Recently, I spoke with a couple individuals who work closely with BlackRock’s IBIT and have clear visibility into bitcoin flows, including what coins are coming in. They confirmed that @jvisserlabs’s Bitcoin IPO thesis has been playing out for much of 2025. A good amount of IBIT’s inflows this year are simply OG holders with hundreds or thousands of coins selling some of their holdings. Eventually they will run out of coins, and new BTC market bids will then begin to push the price significantly higher.(Joe Burnett, MSBA)