Wall Street's banking giant just dropped an interesting take on what's really moving Bitcoin prices right now. According to their latest analysis, forget about watching miners—Strategy (MSTR) is the name that matters for BTC's next move.

Here's something worth noting: they've recalculated Bitcoin's production cost at $90K, which is actually down from last month's $94K estimate. That's a 4% drop in mining economics within just weeks.

The shift in focus is telling. While everyone's been obsessing over hash rates and miner capitulation signals, institutional analysts are saying MSTR's market behavior might be the real indicator to watch. It's a reminder that crypto markets don't always follow the playbook we expect.

Production costs dropping while a major corporate holder gains importance? That's the kind of dynamic that makes this market fascinating. Whether you're bullish or bearish, these are the data points shaping sentiment as we head deeper into 2025.