2) No evidence of a coordinated “distraction” plot - The sm…

2) No evidence of a coordinated “distraction” plot
- The small-block decision traces to early protocol constraints and later community consensus around decentralization, not a Wall Street plan. Major institutions came much later, responding to market demand.
- If incumbents wanted a harmless diversion, they wouldn’t tolerate a bearer asset that enables self-custody, cross-border permissionless transfers, and financial exit. Many regulators and banks remain uneasy with precisely those properties.
- ETFs don’t neutralize Bitcoin. They add an on-ramp, but self-custody remains available and popular. A speculative instrument that can be withdrawn to a private wallet is unlike past “financialized” distractions.