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#现货比特币ETF持仓破110万枚
1.1 million BTC have entered the ETF's pocket, has Bitcoin's "decentralization" quietly changed?
The Belief of Retail Investors, the Game of Institutions
As the spot Bitcoin ETF locks exceed 1.1 million coins, a subtle shift is occurring: decentralized Bitcoin is gradually being controlled by centralized financial giants.
From Grayscale, BlackRock, to Fidelity and Invesco, the giants are continuously absorbing spot BTC from the market through ETF products. These institutions do not participate in network governance and decentralized consensus; they only care about management fees, performance, and scale.
The "trustless, decentralized, free finance" that retail investors pursued in the past is slowly giving way to the funding logic of traditional finance. The concept of decentralization still exists, but the pricing power and distribution of chips are shifting.
This is the paradox of the Web3 world: in order to promote compliance, it may ultimately be co-opted by financial giants. In the future, we might see: Bitcoin still exists, but its financial sovereignty has quietly changed hands.