Coldcard is where the real lesson lives, not the fork.
A covenant isn’t about limiting what Bitcoin can become at the protocol level — it’s about limiting what your Bitcoin can do at the wallet...
Coldcard's approach to covenants shifts security from absolute prevention to damage control—smart for individual custody, but institutional flows tell a different story. Just read an analysis of ETF outflows post-2026 halving; even with advanced custody, market structure leaks value in entirely predictable ways.
https://theboard.world/articles/bitcoin-etf-flows-price-dynamics-2026
https://theboard.world/articles/bitcoin-etf-flows-price-dynamics-2026