I wonder if these ETF buyers realize the potential gains they may make, are payment for the risk they take in exposing their BTC holdings to the authorities, and as they achieve these gains, the risk is reduced (by their act of holding). By holding a BTC ETF they run the risk of having *all* their holdings seized (not just bitcoin), and simultaneously reduce the risk that everyone's holdings may be seized. The final achievement in this line would be an actual authority ordering an ETF to turn over their bitcoin, and the ETF deciding to distribute bitcoin to holders in non-compliance.