The ETF is irrelevant to Bitcoin but will begin the demise of Blackrock.

No centralized entity can maintain itself while also holding Bitcoin for its stakeholders.

Greyscale was discounted to zero. Micro strategy had their founder step down as CEO. The state we used to know as El Salvador is being dismantled before our eyes. Elon let go of the bitcoin before he allowed this rate on his institutions. The list is already large.

It’s only a matter of time before millions of people realize that a few thousand real sats in their custody is more valuable than the sum of all the IOUs they hold.

Bitcoin is for individual power, not institutional power. We will see this time and again as we see the individuals who bring Bitcoin to their institutions ultimately choose Bitcoin over their institutions.