@Solomon and
@jaygreenb
I'm not sure if you guys will fully agree with this, but here is my newer take on the current situation with BTC.
I think the goal of this ETF from big players like Blackrock, Fidelity and other wall street and tradfi institutions isn't so much to crash BTC but something else.
As I mentioned earlier, BTC itself is held by a very small percentage of the WORLD population. Those with anything more than .1 BTC are around a few million individuals, it's hard to specifically quantify this number due to things like multiple wallets, etc. These are very rare individuals and the overwhelming majority of common people own tiny amounts of BTC or none at all. I don't think that these institutions are trying to get these retail investors to sell, at this point I just don't think that is even in the cards. There's no way they can really take the BTC from these investors, so that is off the table.
However, I think what the goal is involves controlling whatever BTC is available on the market, will be mined, etc. It could be where you can't buy BTC on coinbase and send it to a private wallet, instead you have to purchase it through an ETF. This is a similar idea you will see with gold for instance. I think the idea is simply to have control over as much of the BTC supply as possible while preventing further decentralization. Whether through regulatory practices or sheer price, the average person is just not going to be able to buy an appreciable amount of BTC that they can then take off of the network and put into cold storage.
This ETF stuff can allow these institutions to offer BTC as part of an investment portfolio that they can also make profit off of from fees. Blackrock and these others are basically in it to make money for themselves while preventing the common people from having control of their assets.