The narrative that Bitcoin is a speculative SoV commodity is already overwhelming. If the ETFs and other institutional custody capture the majority of Bitcoin issued then the trope of money laundering and protecting us from terrorists blablabla could be trotted out to justify a ban on private custody. The ETF fund operators are also investing significantly in Bitcoin mining operations which themselves are now highly, some would say dangerously concentrated into a few pools. I hope it does not happen, and it may not, but it is where their already implemented strategic redefinition of Bitcoin logically ends up. It would cachieve the complete capture and control of Bitcoin, from a real threat to fiat monopoly to a harmless speculative commodity plaything managed entirely via the custody of the bankers for the proles.