Bitcoin isn't dead. It isn't disappearing. And the underlying network hasn't suddenly stopped working. Yet something is clearly holding Bitcoin back. The asset that once dominated the crypto narrative is now struggling to regain momentum, trading around the low-$60,000s after reaching more than $126,000 in late 2025. So what is strangling BTC? It may not be one thing. It may be a competition for capital, attention and narrative. The First Problem: The Marginal Buyer Is Missing Bitcoin doesn't need everyone to sell for the price to struggle. It needs enough new money to keep arriving. And that is where the market has become complicated. U.S. spot Bitcoin ETFs have experienced periods of significant outflows in 2026. A mid-year report from 21Shares estimated roughly $3 billion of net outflows from U.S. spot Bitcoin ETFs year-to-date through May , even though ETF holdings measured in BTC remained near their highs. More recently, Bitcoin continued struggling...