How crypto is being devoured by TradFi, killing Satoshi’s dream by rewarding centralization
Bitcoin is being quietly hijacked by "broken" financial systems, creating a surveillance trap disguised as a massive market rally.
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.
Liam 'Akiba' Wright
Jan. 2026 at 12:05 pm UTC