- Could the BTC accumulation race push the BTC price to a new ATH by the end of 2025?
The "accumulation race" depends on the terms these entities offer to investors, because they will only be able to accumulate if they can attract enough investors.
A problem I see however is that I don't see how this market can grow that much more if there are options like ETFs which allow a more direct exposure. All those "companies" do essentially nothing, they only hold Bitcoin. The only cash flow comes from new investors. They are similar to ETFs with leverage but with more risk factors.
But for the 2025 bull run the news should be more bullish than bearish, although I question that these companies will be really responsible for an ATH. They also compete with the spot BTC market, i.e. they may take demand away from "normal" Bitcoin exchanges and maybe also ETFs.
- Does the emergence of Twenty One Capital make you want to hold BTC a little longer?
Nope. Long term these companies probably are a liability. If they accumulate too many BTC, the ecosystem will lose decentralization. The only good thing is that there are now more options emerging in that market segment. I would actually be happy if 21 Capital could take market share away from MSTR to prevent it to become "too big to fail".