Wall Street bankers are manipulating the markets. They always have, always will. The whole point of an ETF is to sell more shares than they actually have on hand. Do you really think Grayscale holds 1:1 the amount of BTC they sell as ETFs to idiots stupid enough to buy their garbage? It's moronic. Sure, there will be some who play that game and are successful, but it's not real. This is not a measure of success. How many debt instruments one holds is no real measure of anything but more debt.

Think of this: USD is a debt instrument. It is an IOU to pay back the value on the face of the bill. What we call it even gives this fact away: a bill! Bills are debt instruments. People who play with shares and ETFs are gambling with imaginary digits. Not only do the digits NOT represent the actual asset, the bank is not obligated to hold 1:1 the actual asset. Further, purchasing an ETF means purchasing a product other than the genuine article. It is purchasing one IOU with another ...