I am not a fan of Bitcoin ETFs and only recommend holding BTC in self custody and cold storage. But the fact that Blackrock earns more with its Bitcoin ETF than with its S&P ETF shows which direction institutional capital has taken. The severe shocks in the traditional financial markets the over-indebted states the uncertainty in the bond market will measure the role of Bitcoin as a credit collateral and investment form without third party risk in a way that we can hardly estimate at this moment. #bitcoin