Bitcoiners migrating to use fully-trusted, often fully-custodial systems operated by anonymous third-parties is obviously absurd, which leaves every trusted system that sees use in practice compliant and antithetical to bitcoin’s principles. This may leave some bitcoin in decentralized cold-storage, but when the only platforms through which bitcoin can be transacted are entirely KYC and AML, such bitcoin is effectively value-less; what is the point of a bitcoin in self-custody if you can’t use it? You might as well keep your bitcoin on paper with an ETF.