@ODELL great RIP!
I do think that just putting the blame on treasury companies only is a bit too simple, and it bothers me that Bitcoin figures do not highlight it ( not sailor chill, I am all in and stacking an chilling).
1) The safe haven narrative for inflationary times has been temporarily broken, and the gold hike has made a lot of Bitcoiners feel left behind.
2) Treasury companies for sure had a big part in fragmentising the Bitcoin group, I would say more that the class of 2024 Bitcoiners was non existent because they went to this companies. But Bitcoin also failed to attract new people. And this will continue to be a problem going forward that we need to think about.
3)The diamond hands meme is dead. And in one day it went to “ofc they are early VC investor and Bitcoin IPOed.” This is big shift in Bircoin culture that I don’t think people realise enough.
All in all a lot of core parts of Bitcoin narratives have been broken and I think the worries of Bitcoin people and narrative is that I don’t see what are the future narratives and in a debate in 2026 we will loose in debates regarding number go up technology. At least the sentiment today