Part 4/14:
A central theme revolves around the financialization of Bitcoin. Multiple ETFs, especially those futures-based rather than spot-backed, have entered the scene. While these provide regulated avenues for institutional access, they also introduce complexities. Futures trading, with its leverage and derivative structures, often detaches the price from real demand from long-term holders (hodlers). Many institutional traders use Bitcoin futures to hedge or speculate, impacting price behavior decidedly different from traditional spot demand.