That explains everything.
TBH, it doesn't. Op isn't catching the scale of this change. $65 Billion dollars worth of BTC trades every 24 hrs. A market cap change of $300 billion over the last few weeks ... this is well beyond retail usage. This is WELL beyond the actions of one company and their retail customer base.
This is institutional investors. Companies like Micro Strategy are putting in $100B+ in USD into BTC.
The issue is there is limited supply and limited market makers. So, we have a "melt-up". Everyone is scared of selling today and having it double tomorrow.
With the volumes the institutional investors are buying, the retail investors don't have as much of an impact.
There's also a good amount of people that aren't planning on selling at all because they're just using Bitcoin to get their capital out of USD.
And China! And, EU. Capital controls are coming everywhere.
Our great grandparents walked over borders with gold in their pockets. Now we will be forced to walk over boarders with wallets in our mind.
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