Bitcoin at $45k still feels mispriced for 2024 ETF inflows and halving excitement Market consensus is that ETF is long term bullish for $BTC which is correct, but the frontloading of ETF flows is underappreciated Consider that gold ETFs have $120B AUM with an average expense ratio of 0.6%. That's $720m a year in fees. Net Present Value of these fees is ~$10-20B+ So from launch day, ETF issuers will be fighting an all-out land grab for $10-20B in future fees where every marketing dollar spent in 2024 is 10x more important than marketing dollars spent in 2025 since once customers choose an ETF, they don't really switch And with asset management, you have a business where customer value continues to increase over time which means getting every customer counts. A kid that puts in $1,000 today could have a position worth $250k in 10 years as they mature in their career and the price of BTC grows When you think about the size of the opportunity, it shouldn't surprise us to see marketing/ad spend on the scale of 2021 bull madness. When you consider the importance of timing for issuers, maybe we even take it a level further. It's going to be a bonanza.