On June 24th, Matt Hougan, the chief information officer of Bitwise, wrote in X: "In the history of Bitcoin, various mechanisms have artificially locked in future demand in advance and put it in a" lock box ". The biggest culprit is GBTC, which locked in tens of billions of dollars in future demand in advance because hedge funds took advantage of premium trading. But there are other mechanisms, including the bankruptcy of Mt. Gox and the seizure of Silk Road. These "lock boxes" keep the price of Bitcoin at a higher level than in the free-flowing market. But now, thanks to ETFs and the passage of time, we are unlocking these assets. As a result, Bitcoin needs to attract tens of billions of dollars in new demand to stay where it is. I think we've addressed most of the excess supply. For example, we've seen GBTC assets stabilize. But we haven't fully addressed it, which is putting pressure on the market today. When we do, it will be very exciting to see new demand translate more directly into higher prices. "