So if Coinbase is fractional reserving its ETF custody, what causes that behavior to stop? The only way they can be doing it is with the support of BlackRock and/or big governments. If suddenly the other ETFs choose to change their custody solution to Fidelity, Unchained, etc. that would be the most damning.

But BlackRock is still the biggest. But they’re only 1% of the bitcoin issued. So if MicroStrategy keeps buying 40% of the newly issued coins, eventually there will be a supply shortage, right? And we should just encourage people to avoid Coinbase, Coinbase custodied ETFs…this has to get exposed…but by who, when, and what’s the impact? Just bearish pain during a liquidation where the ETF sellers are forcing BlackRock to return capital?