According to @Matt_Hougan, Bitcoin ETFs have purchased more than 100% of new BTC issuance since launching in January 2024, but price has not gone parabolic because existing holders have been supplying sell-side liquidity, source: @Matt_Hougan. He argues that if ETF demand remains persistent, available seller supply will eventually be exhausted, setting the stage for a sharp price surge, source: @Matt_Hougan. To illustrate the dynamic, he notes central bank gold buying jumped from roughly 500 tonnes to about 1000 tonnes in 2022 after the U.S. seized Russia’s Treasury deposits and has stayed elevated, source: @Matt_Hougan. Despite that demand shock, gold rose 2% in 2022, 13% in 2023, and 27% in 2024 before a 65% spike in 2025 when sellers ran out, showing how sustained demand can trigger a delayed parabolic move, source: @Matt_Hougan.