CoinDesk analyst James Van Straten joins the OnRamp team at Bitcoin's new all-time highs above $93,000 to provide deep on-chain analysis of what is driving the rally and what lies ahead. Van Straten explains why retail participation remains surprisingly muted—suggesting the current move is institutionally driven and has significant room to run before the typical retail FOMO cycle begins. The episode dissects MicroStrategy's flywheel strategy of issuing convertible debt and equity to accumulate Bitcoin, analyzing why the NAV premium persists and how it creates a structural bid in the market. Van Straten discusses the $100,000 psychological milestone as the likely catalyst for mainstream retail engagement and how long-term holder behavior, ETF flows, and MicroStrategy's continued accumulation are shaping the market structure heading into the next phase of the cycle.