I'm aware it has nothing to do with how much money is required to move the market etc, this is based on liquid supply as well as demand, but it's incredibly relevant to institutions. Many of which aren't able to touch an asset, or consider Bitcoin as a reserve asset, unless it's worth >$1 trillion. Others will be more conservative, they won't go near BTC until it's valued at $2 trillion, $3 trillion or even $10 trillion (private banks). Some will even be patiently waiting until it's worth Gold's $20 trillion, and won't touch it with a barge pole until then. State banks I imagine. The lower the risk required, the longer they will wait before adopting Bitcoin as a reserve asset. Bare in mind very few institutions are currently using BTC in this manner so far, even if enough have already dipped their toes in the water.

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.