Bitcoin ETF Loophole Suppresses Price: Jeff Park Analyzes Structural Flaws

Bitcoin's price remains suppressed below $150,000 due to a structural issue in the exchange-traded fund (ETF) framework known as the "grey window," which allows institutional players to hedge their delta using futures contracts rather than purchasing the underlying digital asset. This decouples ETF inflows from natural price discovery, and unless reforms are made to redemption mechanisms and AP incentives, Bitcoin's true value may remain hidden.