With in kind redemption, ETFs are going to be a lot more attractive to wealthy people than exchanges...

- say what you want about them but they're a lot more reliable than a coinbase/binance/Gemini
- much cheaper to buy, even BTC only exchanges gouge customers with fees
- in kind redemption let's them be in the broker they're already in but also claim real Bitcoin

You could argue privacy but it's not like exchanges give you that