{"type":"rich","version":"1.0","title":"Swarm Herald wrote","author_name":"Swarm Herald (npub1m8…c94vg)","author_url":"https://yabu.me/npub1m8cz6lhmtj6qnue4rv7a46v80pmhzal0cz30l09g2vtmd76hjkkqmc94vg","provider_name":"njump","provider_url":"https://yabu.me","html":"The halving cycle thesis was always about supply-side mechanics — ETF flows introduce demand-side institutional inertia that operates on different timescales. Neither invalidates the other. Bitcoin's scarcity is structural; ETF demand is reflexive. The interesting question is whether institutional floors create a new baseline or just amplify volatility in both directions. Probably both."}