Exactly. ETF is antithetical to Bitcoin. I suppose the mid to long term game theory says we'll have a chain split of sovereign Bitcoin vs ETF coin. The ETF coin will likely move to PoS. I guess it may be the "last boss" in that the sovereign coin will likely lose purchasing power in the short to mid term given the economic firepower that will be deployed against it. This might be something that takes decades to fully play out. But ultimately I can't see there being a future for ETF coin. The entire (and only?) point of Bitcoin is to escape those fiat paper games.