BITCOIN CHANGES EVERYTHING!

One to one Bitcoin backed Fiat or Black Rock ETF, they ALL get wrecked in the long run, because who does not want to self custody BTC. Eventually as self custody becomes a "safe and effective" point and click operation for a Pleb, most EVERYONE will bail on paper Bitcoin for self custody, and the liquidity in these derivatives will dry up.

You have to forget everything you thought you know about finance, an asset driven economy completely diverges from a debt driven economy in time.

Another example of how BTC changes everything. The reason you charge interest is because a Fiat dollar today is worth more than one in the future. Understand the economic and financial divergence of when the currency is worth MORE in the future than it is today. The "time value of money" in a debt driven economy becomes the "money value of time" in an asset driven and motivated economy.