That’s my impression too. Most will get stuck on the $ amount of 1BTC. Not the BTC % gain vs the USD % loss. High time preference folks will sit out. Low time preference folks may show up. The way they would is if they get convinced by the $1M/BTC narrative. The rest are corps, banks, states, nations, pensions, etc. all they know is rate of return and don’t care about unit price and only look at volume and their pro forma. We’ll see how that sector plays out. My biggest curiosity is where the cycle peters out, and how many of the big players are going to just wait for the market cycle bottom in 26/27, and what that does to that cycle low and if the same type of cycle even exists or if it performs bullish enough through it to psych everyone out and get them fomo’ing at the mouth. So many opinions. So many possibilities.