How crypto is being devoured by TradFi, killing Satoshi’s dream by rewarding centralization
Bitcoin’s price, and thus the entire crypto market, is increasingly being anchored by flows through regulated wrappers. Crypto is increasingly being subsumed by TradFi rather than offering an alternative to the broken system Satoshi criticized. U.S. spot ETF subscriptions and redemptions are now posting day-to-day swings that increasingly dominate the daily narrative tape. In practice,...
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