I don’t see anything over 50% They new buyers are not retail investors that will panic sell or shave some off the top to buy a lambo. Corporations will keep buying until retail is out of coins to sell.

Keep in mind that leveraged institutions like hedge funds get margin called all the time. Most sell their treasuries, liquid assets, stocks, gold, and now Bitcoin imagine when they hold much more Bitcoin and need to sell it to cover their gambling mistakes Oooof