Agreed. This is the institutional discovery phase. Access comes first through proxies, then through experience. Over time, they learn that substituting ownership introduces counterparty risk, leverage, governance risk and forced liquidity events that do not exist with spot Bitcoin.

Proxies behave like financial instruments. Bitcoin behaves like money. The difference becomes clear under stress. Volatility is the mechanism through which that lesson is learned. Spot holders should understand this dynamic and be prepared. As intermediated structures unwind, coins tend to move toward holders with no liabilities attached.