Bitcoin supply and ETFs (“paper Bitcoin concern”)

Folks,

In gold markets, the paper supply to physical gold is 124:1. Meaning there are 124 paper gold “ounces” to every 1 physical ounce of gold in a vault somewhere.

Is there a risk that the Bitcoin ETFs will have “paper Bitcoin” beyond the actual supply of Bitcoin, which could artificially inflate the supply of Bitcoin and thus dampen the price or open the door for market manipulation?