What Happened since the ETF?
1. Bitcoin held in ETFS/funds and bitcoin treasuries has gone from 1MM BTC to 2.4MM.

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As Bitcoin continues to languish below the $90,000 mark, CryptoQuant analysts are ready to call it: BTC has entered a bear market.

Bitcoin Has Entered a Bear Market, Say Analysts—Here's Why

If you persevere and find your strengths, you will be rewarded.
Article author: 0xJeff
Article source: TechFlow TechFlow
2025 was filled with unprecedented turmoil and change. We welcomed a US president who was reportedly a supporter of cryptocurrencies and artificial intelligence. However, instead of the expected bull market, 2025 became a year of "massacre" for the entire industry.
Most Altcoin experienced a crash of 80%-99% in 2025.
Bitcoin's market capitalization share has returned to 2019-2020 levels (over 6...).

7 Crypto Trends and Lessons You Must Know in 2026

Source: Arthur Hayes, founder of BitMEX; Translated by: Jinse Finance
If I had an online dating profile, it would probably look something like this:
Irish politicians and central bank officials have created euphemisms and abbreviations to describe the act of printing money.
This article will focus on two apt examples:
Quantitative easing (QE)
Reserve Management Purchases (RMP)
The new abbreviation RMP comes from the Federal Reserve's most recent interest rate meeting on December 10th...

Hayes: RMP is essentially QE. What will happen to BTC once the market realizes this?

3. Buying 9% of Retails Treasury caused the price to go from $42,000 to $109,000 a gain of 259%
in other words
9% drop in retail holdings --> 259% price move
1% drop in retail holdings  --> 28% move in price
The multiplier is 28x

4. Now ask yourself the following question:
"will ETFs and BTC treasuries consumer more or less BTC than in the last year?"
My answer: probably twice as much. This should logically lead to a 2.59x2 = 5x the price level.
500K could be in the cards next 16 months