Pretty much this. New money stopped flowing into Bitcoin in December after a pick up in flows from October, which was the first time since FTX. A lot of those outflows though are GBTC, as finally the locked up bitcoin could be sold, as well as probably miners cashing out at a great price - given next halving is on the way and they’ll need new hardware. I dont necessarily want an ETF. However it does help to sort of decentralise things a little if there are many products - the best thing for bitcoin would be currency status and that’s what people should really be fighting for.