I don't often agree with David but I think there's merit to this: https://twitter.com/DavidFBailey/status/1732029572730790056

There will certainly be more fiat-games played with bitcoin but i think we also flushed a lot of turds down the toilet last cycle. Time will tell how the ETF issuers and others manipulate bitcoin this cycle but i think we've reached a different phase of maturity so we'll see if that becomes a net postive or negative for price discovery.