lol… English not my 1st language, I actually had to chatgpt that shit to know what u meant, lol

“Treading water” is a metaphor from swimming; it means staying afloat without actually moving forward. In this context, they’re arguing that Bitcoin isn’t just maintaining its value relative to inflation (staying afloat), but actually gaining value beyond the inflationary impact. Essentially, they’re suggesting that Bitcoin’s rise is genuine and represents real growth or progress, not just an adjustment to keep up with the dollar’s depreciation.