The team at Onramp are top notch, and their shareholder letter this year makes a powerful real estate analogy around the distribution of old coins we have seen this cycle. Here’s the TLDR, but I encourage you to read it in full:
“Consider the American West in the mid-19th century. The early homesteaders, pioneers, and railroad barons staked vast, concentrated claims. For towns, commerce, and industry to eventually flourish, those massive tracts had to be subdivided and sold to new arrivals. The distribution of land signaled the beginning of the economy rather than the end of the frontier.”