Massive Bitcoin ownership change in 2025.
Businesses added 489K BTC while individuals reduced holdings by 696K BTC.
https://blossom.primal.net/556581714919c61a2627dc3db72b0a46411158cdb4f1923fcf5c4e00...
The crowd consensus views #bitcoin as digital gold over a cash-like instrument (MoE).
The more people treat Bitcoin as SoV, the more it becomes SoV, and the less rational it is to spend it now, because of belief in future appreciation.
The market has spoken, and Bitcoin's primary function has solidified as a store of value. That's not a failure; it's the dominant equilibrium.
Eventually it will evolve into a more recognized MoE, but for now, here we are.
The more people treat Bitcoin as SoV, the more it becomes SoV, and the less rational it is to spend it now, because of belief in future appreciation.
The market has spoken, and Bitcoin's primary function has solidified as a store of value. That's not a failure; it's the dominant equilibrium.
Eventually it will evolve into a more recognized MoE, but for now, here we are.
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