I agree with all you are saying - except Bitcoin was sold on the idea that it was going to change finance. That individuals would have more power and control over their wealth not that the power would shift to another group of whales.

Bitcoin is absolutely the best performing asset simply because of a narrative; the oldest con in the book- hey buy this get rich quick. When the reality hits them that they cant make 1000X or, as a utility it is more expensive than using a credit card for purchases the bubble will burst.

The whales and their ETF play is the game. They are running money - and if we dig deeper I promise you they are colluding and siphoning off the top as fast as they can WITHOUT causing a run.

It is all fine- this is how capitalism and human apes like to play - I respect that the players built a new "game" for humans to play. The whales are making their gold but I fear for the retail - that they just have no idea whats is coming.

Peace