If the four year cycle continues these BTC treasury companies and the BTC ETFs can be expected to accentuate the bear market next year. They are not so much institutional adoption as institutional parasites, mediating retail speculative demand and playing on NGU ignorance and the lowest common denominator...they also endanger the integrity of the protocol and substantially shifted the narrative away from P2P MoE toward speculative commodification. They are concentrating custody and control in the hands of a few who would be much more prone to an Order 6102B than individual citizens. May they all go bust and this corporate capture and control - commodification circus end.