A month has passed, and I believe the narrative I first mentioned in early July is becoming increasingly clear. The market appears to be holding up surprisingly well despite Strategy selling. And as time passes without a major breakdown in price, investors are gradually becoming more convinced that the market can absorb it. In other words, the market is currently creating the impression that it has become less sensitive to negative developments and is capable of absorbing even significant selling pressure. Consider the duration and magnitude of Bitcoin decline, followed by the narrative that "the market no longer reacts to bad news." On top of that, we are seeing deliberate signals that reinforce investor confidence, along with technical chart patterns that further strengthen that confidence. As these elements continue to be confirmed over time, they create an increasingly stronger sense of conviction among investors. And I believe the conviction being built now is far stronger than what we saw during the April–May period. my view remains unchanged. Btc market still looks fragile to me.(mignolet)