The narrative on CT is that Bitcoin ETFs, DATs, and various exposure vehicles are stealing buy pressure from BTC itself. Eliezer Ndinga says the narrative is backwards: "The fact that we have a variety of investment vehicles is because there is a market demand for that." The products didn't create dilution. Demand created the products. Remove the vehicles and the capital doesn't flow to BTC. It flows to nothing. Because those investors wanted a specific risk structure that spot BTC doesn't offer. The market isn't diluted. It's differentiated. And differentiation is what brings in the next wave of allocators who can't or won't hold spot.

FT @21shares