How crypto is being devoured by TradFi, killing Satoshi’s dream by rewarding centralization
Bitcoin’s price, and thus the entire crypto market, is increasingly being anchored by flows through regulated wrappers. Crypto is increasingly being subsumed by TradFi rather than offering an alternative to the broken system Satoshi criticized.
U.S. spot ETF subscriptions and redemptions are now posting day-to-day swings that increasingly dominate the daily narrative tape.
In practice, “priced by ETF flows” means the ETF print has become the cleanest, most legible proxy for marginal U.S.-dollar demand during U.S. hours, often the first number desks check before debating what happened on crypto-native venues.
According to Farside Investors’ Bitcoin ETF flow dashboard, the U.S. complex logged a net outflow of $250.0 million on Jan….
