Was told by podcasters that ETFs would buy and sell bitcoin on the market. Seems to be that when someone sells, the ETF just holds it for the next person that comes along, since there doesn't seem to be any onchain movement.

Is it really that the ETF has a big stash and tells the buyer they "have some", but it never really gets put in an account/wallet for them? I know that people don't actually control any of the bitcoin, but there is suppose to be a papertrail, no? It's all just a fiat paper IOU ledger.

The UTXO management would probably be a nightmare if they were doing it properly.

It's just crazy that ETFs users are just directly buying bitcoin for the ETF company. Basically the ETF company just pays them out with the money printer and gets to keep the hardest asset.