an ETF is an IOU... in that regard, it's more like fiat than true ownership. Sure, it comes with a 'promise' it won't be rehypothecated (printed), but the point remains, you're not in posession. Just like the value in fiat isn't really yours if it can be idebased/inflated without your concent.

In this regard, ironically... ETFs are sort of the institutions trojan horse into BTC... as BTC is a trojan horse into the traditional finance industry. The less people that use ETFs the better... but people are going to do "the easy" path, and find out the hard way. What's actually ownership and what isn't. At least it's adoption, but I don't think it's "healthy" long term. It could actually do a lot of damage, if a huge pile of BTC was lost or stolen... and govt stepped in to reconcile the way they often do (taxing everyone to make sure those with a lot don't lose it).