And you can largely thank the ETFs for that. At some point it’ll click that every wrapper pulling coins out of self-custody, no matter the marketing spin, drags down long-term price appreciation and kills volatility.

In 2022 they shook plebs out by nuking Bitcoin below the previous cycle’s ATH. This cycle they’ll shake even more by boring them to death with weak upside.

Only the stubborn will stick around, but if most of the supply ends up parked inside ETFs instead of in the hands of actual holders, the revolution is lost - like every revolution that gets financialized. I hope I’m wrong.