I may want to believe it's true, though not because the price of bitcoin dropped after the launching of the etf, but because the government actually are good at stuffs like this, they are professionals in the inflating things/assets, most especially, if the asset is one that the buyers don't see for real, but simply view it as numbers on their screen.

As long as those bitcoin spot etf being sold to customers are not backed with the real bitcoin, it's very possible that those asset managers are creating bitcoin from thin air to profit from, and even if they claim the etf are backed with the real bitcoin, there have to be a way to verify that this claim is true, else, that's just another big lie.