 1,2,3 flywheel to become worse.(Dr. Julian Hosp)