Is the ETF Push Driving Bitcoin to New Heights? Are We Moving Towards a Better Future When Prioritizing “Price” over “Value”?

Bitcoin’s “price” reaches a new high, but what about its “value”?
After more than two years, Bitcoin has once again reached its previous all-time high of $69,000. As most people think about the “price,” I can’t help but wonder what new “value” this new high creates.
In the world of Web3, an important point of discussion is the balance between centralization and decentralization. As stablecoins, ETF holders, and centralized exchanges dominate the value transfer of cryptocurrencies, we have to ask ourselves: Does this development truly represent the better future we seek?
️Further reading:
Bitcoin breaks $69,000, sets new all-time high! Will the price continue to change?
Will the decentralized spirit be diluted as ETFs gain popularity?
The approval of Bitcoin spot ETFs naturally pushed the market during this bull run. However, when ETF holders and centralized exchanges control the majority of transactions and value flow (according to statistics, ETF issuers hold 200,000 bitcoins, about one-fifth of Satoshi Nakamoto’s holdings), the decentralized spirit of the cryptocurrency market is further diluted.
The decisions and attitudes of these institutions not only affect the price of cryptocurrencies but also determine which projects gain exposure and recognition. Regulations lead to a more concentrated power, making the cryptocurrency ecosystem increasingly dependent on the will and policies of a few large institutions.
A clearer regulatory framework for stablecoins also brings more applications for payment scenarios, but it also means that we are allowing a few companies to control the fate of cryptocurrencies.
If stablecoins were forced to implement KYC/AML (Know Your Customer/Anti-Money Laundering) and undergo a hard fork, the liquidity and support of the entire decentralized finance (DeFi) ecosystem could suddenly disappear.


When ETF holders and centralized exchanges control the majority of transactions and value flow, will the decentralized spirit be diluted?
This not only limits the freedom and flexibility of the cryptocurrency ecosystem but also gives important decision-making power to centralized entities that have no direct relationship with users.
The future challenges faced by the entire Web3 ecosystem cannot be ignored.
With the implementation of stricter KYC and AML regulations, as well as the introduction of central bank digital currencies (CBDCs), the wealth autonomy initially described by Satoshi Nakamoto may no longer exist, and it will become more and more similar to the existing traditional financial system.
This change not only limits the innovation and freedom of cryptocurrencies but may also exclude certain groups, especially those living in unfavorable geographical locations or unfriendly government countries.
Returning to the original intention of the Web3 world
When people only see Bitcoin as another trading symbol on a securities exchange, focusing on the numerical price and ignoring the technology and value behind it, what we call the Web3 market will not only lose its uniqueness but may also regress into a similar existence as the Web2 dark web, forever confined to niche applications and excluded by regulations.
The popularization of such views gradually deviates from the original goal of blockchain: a more decentralized and autonomous means of value exchange.
When a large amount of control falls into the hands of a few, and the cryptocurrency market is increasingly seen as a speculative tool rather than a carrier of technological innovation, we really need to ask ourselves: What kind of future are we promoting?


People are starting to focus only on the price of Bitcoin, neglecting the technology and value behind it. We should return to our original intention.
This phenomenon is not just about market prices but also about how cryptocurrencies and the Web3 ecosystem are understood and applied.
If we lose the driving force behind all this – innovation, decentralization, and user empowerment – what remains will be an empty shell, a market without a soul.
Ultimately, we must deeply reflect on our intentions and goals. The essence of the cryptocurrency revolution is to challenge the status quo and explore a currency and value transfer method that does not rely on traditional financial institutions. However, as we increasingly rely on these existing institutions and centralized decision-making mechanisms, we must ask ourselves: Are we truly moving towards a better future?
The views expressed in this article represent diverse opinions and do not represent the stance of “WEB3+”.
Proofread by: Gao Jingyuan