BTC has to find $15B in new buyer flows/yr to go up, assuming old sellers don't sell.
At $200k BTC, that would be $30B/yr.
So the higher BTC goes, the more nominal sell pressure from miners.
You see the problem?
XNO could go to $1000 and there would still be 0 sell pressure from miners/validators.
You see the solution?
BTC has $15B in miner issuance per year (inflationary sell pressure).
Saylor is buying at a rate of $2B/yr.
Tether is buying at a rate of $1B/yr.
Two biggest buyers are only able to offset 20% of supply.
Add in the old whales dumping...
SOL has 15%/yr inflation.
Meanwhile XNO has 0% inflation.
No wonder it's pumping vs BTC.
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