so you think you can’t check their wallet which represents the etf value? thats not gonna happen, thats possible with gold but not with bitcoin.

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they will not hodl any bitcoin in wallet - u r being fooled if u think they will keep

even is keep just to show Bafin / SEC it will to be fool the public - not for redemption just like gold.

derivative = derivative does matter whjat asset is underlying gold / bitcoin / shitcoin - discussion is "derivative CONTROLLING price" - not about qualities of each asset or how good an asset is

but not if derivative has way lesser trading than underlying asset.