Despite strong institutional demand, Bitcoin (BTC) has struggled to reclaim the $100,000 level for the past 50 days, leading investors to question the reasons behind the bearishness despite a seemingly positive environment. This price weakness is particularly intriguing given the US Strategic Bitcoin Reserve executive order issued by President Donald Trump on March 6, which allows BTC acquisitions as long as they follow “budget-neutral” strategies. On March 26, GameStop Corporation (GME), the North American video game and consumer electronics retailer, announced plans to allocate a portion of its corporate reserves to Bitcoin. A growing number of US-based and international companies have followed Michael Saylor’s Strategy (MSTR) playbook, including the Japanese firm Metaplanet, which recently appointed Eric Trump, son of US President Donald Trump, to its newly established strategic board of advisers. Similarly, the mining conglomerate MARA Holdings (MARA) adopted a Bitcoin treasury policy to “retain all BTC” and increase its exposure through debt offerings. There must be a strong reason for Bitcoin investors to sell their holdings, especially as gold is trading just 1.3% below its all-time high of $3,057. The US spot Bitcoin exchange-traded fund (ETF) is limited to cash settlement, preventing in-kind deposits and withdrawals. Regulation and Bitcoin integration into TradFi remains an issue, with banks like JPMorgan primarily serving as intermediaries or custodians for cryptocurrency-related instruments such as derivatives and spot Bitcoin ETFs. The repeal of the SAB 121 accounting rule on Jan. 23—an SEC ruling that imposed strict capital requirements on digital assets—does not necessarily guarantee broader adoption. Institutional investors remain hesitant to gain exposure to Bitcoin markets due to concerns about market manipulation and a lack of transparency among leading exchanges. Ultimately, the buying interest from a small number of companies is not enough to push Bitcoin’s price to $200,000, and additional integration with the banking sector remains uncertain, despite more favorable regulatory conditions. Until then, Bitcoin’s upside potential will continue to be limited as risk perception remains elevated, especially within the institutional investment community.