This seems like it should matter at some point

It seems everyone who wanted to buy bitcoin has.

The reason I say this is because the supply hasn't been this low on Exchanges in a long long time yet price only goes down.

(Source: https://x.com/MerlijnTrader/status/1898652478683664585/photo/1)

Why?

Because there is no demand coming in.

If we get a demand surge, price will surge as well.