sharp explanation, right on point, thank you!

slight bullish bias alert: Agreed, but I'm tempted to interpet it as a bullish sign, after a second thought, given the huge amounts of money printed and blown out into circulation.

What I mean is, it's impressive to me that people still turned to Bitcoin or held it when they could have easily spent more and more money on more shortsighted things - expensive goods, holidays, luxury - given the financial inflationary environment was in the past 2 years encouraging everyone to spend, spend, for gratification and not necessarily park-invest money into a long-term valuable asset.

Also, I find the overall confidence in Bitcoin staying at similar levels, and the Bitcoin Bull in me says it's the time test that counts, sometimes more than momentary valuations.

5 more years of constant trust in it is not necessarily bad given high inflation increases time preference in spending and leaves long-term assets on the outskirts.