what happens when another bear cycle hits, 80+ % drawdown from next ATH, and all the suits look to liquidate?

will the ETF issuers actually be able to process all the redemptions? what if they don’t have the requisite amount of spot bitcoin? dislocation in ETF price vs spot would be catastrophic for the suits.

my base case is that the ETF providers will inevitably play rehypothecation games and get blown out massively. wouldn’t be great for normie perception, but everyone’s gotta touch the stove i suppose…