Since the launch of spot ETFs in 2024, the accumulated flow into Bitcoin is already approaching the level that gold ETFs took over a decade to build.

We are talking about one of the fastest capital accumulations in ETF history.

This shows something important about the current state of the market.

The institutional infrastructure for Bitcoin already existed when ETFs were approved.

Asset managers, funds, and corporate treasuries didn't need to "discover" the asset.

They only needed a regulated vehicle to access it.

When that door opened, capital flowed in quickly.

Bitcoin is now an institutionalized asset.