Bitcoin's rally has real structural legs — and most investors are still missing the full picture.

The drivers behind Bitcoin's current move go well beyond retail momentum. Strategy's Michael Saylor announced a $2.54 billion purchase this week alone — enough that Strategy has now surpassed BlackRock in total BTC holdings. At this pace, Saylor's firm could reach 1 million BTC by August, having already acquired 77,000 BTC in 2025, nearly 10x the combined inflows of all spot Bitcoin ETFs over the same period.

On the macro side, a Supreme Court ruling has forced the Trump administration to begin refunding $166 billion in tariffs across 330,000 importers — a liquidity injection analysts say is already flowing into risk assets. Meanwhile, Morgan Stanley is expanding crypto access for clients, Charles Schwab is actively educating its base, and Fidelity is formally presenting the Bitcoin treasury case to corporate CFOs, citing a 65% average annual return over five years.

The structural…