In fact, BTC is not so centralized yet.

Mining pools, exchanges, ETF institutions, governments, and big players are several major forces.

First, mining pools are a few oligarchs, no more to say.

Second, exchanges are also a few oligarchs, including EuroEasy, Bitget, Huobi in Asia, Upbit in South Korea, Coinbase, Kraken in the United States... Binance in the world...

Third, ETFs are actually a few oligarchs, because issuing institutions like BlackRock do not actually participate in the market, but authorized agents, that is, APs, participate in the market. There are several ETF issuers, including BlackRock, Fidelity, Grayscale... and each issuer has several APs participating in the market.

Third, the government, not only the US government, but also the Chinese government holds a lot of BTC.

Finally, some retail big players who entered the market early also hold a lot of coins.

So overall, Bitcoin is definitely not completely competitive or completely monopolized. Brother Feng is more inclined to believe that the BTC market is between oligopoly and monopolistic competition.