There is a mistake that most are making when looking at the Bitcoin ETF purchase figures. They are only looking at US ETFs and ignoring the flow of ETFs from other countries and European ETPs.

Holdings have remained constant throughout the summer and so far, investors are simply selling their ETFs and ETPs from their respective countries and buying US products.

https://m.primal.net/Linm.png  

 Are any of the ETFs publishing their BTC addresses for audit? How do we know if their dollar value is backed 1:1 with real BTC? 

 Bitwise and some others that I can't remember:

https://bitbetf.com

However in arkham they have discovered many, the holdings are true.