Why is Bitcoin's price stuck? There are billions in inflows from ETFs and treasury companies and the supply of newly mined Bitcoin is miniscule compared to these flows. What gives? One answer is that there's lot of paper Bitcoin flowing around suppressing the price. I do not agree with this theory. The simple truth is 100k was a magic number for a lot of long-time holders, who happen to hold a huge fraction of the total liquid supply of Bitcoin. The selling from these whales is easily enough to match the demand from ETFs and Saylor, and could for some time. This is not something to be concerned about, but something to celebrate. The process of monetization involves the distribution of a new monetary good among the population. This cannot happen without whales letting go of their long-held coins. Eventually whales will sate their demand to diversify and the price will begin moving again, and hit the magic number of some other group of long-time holders. Along the way there will be air pockets both up and down as it becomes clear, for example, that there are very few whales interested in selling between, e.g., 120k and 150k. Do not fret about the sideways grind. Just know that under the hood the process of monetization of Bitcoin continues unabated.