Did Bitcoin Gain Institutional Demand But Lost Its Coolness Factor?

From the very beginning I never wanted institutions in Bitcoin. Never wanted ETFs. Never wanted options or Blackstone or index funds involved. I appreciated Michael Saylor for his great explanations and I thought putting MSTR's cash into Bitcoin was brilliant. But I did not want his new financial "products" nor what that company has become recently. I don't want Treasury companies. I sure as heck did not want nations owning it. I knew one day all this would probably happen, but never really felt it would help Bitcoin adoption and might even hinder it.

Essentially, I've always believed every Bitcoin owned by a government or company or institution was one less Bitcoin that could be owned by PEOPLE. Furthermore, although it was obvious all this institutional interest would drive some demand, it seemed to me that for every institutional dollar of demand, Bitcoin would lose at least one dollar of demand from human beings who liked its outsider status, coolness, privacy and the fact institutions were not involved. Has this change happened?

For all the hullabaloo, Bitcoin has gained only 72% the last 4 years, as of today. That's certainly not bad, but in the same period gold has gained 132%. I worry the number of Bitcoins held in private wallets has probably peaked already and most future demand will be via "trusted third parties", which seems to defeat the whole point, doesn't it?

I guess my question is, now that Bitcoin has been adopted as another asset category by the rich and powerful... will it just become....just another asset?