…Now look at demand. Combined assets under management across the five major US spot Bitcoin ETFs is approximately $97 billion as of right now. In April 2026 alone, those ETFs absorbed about 19,000 Bitcoin. That's about n times the entire monthly minor output. In a single 9-day inflow streak, ETFs ate weeks of new supply. Bitwise estimates that ETFs alone could absorb more than 100% of all newly mined Bitcoin in 2026. And that's just ETFs. That doesn't include corporate treasuries. That doesn't include sovereigns. That doesn't include direct retail purchases. Now, let me give you the cleanest back of the envelope calculation in this entire video. Gold has a market cap of approximately $20 trillion. Bitcoin's circulating supply is about 19.8 million coins. If Bi…