According to André Dragosch (X post, Nov 23, 2025), U.S. retail ownership of bitcoin and crypto was already around 50 million in 2024 based on multiple surveys, and this estimate did not include new spot BTC ETF account holders. source: André Dragosch on X. He also highlights growing indirect BTC exposure via corporate treasuries and expanding merchant rails, citing examples such as Steak 'n Shake acceptance and Square/Cash App enablement. source: André Dragosch on X. For trading context, Block reported 57 million monthly active Cash App users in September 2024, expanding a key on-ramp for BTC purchases within the app. source: Block Q3 2024 Shareholder Letter. Additionally, U.S. spot bitcoin ETFs launched in January 2024 established regulated access channels with observable daily creations/redemptions reported by issuers such as BlackRock and Fidelity. source: U.S. SEC approval of spot bitcoin ETFs in Jan 2024; issuer flow disclosures. Actionable takeaway for traders: track U.S. spot BTC ETF net flows, Cash App bitcoin revenue metrics, and corporate treasury disclosures as leading indicators of retail and institutional demand breadth that can affect BTC price momentum and market liquidity. source: Block Shareholder Letters; public company treasury filings; issuer flow dashboards.

According to Matt Hougan, corporate Bitcoin treasury companies fall into two categories—mercenaries seeking quick profits and missionaries committed to holding indefinitely—providing traders a conviction-based framework to segment BTC-related exposure. Source: Matt Hougan on X, Sep 30, 2025, https://twitter.com/Matt_Hougan/status/1973018321839915315 Hougan’s distinction signals different time horizons among BTC treasury holders that traders can incorporate into risk management, liquidity stress tests, and position sizing for BTC and related equities. Source: Matt Hougan on X, Sep 30, 2025, https://twitter.com/Matt_Hougan/status/1973018321839915315 This framework can guide analysis of headline risk tied to corporate treasury actions versus long-term accumulation narratives when assessing BTC sensitivity and treasury stock beta. Source: Matt Hougan on X, Sep 30, 2025, https://twitter.com/Matt_Hougan/status/1973018321839915315