$BTW IS NOW A 100X. AND THE DATA STILL ISN’T SHOWING DISTRIBUTION
$BTW has now reached roughly a $2B market cap, around 100x from the early base.
At this point, it sounds almost ridiculous to say there may still be more upside.
But the same thing was true around $1B market cap.
Back then, most people already thought the move was finished. Since my previous update,
$BTW has doubled again.
What matters is that the underlying flow still hasn’t broken.
The large accumulator wallets we tracked earlier have now seen their positions appreciate massively, yet they are still holding instead of sending supply back to exchanges.
At the same time, fresh CEX outflows are still appearing, with new wallets continuing to withdraw
$BTW.
That means the core pattern is still intact:
supply remains controlled → accumulated inventory stays off-exchange → new outflows continue → price keeps expanding
Valuation alone is becoming less useful here.
As long as the distribution pattern does not flip and those wallets keep holding, the control-supply thesis remains valid.
That doesn’t mean
$BTW cannot correct hard.
It means the data still does not look like a clean distribution phase yet.