bitcoin ($BTC) at $76k with 16m+ BTC locked in long-term holders, corporate treasuries, and sovereign wallets. that leaves ~5m BTC for actual price discovery across every exchange on earth. strategy alone is absorbing 1,229 BTC per day, 2x the daily mining output. if the U.S. formalizes 328k seized BTC as strategic reserves in may, those coins go from "might sell" to "never sell." 23 nations now running sovereign bitcoin strategies targeting 2.4m BTC combined. 40% below ATH during the most aggressive supply ...