The more I think about this $9 bln sale, the more likely this was motivated by political force or political will. If you owned that kind of size of bitcoin since inception, you would never liquidate for fiat currency for risk of hurting the very value of the network, especially the way it was executed in under a month. If it was actually meant to liquidate for fiat without harm, you would’ve executed over a long period of time on a VWAP basis similar to how CEO’s sell stock on a 10b5 plan. If you’ve held that long thru the cycles, you have a political conviction antithetical to fiat manipulation. At most you would sell smaller size for whatever liquidity you’d need or you would borrow against it now since you can use bitcoin as collateral. The more likely game theory of this supply is some large sovereign forced the seller into liquidation or the seller is actually thinking about who they want to win the sovereign reserve game by choosing who to sell to. These are the games govt’s will play going forward as bitcoin becomes recognized as a replacement of pristine collateral instead of US Treasuries. The question I’m asking… “Will we find out on July 31st if this sale was for a sovereign Strategic Bitcoin Reserve by a willing company or citizen looking to give their country a lead on 21st century capital base?!?”