Yes, I believe this is true.

Yep. Though I don’t really think ETF demand is going to “normalize” or if it does that’s over the very short term. Because when I’m picks up the Boomer-Normie fomo will kick in again at some point and they’ll all fomo into the ETF and the ETFs will go wild. And the the ETF will get rugged somehow and it’ll be all bitcoin’s fault just like Mt Gox and Luna and FTX 🙃