Too few understand the long term deflationary power of Bitcoin and see it simply as a financial asset to trade. Certainly 90% of the institutional buyers probably fall into this category. So this cycle as the price rises you will see plenty of profit takers who will sell at a 2x or 3x avoiding a genuine liquidity squeeze.

Ultimately the true supply squeeze will come when the world accepts Bitcoin is the premium monetary good that you should never sell. This maturity of understanding takes time. Next cycle we will have a significant number of institutional capital allocators with a higher conviction on the purpose and utility of Bitcoin with a hodl strategy. Demand will completely overwhelm supply and exchanges will freeze. Price will gap from 500k to 2 million circa 2028/29. That's just the way I see it.