Agree on every point you outlined. Moreover, my issue with ETF is that eventually big institutions will be somehow major holders of big BTC stacks. Off course they cannot change the rules, but they could have more power to manipulate the 'complianceness' of Bitcoin: for example the idea of whitelisting I guess will be pushed because of 'compliance', or some other mental proposal that with an ETF in place will turn the matter into a 'compliance matter'.