Will a bitcoin ETF lead to rehypothication as it has with hold ?

Rehypothecation further complicates bitcoin’s identity. Put simply, rehypothecation allows CCPs to use given bitcoin as collateral several times. “It is the process by which a lender receives an asset as collateral for a loan, and then pledges that collateral to cover its own exposure to a separate party which then pledges the same collateral to a different part"

In other words, will the same BTC coin be owned by multiple parties thus leaving the 'apparent' supply and thus price wide open to manipulation?

Can't trust the vultures on Wall Street... Title supposed to say Gold, not hold...