You massively overestimate 1) how much capital would flow into a bitcoin etf and 2) how large that would be relative to the rest of the US (or global) equity sp

You massively overestimate 1) how much capital would flow into a bitcoin etf and 2) how large that would be relative to the rest of the US (or global) equity space. Bitcoin has a trillion dollar “market cap”. That’s about 4% of the US equity market cap. In reality bitcoin’s market cap is nonsense, the real float is much smaller, and the real market is much much smaller. $GBTC has $35B aum, and that is mostly due to the massive bull market in the last 18 months (thanks to Tether). The amount of hard cash that has flowed in is a small fraction of that, perhaps something like $7B (and since done 5x in performance). But $GBTC is OTC and so not everyone can invest, and a vanilla ETF would likely garner more interest. How much more I don’t know. But $NKLA was a $30B fraud at its peak and yet in terms of market health, it was hardly a blip on the radar.