Part 5/14:
Particularly, the mechanics of ETF transactions raise eyebrows: large Wall Street firms like BlackRock can borrow Bitcoin from trusted custodians (such as Coinbase) off-chain, enabling them to short or manipulate holdings without publicly revealing wallet addresses. The T+2 settlement system and off-chain trades introduce opportunities for covert activity. As an investor, one should prioritize ETFs that share their wallet addresses openly, ensuring transparency amid these complex maneuvers.