I think Bitcoin people grossly underestimate how little of the supply is actually setting the price every hour, versus how much transacts away from the order books. The bitcoin market is a bunch of siloed exchanges which try to maintain price parity via cross-exchange market making. Each location has its own liquidity and depth which vary wildly. A large market order can have an outsized effect depending on which exchange it is placed at, and which time of day. These activities are what actually move the prices that we're all looking at. But this is only a fraction of the supply. An increasing amount of older coins are being reactivated, but they are not making their way into the order books. They are being transacted OTC to supply large buyers like the ETFs, and these actions do not affect the price in the same way. The desks source their own liquidity, and only have to go into the books to fill the difference. This is how huge amounts of BTC can change hands while the price doesn't react much, because they are literally avoiding the mechanism that moves the price. This is very different from a Michael Saylor type who twaps in the live books on Coinbase and everyone can see it happening because he wants the volatility. Most other players are actively trying to minimize slippage. The market is much deeper and more dynamic than anyone really gives it credit for, which is a phrase I have repeated now for several years. Stop underestimating how many big entities are out there looking for exit liquidity. And my final point- every satoshi is eternal. As long as someone owns the key, it can be traded again and again and again at different prices. Buying of BTC is not a one-way black box. Just because the final supply is fixed does not mean existing holders cannot trade supply ad infinitum. This is why there is no real supply shock.