#block-size-wars

#block-size-wars

"They have been more successful than anyone including themselves could have anticipated," said Nick Giles, a senior research analyst at B. Riley Securities who covers several of the firms, most of which are public.

That's why it helps to understand what analysts look at when the chart isn't explaining why the market is moving or where it may move next. The focus shifts to factors that can quietly reshape Bitcoin's demand, liquidity and long-term narrative: Who's buying through exchange-traded funds (ETFs), how "Bitcoin treasury" stocks are treated by indexes, whether miners are earning enough to secure the network, what scaling actually looks like today and how regulation is shaping mainstream access.