🧿 The Narrative Frays What happened is simple: a company built on permanent conviction is now admitting Bitcoin may have to help fund its own obligations. That matters because markets usually price narratives first and balance sheets second, until pressure makes the balance sheet louder than the story. ⚖️ To me, this is less a Bitcoin indictment than a reminder that leveraged conviction is fragile; if the treasury narrative bends, the whole “never sell” mythology loses some of its mystique. The bullish case is that this is still one corporate constraint, not a verdict on BTC itself. The bearish read is that once one flagship holder treats BTC as a liquidity source, the psychological floor under the narrative gets thinner. 👁️‍🗨️ The sharp takeaway: narratives are strongest right up until they need cash. #Bitcoin #BTC #Crypto