I think that the reason why the spot ETF is constantly being rejected is because its sort of a point of no return for institutions. If approved, its sort of a stamp of approval by the establishment that Bitcoin is legitimate. Whether you like it or not, this matters. Institutions will start going into Bitcoin in earnest and start having a vested interest in Bitcoin. Its a very poor substitute for self custody, but it will strengthen Bitcoin's game theory by a lot.

Haha idk why but that is very funny to me