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BTC no longer feels like a pure risk on trade. It feels like a slow, structural reallocation of capital into the only scarce digital asset (BTC) with a hard cap and a 17-year track record of surviving everything thrown at it. Price can (and will) chop. The underlying bid from institutions and the fixed supply do not chop. What’s your base case for the next 6–12 months, grind higher, violent shakeout first, or something else?