Empire analyst Jason Yanowitz pointed out that if you exclude the bitcoin buying behavior of Strategy (formerly MicroStrategy), the current cycle may still be early, and the current bitcoin price is completely dependent on the more than 20 billion dollars that Strategy has spent since the end of last year. The current market is still in the "pure player split" (PvP) stage, and VC funds have not yet entered the market on a large scale. CMS Holdings' Dan Matuszewski agrees, noting that...