ETFs currently control only 793,034 BTC combined globally — equating to just 3.8% of the maximum 21 million supply. This includes Grayscale's yet-to-be-approved GBTC.

Removing GBTC, existing ETFs account for a far smaller 144,222 BTC, or 0.8% of total possible issuance. So while demand could surge on US spot ETF approvals, traditional finance wields minimal influence over Bitcoin's circulating tokenomics for now.

In fact, GBTC alone comprises 622,657 BTC — over 3x the holdings of all other ETFs worldwide. And whales like MicroStrategy still trump ETFs for Bitcoin ownership.

ETFs have plenty of room to expand their nascent corner of the BTC market. But any concerns of Wall Street monopolizing Bitcoin appear premature when the largest ETF holds only 3% of eventual supply.