Kiyoung Gay: Bitcoin is currently in a situation where it can't be pumped. If $10 billion were to flow in by 2024, the book value of BTC would have increased by $26 billion. However, even if $308 billion were to flow in by 2025, the market cap would have fallen by $98 billion. Selling pressure is too strong to trigger a multiplier effect. MSTR and DAT are also likely to remain weak. ✍️ Personal Comment Similarly, the argument overseas has recently been gaining traction: "Bitcoin is different than it used to be; it's no longer easy for the price to rise. In the past, the only way to own Bitcoin was to simply buy spot BTC. So, if 1 billion entered the market, that entire amount would be reflected in the BTC value. Now, even with a large inflow of money, people are buying futures, strategies, ETFs, and wrapped products, which has significantly slowed the upward pressure compared to the past. Paradoxically, Bitcoin has increased." The argument is gaining some traction. Certainly, compared to the past, there are more people investing in non-financial methods, so I can relate to that to some extent... x.com/ki_young_ju/status/20209...