The Bitcoin ecosystem is moving at incredible speed right now. **ecosystem=tradfi financialization One reason and one reason alone for the uptick in pace: @BlackRock IBIT AUM: 72.5B • Bit-bonds are coming. • lending against BTC exploding. • BTC bank custody en masse. Bitcoin is a ‘new’ asset that Wall Street can charge premium fees for BTC product transactions for several years. Everything else **everything** is commoditized.