Grayscale Research head Zach Pandl said Bitcoin needs fresh buyers to establish a durable floor after Strategy’s first token sale in nearly three years exposed limits on the company’s ability to keep accumulating at current share prices. In a note published Thursday, Pandl argued that Strategy’s leveraged model has become a source of strain for the wider market rather than the dependable bid beneath it. The company disclosed earlier in the week that it sold 32 BTC for roughly $2.5 million at an average price of $77,135, trimming its holdings to 843,706 BTC and breaking a stance against selling that had held since ... (full story)