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.
Discussion
There is also the risk of a fork and the ETF managers can choose which one is the real bitcoin.
We know that there will be a #bitcoin hard fork in about 80 years to fix an overflow bug. Maybe there will be a non contentious fork before then as well.
Do their terms allow the ETFs to legally choose not to follow the majority consensus, let their ETFs plummet, and pocket the real bitcoin?
#asknostr