The contrast between El Salvador adding more than 1,700 BTC since the IMF program began and US spot ETFs bleeding about $615 million month to date is a useful framing of different holder time horizons. I wonder whether the IMF will treat the reserve growth as a technical breach or quietly accept it as long as the fiscal targets are met. The Glamsterdam testnet date of October 26 is also worth watching, given the 200 million gas target.