Spot Bitcoin and Ether publicly listed ETFs have well-known hacking vulnerabilities. Losses have occurred on decentralized platforms (DeFi protocols), centralized platforms (such as Coinbase), and when spot crypto is in transit. Because of the nature of the assets and its systems (poor or no compliance, poor controls, and little to no regulatory oversight), there's generally little redress, at least within the time required not to cause an ETF shareholder concern. In its spot Bitcoin filing, the sponsor does nothing to address losses in custody or otherwise, merely disclosing that the average ETF investors will wear this risk - there's no way the average retail investor has any ability to assess custody and transfer risks when she does not know what Coinbase custody and the sponsor are doing. An even bigger risk seemingly missed by everyone is Bitcoin or ETH provenance. That is, if the Trust owns Bitcoin, how are we sure that those Bitcoin are not the product of an alleged hack from months or years earlier, only for the Bitcoin to be "reverse hacked" out of the Trust's hotwallet based on the instructions of a U.S. or foreign court order. This exact "reverse hack" was ordered by the courts of England and Wales recently, and had these coins been owned by the Bitcoin Trust, ETF holders would have a huge unresolvable loss. I have attached reports from a MakerDAO "reverse hacking" where a platform was stripped of its assets more than a year after a claimed hack.