MicroStrategy's influence on Bitcoin's price is diminishing as market conditions shift, according to analyst Alex Kruger. The company, known for its significant Bitcoin holdings, faces challenges due to declining market volatility and reduced demand from digital asset treasury companies (DATs). The lower volatility has impacted the value of convertible debt, a key tool for MicroStrategy's Bitcoin acquisitions, pushing the firm to depend more on equity offerings. Additionally, DATs have shown minimal interest in Bitcoin recently, contributing to concerns about the market's short-term stability. Analysts from Coinbase have also observed that major market players remain cautious following recent leverage reductions, indicating a more conservative approach in the current market environment.