I don't trust them either, but it's very unlikely they are rehypothecating Bitcoin. If you think it through you'll see.

1. The supply of bitcoin is fixed. If blackrock claims to hold 21 million bitcoin, the jig is up. Therefore this scam cannot run forever like it does with Gold where the supply is unknown.

2. The ETF holders are not plebs to be scammed. These are wall street investors. Bernie Madoff died in prison because he tried something like that. SBF probably could use a roommate, I bet he's lonely.

3. The price of bitcoin isn't going down much, so a short-term rehypothecation would only mean that coinbase/blackrock will be forced to settle up at higher prices in the future.

The reality is that people are just impatient. When you study bitcoin enough to realize that $60,000 is far too low for a realistic market price, it makes you think someone must be mAnIpUlAtInG it. But that's extremely unlikely.

Just be patient.