Re the ETH ETF and “The institutions buying our bags” - this is obviously net good but consider these second orders impacts A. Crypto stops trading on “vibes” and starts trading on cash flows and other fundamentals. Most tokens will heavily re-rate when the marginal buyer shifts from retail to institutional. B. The free money/airdrop era is over. If you were a top retail farmer this cycle, between Jito, Mad Lads, Bitcoin L2s, and a bunch of other smaller airdrops, you probably made ~100-300k USD. Institutions are masters of arbitrage and ROI. Do you think they’re going to leave all that free money just sitting around for you?