I admit that they aren’t the exact same, although in some ways the ETF is worse then FTX (no in-kind redemption, higher capture risk, limited trading hours, middle men between share redemption/issuance and real coins)

Considering how easy it is to custody Bitcoin, the ETFs are a complete joke. The only people who will be buying them are people who have funds trapped in retirement accounts or people who think giving their money to others somehow eliminates risk.

Risk and responsibility are inherent to life, and trusting an ETF to take the risk and responsibility of securing your Bitcoin does not change that.

I would be surprised if these products survive in current form over the next decade.

They will either blow up due to error, intentional capture, or financial manipulation, or they will improve and start offering in-kind redemption, transparent holdings and share issuance with multisig vaults, and less centralized custody models (less coinbase)