What supercharges this run is memetic consensus around a high price target, leading to intense supply discipline. Everyone hoards their coins and forces buyers to be sloppy in the books, which further entrenches the idea price will keep going up. Reflexivity at its finest. This is where the @john_j_brown and @cobie tweets around "exiting the thicket towards $200k" and "easy road to $250k" are important. They become self-fulfilling prophecies. I am certainly not intending on liberating myself from any of my BTC until much, much higher. What throws gas on the fire is treasury companies using this momentum to go out and raise tons of money, and then buy BTC in an undisciplined manner. It's a classic virtuous cycle. We will also get more datapoints this month on Bessent shifting treasury debt issuance towards bills, which is essentially swapping out the sale of an instrument that soaks up risk appetite (duration) in exchange for one that doesn't, leaving more unsatisfied risk appetite available in the market. They will pull every lever they can to boost liquidity. Don't underestimate this. We are getting closer to Powell's replacement getting named, which will enhance the narrative around endless fiscal and monetary largess. I expect this to come into the forefront over the next few months. Trump wants to run it super hot and take the market to absurd levels as his legacy. No one has been talking about the SBR for quite some time, but I found it interesting that ReserveOne (a recent Treasury Company launch and possibly one of the big buyers that drove the breakout) is attempting to match the composition of the proposed SBR in its holdings (BTC, ETH, SOL, XRP, ADA). ReserveOne has ties to the administration, as Wilbur Ross, who was the Secretary of Commerce during Trump's 1st term, is on the board. Trump is now extremely incentive aligned via DJT so I assume they will find some way to make it happen. As we know, Trump is extremely shameless in pursuing his self interest, and has a strong hold over the Republicans in Congress. The administration wants number go up. Sometimes it's really that simple. Don't give up your coins too early.