Danny Sanders, Chief Commercial Officer of Trezor, stated that the complete ETFization of Bitcoin may weaken the core attribute of self custody, which is the least ideal outcome for the industry. Currently, only about 10% of the world's approximately 600 million cryptocurrency users choose self custody, and hardware wallet users are only 12 to 13 million. Since its launch in 2024, the US spot Bitcoin ETF has attracted over $53 billion in capital inflows, leading more users to prefer custodial tools. The industry should focus on improving the usability and security of self custody, rather than simply accepting the path of Bitcoin ETFization.