I'm not reading your example. I understand your point from your sentence. As I've said repeatedly, I'm looking at this from a long term investor perspective, not a trader perspective. The balance of market participants in each camp is impossible to know, but the correct valuation is somewhere between the two camps.
I hear ya, I'm just saying I think there are more small holders with less than 5 btc that investors like you. And, I think that's why the price gap is historically a lot closer than the 4% we were seeing.