I am not an ultra-high-net-worth individual, but I spend a lot of time with this community given my profession. I have about a dozen instances in the past month of such folks finally getting off zero, or substantially increasing existing bitcoin positions. Mostly ETFs, but about 1/3 self custody.
A key theme has been unsustainable govt debt and increased distrust from the recent shutdown. But I think there’s also a feeling that Bitcoin is about to get started on a run.
Interesting times.