Who will be the marginal buyer?
We have had the bored covid punters playing with their forlough checks
We have had the ETF adoption
We have had the Trump pump
If Warsh resumes QT and USD money supply shrinks, who or what is the next marginal buyer?
Without MSTR we are probably trading in the $20k - $40k range, and soon enough they will not be buyers anymore and perhaps net sellers