My point was, when a certain valuation threshold is reached, there are certain institutions that will be forced into purchasing in order to reduce risk, hence $60K holding for so long earlier in the year imo. The market was overvalued but remained as such for 3 months around $50K-60K, much longer than many expected. Whereas previously consolidation at such overbought levels is unprecedented for BTC.
This is some tasty insight.
+1 WOsMerit
Welcome. A lot of my insight referenced comes from the likes of Willy Woo. He makes very rational arguments for why and when certain institutions will and won't invest, it all has nothing to do directly with price either, but market evaluations. One of his projections is 50% of the population holding Bitcoin by 2030. Not based on fundamentals nor theoretical, but simple statistical projections based on 12 years of blockchain data.
Currently 3% of the population own Bitcoin, at least by his metrics, and this % on average doubles every two years if I understand correctly.