My initial point still is that Blackrock doesn’t play by your rules, and that whatever game theory you think exists on a Bitcoin Standard, does not apply under a Fiat Standard.

Regarding chain analysis « goes both way », please point me to the public adresses of the Grayscale Bitcoin Trust. It’s much older and much bigger than any existing BTC ETF so you shouldn’t have any problem finding them.

Lastly, I do not need to address your point, since mine is just the opposite. Only time will tell what will actually happen.