GREAT RIP!

Something I’ve been trying to wrap my head around is how would the ETF maintain NAV and/or BTC per Share given the volatility of BTC price and the less than transparent mechanisms available to market makers. 
In the simplest scenario, BTC price goes up, market makers buys shares, redeem for BTC, and sell for cash to capture the spread and bring share price back to par. 
The same is true is reverse, BTC price goes down, market makers buy BTC, create shares, and then sell shares to bring the price back to par. 
Given the long settlement times, supposed infinite liquidity at Coinbase and long track record of obfuscation, without clear proof of reserves and shares outstanding, I don’t see how this all works out well. 
I have no doubt that ETF shares are being borrowed at massive volumes, redeemed for BTC and then either sold or held (to be sold later) for profit and to suppress the price as needed. 
STAY HUMBLE & STACK SATS 🫡 

 hard to get into all the details of the NAV and ETF mechanics here but i agree with your sentiment in general that bitcoiners should be skeptical and we need more transparency. that's the reason bitwise shared our bitcoin holding addresses (the only bitcoin ETF to do so) and we also work with hoseki to do proof of reserves.