Also - to belabor a conversation about price action a little while longer - isn’t 6 months of sideways down crab a pretty dramatic / unprecedented period of relatively low (and generally negative) sentiment?

The dramatic price action when FTX, et al blew up was more liquidity issues coinciding with sudden demand destruction … but that’s not what we have now.

ETFs have increased demand and accessibility, halving was 5 months ago in April, really there has been no negative news for bitcoin the protocol in several months, loosening monetary policy in the United States…a supply shock should be coming soon - no?

And while there have been some investors using Bitcoin to achieve short-term liquidity to manage these recent macro events (Japan carry trade) they can’t have too many bitcoins there for that strategy, can they? If there are major macro events and the money printer kicks off, won’t bitcoin the asset act like a safe haven as it did during the bank run in early 2023?

I guess I am curious why you think the bull is a ways off.