Earlier this week, crypto analyst Tyler Durden accused Coinbase on the X platform of allowing BlackRock (the largest issuer of spot Bitcoin ETFs) to borrow Bitcoin (IOU: I owe you) without providing collateral, which would allow the market to be manipulated and profit from the resulting price swings. Coinbase CEO Brian Armstrong explained that these ETFs are minted, destroyed and settled on-chain within one business day, and institutional clients can choose to use trade financing and over the counter options before the trade is fully settled. James Seyffart, ETF analyst at Bloomberg, said: "I don't believe these rumours and conspiracy theories at all. This is just another in a series of negative comments about ETFs". Seyffart reiterated the need for more issuers, including BlackRock, to share digital wallet addresses with the public to increase transparency. Eric Balchunas, a senior ETF analyst at Bloomberg, criticised the bitcoin community for blaming ETFs for the recent market sell-off pressure "rather than introspection". "People investing in BTC are generally sceptical of governments and institutions (I understand)," he wrote in an article on X. "BlackRock's'not kidding 'though, asset managers will'go crazy' if Coinbase'is playing with their bitcoin '".