There’s an aggregate, multi-billion dollar TWAP for BTC with these new treasury holding companies.

You have multiple leveraged mini MSTRs that are buying and hodling BTC (for now).

The amount of leverage and reflexivity in the system is increasing.

And I think it can last for a while as the more established holding companies absorb the smaller ones when they ultimately fail, thus saving them from having to sell BTC.

You need to raise your BTC targets this cycle much higher.