Robert Mitchnick

"Despite negative price moves in Bitcoin, IBIT was fourth in the world in inflows with 26 billion in. So we've just seen that steady accumulation pattern on a long-term basis." While offshore and levered crypto platforms experience high volatility and forced liquidations, the traditional ETF investor base (retail, advisors, institutions) is treating Bitcoin as a long-term strategic asset. This steady accumulation creates a structural bid that absorbs sell-offs and stabilizes the asset's floor price. LONG. The proven stickiness of ETF inflows during a 50% drawdown demonstrates strong fundamental conviction, setting the stage for price appreciation when broader market selling pressure exhausts. A severe, prolonged recession could eventually force retail and institutional investors to liquidate their long-term holdings to raise cash, breaking the steady accumulation trend.