BTC June has seen a choppy start but there has been a strong consistent Coinbase premium this month so far. This does show there's consistent spot bid coming from Coinbase. Likely from the likes of Saylor & Other Treasury companies as the ETFs have seen some outflows. With the consistent bid, this also means that there's still a large chunk of supply at this 100K+ region which we're working our way through slowly. No one knows when that's depleted but for every coin changing hands, it's a bit less supply at this price region. These things take time and since the market has matured, these moves are generally just a lot slower and less extreme compared to previous cycles.