According to @MilkRoadDaily, David Bailey argues that BTC’s risk-reward remains the best in crypto and flags ETFs plus politics as the tipping point traders should monitor for directional flows and volatility, source: @MilkRoadDaily. He contextualizes upside with the statement that at 1,000,000 dollars per BTC, Bitcoin would be a 21 trillion dollar asset, framing the long-term thesis rather than a short-term target, source: @MilkRoadDaily. The discussion highlights concrete trading catalysts: Bitcoin ETF developments, the rise of BTC treasury companies, the early build-out of Bitcoin-focused banks, and the possibility of sovereign or central bank participation being a future driver, source: @MilkRoadDaily. It contrasts exposure paths by weighing ETF ownership versus direct BTC on corporate treasuries and outlines risk management for BTC treasuries as a core theme for capital allocators, source: @MilkRoadDaily. Time-coded sections cover market outlook, cycle dynamics, bear market changes, ETF and political catalysts, Bitcoin as a belief system, Figure Markets, KGeN, and managing BTC treasury risk, giving traders focused areas for due diligence and headline tracking, source: @MilkRoadDaily.