Wall Street is back at it again, finding new ways to mess with Bitcoin. Franklin just filed for a new ETF. According to the documents, the initial holdings will include 95% S&P 500 stocks and 5% Bitcoin. Plus, all the cash dividends from the stocks will be directly used to buy Bitcoin. Basically, they’re using the steady returns from stocks to dollar-cost average into the more volatile Bitcoin. Sounds pretty good and reasonable, right? It gives traditional investors who are curious about Bitcoin a new option. And more importantly, it looks like Bitcoin is finally flipping the script and starting to ‘siphon’ value from the U.S. stock market. But here’s the catch: buried in the documents is a clause that says the ETF’s Bitcoin holdings will be capped at 5%. If it exceeds that, they’ll gradually reduce it to 4.5%. And if Bitcoin holdings ever exceed 20% at any market close, they’ll be forced to slash it back to 4.5% in one go on the next trading day. And how do they reduce it? By selling. So, this ETF is essentially an automated profit-taking bot that sells more Bitcoin the higher it goes, constantly creating sell pressure. And when to sell, and how much to sell? That’s all casually decided by the ETF issuers and written into the documents. The power to set the price has shifted from geeks, miners, retail investors, and exchanges to institutions, putting a leash on Bitcoin, the wild horse.