Bitcoin surged to a one-month high above $73,000, a sharp reversal after five consecutive monthly losses. However, conflicting forces are behind the rally.🧐 1/ Institutional demand returned: spot Bitcoin ETFs recorded $1.7 billion in net inflows over the past two weeks, the largest in months. Institutional investors are buying the dip. This is also reflected in the Coinbase Bitcoin Premium Gap. 2/ However, supply-side concerns emerged. Several public miners pivot toward AI and high-performance computing, funding capex by selling BTC reserves. Bitdeer already liquidated its BTC holding, CleanSpark and Riot reshuffling leadership to speed up AI transition, and rumors about MARA to sell part of its $4B BTC stash. Net impact-wise, miner distribution can dilute the lift from accumulation in the short term, but the AI pivot isn’t purely negative. With an additional revenue source from AI compute, it can help stabilize miners’ finances and reduce future forced selling.