Bitcoin (BTC) came under renewed pressure after geopolitical tensions resurfaced and the Federal Reserve (Fed) struck a more hawkish tone, according to a Wintermute report on Tuesday. The report states that Bitcoin's two largest sources of structural demand are contributing less buying pressure to support its price. "The two largest structural buyers, ETFs and Strategy, are both contributing less marginal demand than in prior phases," Wintermute wrote. The firm notes that while concerns over Strategy's balance sheet have eased following its latest Bitcoin purchases, that has not translated into stronger demand. ... (full story)