Yes. It feels like concentrated capital has an “in” now and they aren’t trying to build little positions, trade or even trade interest rates. They are seriously “stacking” (even though NYKNYC) in a way never before seen in Bitcoin. Much of the world’s largest pools of capitals aren’t in the race yet either, but they are coming to an understanding that they need to be in this accumulation race asap.

Gold ETFs seem to be losing net capital and a lot of it is flowing to the BTC ETFs. I don’t think any of this will slow down for many years. It’s likely going to accelerate significantly.

I think we’ve entered the beginning of the steep portion of S curve adoption in Bitcoin. I think all models based on past performance are fundamentally broken. Took a bit longer than Saylor predicted but feels like we’ve squarely arrived.