The big banks couldn’t make any money on BTC and couldn’t get involved prior to the repeal of SAB-121, which why in-kind redemptions were blocked. Now, with the repeal of SAB-121, guess who’s going to make the money? JP Morgan and the other big banks. They’ll step in as custody service and liquidity providers, unlocking endless revenue streams. First, they’ll hold BTC for their clients and lend it out. Eventually, it will become a matter of national security, and they’ll need to hold BTC directly on their balance sheets. I wonder which bank will hold BTC first but it happens this cycle.