ETF holders will be stronger hands than we are used to because they will largely substitute for people who would otherwise have kept their #BTC on exchanges, but won’t be getting daily bull market push notifications from @coinbase encouraging them to rotate profits into some illiquid “top mover” shitcoin scam.

This also means we will have a much less significant “alt season,”which was an artifact of volume-incentivized shitcoin casinos.