Cryptography pioneer Nick Szabo criticized Bitcoin ETFs for relying on market makers like Jane Street, arguing that this deviates from Bitcoin's principle of eliminating trusted intermediaries. He cited the principle of "private keys are not mine" and pointed out that Wall Street's practices led to a $179 million outflow of funds from US spot Bitcoin ETFs in February, with cumulative outflows exceeding $6 billion since November last year. Szabo believes that Jane Street's role in the UST/LUNA collapse was a natural test of the protocol's resilience.