This reminds me of the $BTC spot ETF in January 2024. Many friends think that the ETF is just a facade, and with such good trading options available on exchanges, no one would buy through the ETF. However, it has been 20 months now, and the net inflow of Bitcoin from U.S. institutions has exceeded 1.1 million, with BlackRock alone holding over 760,000. Moreover, many ETF investors are long-term holders, showing little interest in short-term price fluctuations. Not to mention the potential entry of 401(k) pensions. BTC is indeed expensive now, but it may become even more expensive in the future.