I'm not sure what your conclusion is. You think this activity leads to btc overvaluation? For what it's worth Bitcoin dominance index has risen sharply the last few weeks
More your previous point, that normies may think they have claims to bitcoin and if there are bank runs, exchanges will leave you holding the bag and while you thought you avoided shitcoins and stuck to bitcoin, you're actually not better off, I think we've yet to see a real blow up of an exchange but feels like the conditions for one is coming.
I've tried to warn my social circle who don't self custody to do so, but very few listen
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