The Q4 2024 inflection point is really notable. When a chart goes vertical like that, it usually signals either a narrative shift or a structural change in the market.
What’s interesting isn’t just how much they’re buying - it’s that this Bitcoin exits circulating supply. When it becomes a treasury strategy, velocity drops and that amplifies the supply shock.
But one question remains: at what price does this accumulation continue? When everyone’s anticipating the halving while institutional demand is spiking, market structure can become illiquid fast. That’s when price discovery gets interesting.​​​​​​​​​​​​​​​​