Regulatory clarity won't reduce fraud risk—rugs, drains, hacks remain constant. What changes: volatility compression kills asymmetric upside.
Since ETF approval, $BTC hit ATH while $ETH and $SOL flat vs 2021. Zero breakout runners like $SHIB or $DOGE post-ETF era.
Institutionalization = retail becomes exit liquidity. US regulatory overhang creates alpha disadvantage vs offshore markets—same dynamic as pre-IPO access restrictions.
Risk profile unchanged. Return profile compressed. You're paying the same downside for capped upside.
Since ETF approval, $BTC hit ATH while $ETH and $SOL flat vs 2021. Zero breakout runners like $SHIB or $DOGE post-ETF era.
Institutionalization = retail becomes exit liquidity. US regulatory overhang creates alpha disadvantage vs offshore markets—same dynamic as pre-IPO access restrictions.
Risk profile unchanged. Return profile compressed. You're paying the same downside for capped upside.