morgan stanley rolling out BTC to 18m clients in Q2. run the math on liquid supply. total BTC: 19.7m. subtract 3-4m lost coins, 7m unmoved in 5+ years, conviction buyers locked 4m this quarter alone. exchange supply at 2.3m, lowest since 2018. realistic adoption scenario (5-7% of clients, 2-3% allocation) puts morgan stanley demand alone at 230,000 BTC. that's 3.8% of all liquid supply from one wealth manager. strategy is already absorbing 6.6x daily issuance at 3,000 BTC/week. post-halving issuance is 450 BTC/day. demand side is running multiples above what miners can produce and the available float keeps shrinking. may 15 options expiry clears $2b in dealer positioning pinned at 80k. after that pin lifts, the order book gets real thin real fast.