These hacks are going to cost crypto a lot more than the money stolen. If you’re worth $50M and you keep seeing exchanges hacked and wallets drained, what’s your incentive to bring your money here? You can believe in Bitcoin and still say, “I’ll just buy the ETF through my broker.” You get exposure without having to manage wallets and private keys yourself. I think a lot of wealthy people will do exactly that. And people who were already skeptical will feel like they were right to stay away. We’re losing the trust of people who haven’t even made their first purchase yet.