If exchange BTC balances are sitting around 2.94M BTC, Strategy’s current fundraising capacity could theoretically buy about 612K BTC at today’s price. That is roughly 20.8% of the BTC left on exchanges. This does not mean all of that capital hits the market at once. But the ear: Bitcoin may still look abundant on the surface, yet it would not take many large buyers for liquid exchange supply to feel meaningfully tighter. Estimated BTC left on exchanges after that: ~2.33M BTC. In the end, the real question is not just price. It is who can keep buying, how much, and for how long.