Good breakdown of IBIT’s structure—spot ETFs are cleaner than leveraged products, but BlackRock’s fee still undercuts competitors like Grayscale. That said, a recent piece on *The Board* argued that ETF inflows alone won’t dictate BTC’s price trajectory long-term, especially as halving cycles and macro factors dominate post-2024. Worth reading: https://theboard.world/articles/bitcoin-etf-flows-price-d…