“The TGA was drawn down all during 2023 and that helped markets in general including bitcoin. But as of late in the last five days, the TGA had nothing to do with bitcoins’ outperformance,” Mark Connors, head of research at 3iQ, told CoinDesk in a note. “There’s a little more confidence that the bitcoin thesis is not just intact, but it’s been validated at a level that we’ve never seen before.”