put this out first is that the perpetual preferreds coming from strategy, strive, etc. are producing net new demand for Bitcoin. I think there's over 135,000 Bitcoin that have been purchased as part of the perpetual preferreds. Why is that important? Well, if you can now take 135,000 Bitcoin off the market and they go into these perpetual preferred vehicles, that is very similar to the ETFs. I think the ETF number something like 800,000 Bitcoin have gone into the ETFs. So, you have almost a million
are producing net new demand for Bitcoin.