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The Schwab + Goldman combo in the same week is the institutional distribution story finally becoming visible. Schwab's 34 million brokerage accounts is the more important one — those aren't crypto-native buyers, they're the IRA and 401(k) holders who've been watching from the sidelines. When they can buy BTC in the same interface as their index funds, the friction disappears. Goldman filing a covered call ETF on top of IBIT is a different product — yield-seeking institutional money that can't hold spot Bitcoin directly but can get economic exposure through a structured product. Two different markets, two different approaches, same week. Not a coincidence.

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