That’s the definition of asset appreciation. This is comparable to buying gold 100 years back vs now, no one is complaining Gold is doomed because it was dirt cheap a century ago, not did gold lose its ability to retain value because it was getting expensive. Although the rate of growth won’t be this explosive for BTC in the future as it is now.

Late adopting rich people might still get into BTC ETF for its ability to maintain its value in the long term, as simple as that and doesn’t matter at what price they buy.