Here's something I think crypto investors have underestimated about Bitcoin ETFs.

We spent years celebrating institutional access as though it would permanently change how Bitcoin trades and in many ways, it has. But the same vehicle that allows institutions to accumulate billions in Bitcoin also makes it incredibly easy for them to reduce exposure when market conditions change.
They're not necessarily making a philosophical decision about whether Bitcoin is the future of money, sometimes they're simply adjusting portfolio risk. That distinction matters because wider institutional adoption doesn't automatically mean lower volatility or a market that only moves higher.
It means Bitcoin is increasingly participating in the same capital allocation decisions as every other market and that changes the game.