I think we're at a point where the crypto market has almost completely "reconfigured"... this institutional capital from companies is a significant fraction and has certainly helped reduce Bitcoin's volatility, as well as promoting a long-term vision. But I also don't think the technical use of Bitcoin, such as selfcustody, LN, etc., will die or lose momentum significantly.

I recognize the importance of ETFs for Bitcoin, but I hope that Bitcoin's essence isn't lost and that we still have many people holding Bitcoin decentrally, autonomously, and without intermediaries... keeping these Bitcoins out of the reach of governments, banks, or asset managers like BlackRock. The more Bitcoin is concentrated in ETFs, the greater the risk of centralization.