What does this tell us?

My opinion: Bitcoin this cycle is more concentrated in the 3 obvious areas: MSTR, ETFS, Governments.

What do we know? MSTR is not selling. ETFs will liquidate during a massive sell off along with let’s say half of the private and public companies.

The biggest unknown to me is governments and the thing to watch in 2025. ETFs and companies will continue to grow, but how will governments grow relative to everything else.

What does it mean when governments become the same size or bigger than the exchanges and miners?