i think most bitcoiners think about the tradfi investor as like a monolith. but in reality a self-directed retirement account retail investor, a family office, a financial advisor, an endowment are all very different beasts. even within just the category of financial advisors (which is our main target client and also just the largest pool of investing capital in the US—around $20T) there's a whole spectrum. like there's advisors in wirehouses (morgan stanley, UBS, etc) and then there's regional broker dealer advisors (LPL, raymond james, etc) then independents and they all have different things they can and can't do and different client preferences. learning and realizing all this was a big part of getting better at operating bitwise. every investible dollar has a different constraint and preference and to unlock that dollar to be investible for bitcoin we need to tackle it in different ways! (ETFs are beautiful b/c they are a good swiss army knife that can be used in almost every tradfi context imaginable)