Could be. But the ETF hosts don’t need to buy in advance. They can just wait until the fiat starts rolling in from buyers and use those funds, no?

I mean, it could be, it just feels like the wrong part of the cycle. We have holidays around the corner, then tax season, then Presidential election. Somewhere in there the Fed will start cutting rates to goose the economy. Feels to me like there’s too much psychic competition for #Bitcoin to win normie mindshare between here and 2025.