The introduction of spot Bitcoin exchange-traded funds (ETFs) has significantly altered the landscape for both institutional and retail investors, leading to a divided market and impending shifts. Retail investors, especially those new to Bitcoin, are increasingly investing through advisors in spot BTC ETFs, potentially making Bitcoin a common asset in household portfolios alongside traditional investments like gold. Conversely, early adopters and enthusiasts of Bitcoin, who value its decentralization and resistance to censorship, feel their pioneering advantage is diminishing as mainstream adoption grows. The essence of Bitcoin, from the perspective of its early supporters, seems compromised as it becomes integrated into
