A fund manager warns Bitcoin faces downside risk as $150B in corporate treasury allocations create liquidity and capital erosion pressures across 200+ public companies.

Strategy lost over $690M in Bitcoin value as BTC fell below $75K. Michael Saylor's firm remains the largest corporate BTC holder, doubling down on accumulation.

A fund manager warns Bitcoin faces downside risk as $150B in corporate treasury allocations create liquidity and capital erosion pressures across 200+ public companies.