The real reason for Bitcoin under-performance lately: The DTCC has forbidden leverage (margin usage) for all the Bitcoin ETFs

If you have paid a bit of attention to the current price action you may have noticed some odd things:

• Bitcoin is down quite a lot (-4% in 24H)
• Other cryptos are not following, some of then even rising.
• Stock market companies related to Bitcoin are going down much less or even rising like MicroStrategy and several miners (MARA, RIOT)

Why is that?

Well, it seems that the DTCC has passed a rule on April 30th that requires broker dealers to ensure their customers have 100% marging for the Bitcoin ETFs, which means no leverage for them on this positions.

That explains why clients will sell Bitcoin ETF spot and buy miners or $MSTR (can keep up the exposure to the asset and the leverage)

Stay calm and stake sats!