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In a new episode of Coin Stories with host Nathalie Brunell, investor and Podcaster Preston Pysh offered a structurally well -founded answer to a question that many Bitcoin holders have asked the entire summer: if business limits continue to announce, do the prize chopping and fads? The diagnosis of Pysh is not about a sudden loss of long -term convictions, but about market structure dynamics introduced by advanced “fast money” companies that are designed to suppress volatility and at the same time extract the basis and to finance Premia.
Why doesn’t Bitcoin rise much higher?
Brunell contaminated the dilemma, and asked why Spot Bitcoin went sideways despite the momentum of “the Trump administration” and “buy all these merchants”, and which is “really on the sales side” and creates wekins for “$ 150k and $ 200k” still focuses for the year. Pysh set With empathy for that dissonance: “I can definitely feel the frustration and pain, because it just feels like there is still an announcement of every day, oh, so and so the company bought just ten thousand plus bitcoin. The price was on the day or whatever.”
Related Reading: Bitcoin strongly keeps in ‘Wall of Pressure’, path to $ 183,000 remains open – Analyst
From there he pointed to the rise of Delta-neutral, volatility harvest strategies led by Major Wall Street-Handelshuizen. “If I started guessing what I think it was, I think you have money Wall Street traders – Jane Street to name a kind of name of one actor and there are many of them – that … are in the things of sucking volatility from the market and really have no exposure, except that they go long and short and they are the difference.”
In practice, these transactions link space, futures and perpetual swaps, so that the agency is directive while cutting the spread. The second order effect, argued Pysh, is visible on the graph: “It will continue to collapse that volatility while it goes up … the volatility is constantly being filled in in that process.”
That oppression, he continued, changes how an upward trend feels. Instead of the typical explosive extensions that have interrupted historical Bitcoin-Bull’s markets, price action for narrower tires, interrupted by average reversal, compresses.
“Where I think it brings you, this scenario where spring cleans up and it is somehow somehow,” he said. The trend with multiple cycle still points higher, but he opposed the lazy conclusion that a can of a textbook Squeeze should solve vertically. “Markets are highly dependent on liquidity … They depend on all these other external factors … I am not … say that volatility is collapsing, it goes up and we are going … the moon. I don’t say that.”
Related lecture
Liquidity, in the PYSH framework, is the gate variable that determines whether a rolled -up spring is actually turning upside down. He looks at global risky proxies as a reading for Fiat-Liquidity instead of limiting the analysis to crypto-native flows.
“If I look at the liquidity statistics of Just Global Equity is a great way that I like … look … I will look at all global stock markets and if they all ripping, tells me that the markets are equal to liquidity – liquidity – liquidity. And that’s what it is to offer.
Feels like the most bearish bull market in Bitcoin.
What did the sales pressure on BTC do? https://t.co/9euuljnerh pic.twitter.com/vpvpimm7rx
– Natalie Brunell ⚡️ (@natbrunell) August 23, 2025
Nevertheless, Pysh warned against the treatment of volatility compression as a deterministic countdown to price goals with six digits. “People just have to be careful … This is not a guarantee that it will continue to tear or that compression indicates that we will go to $ 200k in weeks.”
He also acknowledged that if one still subscribes to the four -year -old halve cadence, this leg looks different from previous cycles. “We may have seen a little bit of what we have seen, what this damping is of what we have historically seen in the price action … in this part of the cycle … You would have seen a very aggressive move that already took a sort of place and … to be honest, back … Christmas lady that I had now guessed,” he noticed, who was the expected vertical expansion.
At the time of the press, BTC traded at $ 111,484.
Featured image made with dall.e, graph of tradingview.com