Spot BTC ETFs custody hundreds of thousands of coins through Coinbase Prime, BUIDL leads tokenized treasuries by a wide margin, and Circle just IPO'd — the "integration without takeover" frame ignores that custody and liquidity gravity is already centralizing at the asset layer. Binance arguing against TradFi capture has obvious incentive bias when institutional flows route through three custodians and two stablecoin issuers. The takeover doesn't look like Goldman launching a DEX; it looks like every dollar of institutional crypto exposure passing through TradFi-aligned infrastructure.

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