Number definitely go up, but rehypothecation invariably go up too. My base case is that they RH too much out of greed and stock investoor unwillingness to self custody, then that blowing up causes the bear market of 2026.

Look at the previous cycle where people thought they had more Bitcoin than they did.

2013: Mt Gox

2017: Shitcoin ICOs

2021: FTX, Luna, Celsius