#Bitcoin #ETFs are just ridiculous.

This is another clear indicator that the majority of the asset is in the hands of high time preference cold hands.

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They're custodial simpletons, they don't understand the universe yet. They're curious enough to get in on exposure to it but not enough to dive into the software and the understanding of it, into true ownership. Some of them will learn.

Plus, short term speculation and arbitrage breed efficient pricing.