Oddbean new post about login | logout Yes that is the reason, but they wouldn’t do this unless there was near zero demand for it
Then why create their own? A similar demand argument.
Ethereum based demand as a whole is down. My guess is that they are just creating a way for them to profit on the wave of uneducated people that are looking for a “diversified crypto portfolio”
That's probably closer, IMO. They see wrapped BTC demand is down so they create demand by creating their own so that they can advertise and profit on it.