Crazy how retail is nowhere to be seen, the mempool is basicly empty during this stage of the bull market.
They have been rugpulled with shitcoins multiple times scammed by FTX, Celsius etc.
Bitcoin above $100,000 is to "expensive"
I am honestly still trying to mentally chew my way through this.
I think you are certainly correct part of it is unit bias. That was already with us when BTC was 2 digits, then three, and so on.
Another part of it is we are watching the nascent Satanic Layer-2 financial derivative securities, AKA ETFs, suck up all the normie monies. They are likely only moving very large UTXOs.
Part of it is simply that the number of us who actually hold their own keys is.... sadly.... tiny.
And what does buying bitcoin look like if you do it on CashApp, or RobinHood or... Coinbase? WHat chain footprint? These companies are incentivized to do as much off chain as possible. Which is... a tradeoff.
And do these companies actually hold the Bitcoin they "sold" you? Sadly this MIGHT be the future Caitlin Long warned us about. And if it is then we are yet to see the mother of all rugpulls. Honestly I do not see a viable way to avoid it, I don't think. Yet... Let me rim on my hopium pipe a little...
What I do NOT think it is, sadly, is the better bitcoin layer 2 systems like lightning and liquid. They are indeed working... but only geeks and NOSTR users (but I repeat myself) are using those...
And one last thing... No matter what happens? We will see the mempools (I have upgraded that to default-plural because of you know...) heat back up in time.
