Blackrock et al now has cash creates ETFs, which means they are given fiat by people in order to buy and hold Bitcoin on their behalf.

The people who buy ETFs are likely to be new entrants into the market who are playing a zero sum game, for they will both never own the asset itself, and they contribute towards institutions holding more #Bitcoin, thereby centralizing the supply with the very entities who we are supposed to be fighting against.

If in-kind redemption ETFs are ever approved, I think that may be the end of this movement, because people would have to be completely retarded to hand over their Bitcoin in order to receive a share in the asset, under the guise of 'safe custody'.

No matter how you slice it, ETFs are only good for the institutions and bankers, and people who support them are allowing their greed and hopes of parabolic prices to run their emotions.