Legendary trader Peter Brandt claims financial institutions have killed the spirit of Bitcoin as BTC price dips below $100,000

Bitcoin has fallen below $100,000 again this week. Just when traders were trying to decide whether this was just a pullback after a year-long rally from about $73,700 to a high of about $109,000, Peter Brandt made the most shocking statement on any chart. He said the institutions have destroyed the spirit that made Bitcoin what it is. It was the spirit, not the price or the trends, that once made it “the people's money.”

Brandt's argument is based on ownership maps. Bitcoin is now dominated by public companies and regulated products, rather than being fought over by crowds under government control as in the early days.

Strategy alone manages 641,692 BTC, Marathon holds 53,250 BTC, while Coinbase holds 14,548 BTC. Even Tesla holds 11,509 BTC. When you add ETFs like BlackRock to this total, it becomes clear that much of the supply is held by companies that are subject to disclosure, board approvals, and internal policies rather than market instinct.

This graph provides further context for what he is suggesting. Axel Kivar pointed out that the breakout from the uptrend formation that he has been tracking for several months has failed, the next drop is to $98,200, and there is a clear risk that the next weekly candlestick could fall further if buyers do not emerge soon.

Saylor intervenes.

Ironically or not, Strategy Chairman Michael Saylor disputed every part of the story in his latest appearance on CNBC. He denied rumors of a sale, insisted that Strategy was acquiring a “significant amount,” reiterated that the company has established a strong foothold here, and confirmed that new acquisition disclosures would be made on Monday.

Therefore, there are two readings left on the market. Brandt said Bitcoin's soul had been overwritten, and Saylor emerged as a much-needed “crash protection team.”