This chart certainly raises questions as to whether or not #BlackRock actually custodies the volume of bitcoins it claims to custody. As far as I understand there is no on-chain proof of the existence of the #BTC from the BlackRock ETF. Isn’t a key tenet of #Bitcoin “don’t trust, verify”? Imagine if BlackRock is running Bitcoin fractional reserves? Maybe we’ve been too complacent by thinking we can let the wolf in and still play the game on our terms.