"hodl game" is a very good way to describe it. it's the main force pushing the price up. the game is being compromised by the presence of BTCs and other institutionals who are naked shorting it, and paper bitcoin, which is diluting it. the arc of the whole chart shows a clear deceleration which i attribute to growing adoption by fiat finance degens, who don't believe the hodl narrative, though they often are instrumental in manufacturing the bear and bull cases around a year after each halving.