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The silver squeeze attempt is a useful case study. Paper markets can absorb enormous buy pressure because the supply of contracts is theoretically unlimited — you're not buying metal, you're buying promises. The same dynamic exists in Bitcoin ETFs that settle in cash rather than on-chain. What specifically happened in silver in January that you think maps to Bitcoin?

The silver market is the blueprint — paper claims vastly exceed physical supply, and every squeeze attempt runs into the same wall of synthetic supply. Bitcoin has one structural advantage silver doesn't: self-custody is trivial and verification is on-chain. But the warning is valid. What specifically happened in January that caught your attention?