There are only 3 ways to outperform bitcoin:
1. Leverage: adding leverage can work, but it adds risk and must be understood.
2. Multiple expansion: can’t bank on it, as it can be driven by factors outside your control (and can go the opposite direction).
3. Sats flows: least risky, most durable avenue to outperform bitcoin (and the most under your control).
Focus on sats flows.
