Supply tightening and liquid float decrease will be the first outcomes. Steady sovereign accumulation on this scale would likely exert a structural tightening effect on the market with significantly reduced liquid float, the logically expected price elasticity as and when there are demand shocks. Both these can lead to a market multiplier i.e. a "reflexive" effect where every $1 of net inflow can increase Bitcoin's market cap by $3.70 in bull markets, as institutional buyers typically hold with higher conviction than retail - any good macroeconomics student can explain this. Many points to note wouos be a fragile sentiment, maintaining support levels: & being mindful of structural shifts.
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