I mean this is where the money is going, its all traveling straight into bitcoin. You can't be mad about this its incredible adoption. But I suppose something can happen with the coins or they could be mishandled or mistreated per say but I guess only time will tell in that circumstance. I agree, rich people are going to do what rich people do so you can't really sit around and feel sour about them, I mean you can but what good does that do anyways? I'd rather try to get rich and not give a crap about what people say haha.
Bitcoin Spot ETFs can do right things for their customers or do wrong things like Terra, FTX, Voyager, Three Arrow Capitals and more did. The rich have abundant money for investments and if they chose Bitcoin, they made a very good decision. Nevertheless, if they decided to go with Bitcoin Spot ETFs, personally it's where they made bad decision for their bitcoin portfolios.
No private key, no actual bitcoins belong to them and they have to trust Bitcoin Spot ETFs doing right things for them. While as said, there is chance of bad management from Bitcoin Spot ETFs and intelligent investors, either billionaires or not, should aim at fully control their funds by themselves.