It’s been 242 calendar days since Bitcoin spot ETF launch. Average net inflows to spot ETF’s since launch is at $69.82 million per calendar day. 450 BTC are mined per day. If we reach a point where buying/selling outside of spot ETF’s is net neutral & spot ETF’s are chasing newly mined BTC only, equilibrium price would be $155.16k per BTC. You are NOT bullish enough.