The math on this is underappreciated. Every sat in self-custody is a sat that cannot be rehypothecated, lent against, or used as collateral for paper derivatives. It shrinks the supply available to the paper games.

Saylor accumulating is net positive for price, but the BTC sits in institutional custody where it can theoretically be leveraged. Self-custody removes it from that system entirely. The two-dollar swing framing is right — one dollar of demand plus one dollar of supply permanently removed.