Transcription
Well, it's it's hard to predict the timing, but I think we're certainly in the early stages of a bull market at this point. You know, typically the bull market cycle lasts for a certain period after the harrowing, and so we're still in the early innings. I think there's very stiff uh inflows from ETFs buying about two times the Bitcoin mined per day. MicroStrategy and the other Bitcoin treasury companies buying another two times, and the retail buyer and dollar-cost average investors. So really, there's a lot of inflow.
I think, you know, temporarily there's some consolidation because some earlier investors, sort of midterm investors, profit-taking. But you know, that overlay would set us up for a, you know, a price where you start to see Bitcoin competing with gold, perhaps pulling money out of gold ETFs into Bitcoin ETFs. And then, of course, if the treasuries come in, like the sovereign treasuries, the Bitcoin reserves, uh, that would be something where you'd see sovereign competition. As soon as one of the bigger countries jumps in, I think the others will feel forced to follow suit. So that would, you know, all bets would be off if that happens.
Now, of course, institutional adoption. I think the family offices are faster, more agile, but the institutions are in play. You can see that the ETF 13F filings, which shows you the institutions that have bought Bitcoin via the ETFs, is about 30% institutional. I think there's a lot more capital in the institutional space of pension funds and mutual funds, so there's a lot of room for capital to come in, you know, in this cycle and into the next cycle.