I think it’s very unlikely that ETFs are lying at this stage. Instead, there have been plenty of long-term holders selling bitcoin on exchanges, offsetting a lot of those ETF inflows. Many of them are even selling and then buying into the ETFs. My main concern with the ETFs is mainly that 1) wanting to leave them and move into bitcoin is a taxable event and 2) the US government could prevent future withdraws of real bitcoin from this whole financialized stack. 

 There is also the risk of a fork and the ETF managers can choose which one is the real bitcoin. 

 We know that there will be a #bitcoin hard fork in about 80 years to fix an overflow bug. Maybe there will be a non contentious fork before then as well.

Do their terms allow the ETFs to legally choose not to follow the majority consensus, let their ETFs plummet, and pocket the real bitcoin?

#asknostr 

 The terms state that they can choose which fork is the real bitcoin. 

 So they could say the less popular fork is the "real bitcoin" and watch it crash while the popular fork is still in their custody right?