How TradFi is devouring cryptocurrencies, killing Satoshi's dream by rewarding centralization

Bitcoin is being quietly hijacked by "broken" financial systems, creating a surveillance trap disguised as massive market growth. The price of Bitcoin, and thus the entire crypto market, is increasingly anchored by flows through regulated envelopes. Cryptocurrencies are increasingly being absorbed by TradFi instead of offering an alternative to the broken system that Satoshi criticized. Subscriptions and redemptions of US spot ETFs now record daily swings that increasingly dominate daily reports. In practice, "price determined by ETF flows" means that the ETF print has become the cleanest and most readable indicator of marginal demand for the US dollar during US business hours, which is often the first number desks check before discussing what happened in crypto-native venues.