Comment from @MartyBent newsletter. I am sure this is correct, and important particularly because it may represent deep pocket investors. Nevertheless the other way, self custody --> is also happening. It is of course just an empirical observation among some people that I know, but the difficulty of self custody + taxes in some places (higher tax in crypto/btc than ETFs), plus hacks, plus wrench attacks in the news make the ETF attractive. Sad but true.. Lets keep grinding