I appreciate the nuance here. 

In one sense, as Mallers, and Saif state, cash balances(SoV) in bitcoin are a valid use case and price as a measure of real participation in the network (skewed by ETFs, etc) is a measure of health.  we should all celebrate NGU (hopefully mostly from real participation) because that is the measure of a healthy network and increases the ability for greater participation.

However as Jeff booth and Parker point out, SoV without MoE is fake participation.  if you do not control or own your bitcoin (ie all private keys were lost tmrw or controlled by one entity) then the network is mostly useless for coordinating economic activity in the future. Or to quote satoshi, "most of the benefits are lost if a third party is needed" (paraphrased) 

ETF's, mstr, and any other centrally controlled bitcoin "backed" token is number go up without freedom go up.  
It's not real participation in the network and skews both SoV and MoE metrics by skewing the exchange price.  To each their own but I wouldn't want to be left out of the network because I falsely assumed I was part of it.