As I've expressed before, large buyers need large sellers to facilitate trade. If you are an OG Bitcoin whale holding hundreds of millions or even billions worth of coin, you have been waiting YEARS for entities as big as the ETFs and sovereigns to show up for your bags. You cannot nuke the order books for fractions of your position and incur gargantuan slippage. It is impractical. You need huge pockets willing to negotiate transactions at a spread. That era began with the ETF launches in Q1 2024 and we are seeing it play out in spades.(𝐓𝐗𝐌𝐂)