Yes, it's simple supply and demand dynamics at work. FWIW, I think the treasury companies bear a resemblance to the 'ponzinomics' of Olympus DAO and its forks i

Yes, it's simple supply and demand dynamics at work. FWIW, I think the treasury companies bear a resemblance to the 'ponzinomics' of Olympus DAO and its forks in the last crypto cycle. They ran to tens of billions in market cap before going to zero. This is the first cycle where TradFi is getting properly involved, so no idea how high we go across BTC and the rest of crypto.