I think it’s very unlikely that ETFs are lying at this stage. Instead, there have been plenty of long-term holders selling bitcoin on exchanges, offsetting a lot of those ETF inflows. Many of them are even selling and then buying into the ETFs. My main concern with the ETFs is mainly that 1) wanting to leave them and move into bitcoin is a taxable event and 2) the US government could prevent future withdraws of real bitcoin from this whole financialized stack.