If we look at retail demand it also slows down after $BTC break $100k, and currently it's just consolidating. Retail is not FOMO but also not panic selling.

With Trump announcing dividend tariff payments to the US public, there might be retail demand returning again.

We have to be open-minded, although this is slightly different from my thesis because in my opinion, the stimulus check at this time is also likely not being used to buy $BTC because the situation in the US is different.

What drives the economy is HNWI, not ordinary people. Why? Well, it goes back to the impact on the economy, unemployment is quite high in the US, so for the average person there is quite a struggle.