I used to become a bear in $BTC, mostly price wise but the recent developments are fundamentally very bearish long term. People who used to yell * not your keys not your BTC * are selling to put it into an ETF.

That ETF makes $BTC useless:
- Censorable.
- Rehypothecation makes it so that the fixed supply doesn't matter. There can be more $BTC IOUs than $BTC.
- Centralized attack vectors could nuke the entire network in one go.
- Lost its soul -- went from "the bankers can't print anymore" to Uhh maybe price go up if we let wall st financialize it and use it as collateral.

If the price doesn't keep going up who is going to keep believing. Its main use case is currently price go up and I make money.

Satoshi's Vision.