~snip~
But the question is: can we still expect huge price increases like 10x or even 100x.. like many early investors hoped for?
If spot BTC ETFs were approved in the US 15 months ago and the price then was 1 BTC = $45 000, and today it is twice that, what does that data tell you? Since then, these funds have accumulated 1+ million BTC and have undoubtedly influenced the price. Ask yourself if it is realistic to expect the price to reach x10, i.e. 1 BTC = $1 million?
If that's no longer possible, then Bitcoin might just become a playground for institutional investors.
Some still don't see reality the way it should be seen - hasn't that already happened? The aforementioned funds in the US + Microstratergy alone have over 1.5 million BTC in their possession - who knows how many more those who are not required to publicly disclose have.
Where does that leave us (small investors)?
If you bought BTC before 2017, it leaves you in a very good position because you preempted the big players in a game in which they usually have the first move - you bought cheap something that they pay dearly for today. Unfortunately, if you see BTC as just an investment (buy low, sell high), it will never be easy for you to accept some things.