Bitcoin ETFs are gaining momentum, but Cory Swan said the products represent only the beginning of broader adoption for native onchain Bitcoin use. He described ETFs as the "top of funnel" for real onchain Bitcoin, signaling that investor exposure through traditional vehicles may lead to deeper engagement with the asset on blockchain rails. The remark frames ETFs as an entry point rather than an end state, as market participants weigh how regulated investment products could expand Bitcoin access while onchain activity remains central to the asset’s long-term use case.