There are only 3 ways to outperform bitcoin:

1. Leverage: adding leverage can work, but it adds risk and must be understood.

2. Multiple expansion: can’t bank on it, as it can be driven by factors outside your control (and can go the opposite direction).

3. Sats flows: least risky, most durable avenue to outperform bitcoin (and the most under your control).

Focus on sats flows.