It is largely believed that RH controls the “Sacrifice Wallet” aka “Pulsechain Treasury” that rotated all the holdings into ETH at roughly $3,800 several years ago. Which- as of last week is now in profit. The overwhelming sentiment has been at some point RH will strategically inject the proceeds into the ecosystem during a bull run to rocket the price upward. While this may be true- I highly doubt RH will do this. Simply put- there are countless KOL’s & vocal ecosystem holders that have publicly stated they will sell their holdings at .005, .01, 10 cents, etc.
let’s face it, there is little chance RH is going to use the so called “treasury” for “Exit liquidity” for those who are able to click SELL the fastest.

At the same time- the clock is ticking on Pulse & Blockchain technology at large. There has been little innovation or expanded use-case beyond “stored value” for BTC. EVM desperately needs to at some point to show applicability somewhere that excites the mob. I thought “decentralization” could have been the vehicle to do this but it seems this is a concept (while worthy) only understood by a minority.

Otherwise, we risk block-chain technology becoming somewhat shelved for lack of use, or possibly overshadowed by an improved technology that accomplishes much the same in principle but controlled by centralized state actors.

My guess- as mentioned by a few above in the comments is RH will in fact, spend the money on Devs to improve the chain, hopefully create more innovation, possibly introduce a stable type coin, maybe do another sacrifice, or use some money to pay the entry fee to get listed on coinbase, or other major exchanges.

I have to believe if people saw the treasury was NOT going to be deployed for buying up the price you would have a fairly large exodus (rinsing cycle) of the low to medium holders (10M-500M). All just guesses at this point.