This idea of looking at the 80Billion of BTC and equivalent amount of USDT on exchanges came to me as vision yesterday.
It allowed me to estimate a price of 186K BTC if 1MM BTC was drained over this cycle by IBIT and other ETFs.
But it's also a reality: Bullish, for example has a massive AMM, powered by Block One's 150,000 Bitcoin. Uniswap V3 has a much smaller liquidity on WBTC, but still 20MM