but do you think this will have cause transactions to drop off over time as more adoption happens on the paper side?
Even ETFs undergo outflows. I believe that majority of people using ETF don't plan on holding for long and could run off if a dip occurs.
So Holdlers would reduce transaction more than ETFs or other third parties Would.
If one holds ETF or uses a third party it means they don't care of the opportunity of control Bitcoin can offer.
It sounds plausible, I’m a bit stuck on the a holder is a holder no matter where they are self custody or third party
Who's in custody of the coin is the holder. So when you use an ETF or a treasury company or an exchange
You are like an investor that invested in the company not Bitcoin.