Tweeter seems to be very positive on the chances of an ETF approval. However, Pomp (known for fake news and shitcoin shilling) tried to mislead that this is not an ETF but a redeamable trust comparing it to $GBTC. Here is the reply:
To all those saying the BlackRock filing is a trust and not an ETF. Do you consider $GLD to be an ETF? Well, this is same thing. Lot of structures under ETF umbrella. Nothing like $GBTC. This is the real deal.
https://twitter.com/EricBalchunas/status/1669495679004147714---------
$GLD is also a trust. But since it stores the gold physically and allows for daily creations and redemptions (which allows arbitrage) it's basically an ETF. That's how to think about this vs GBTC which is a private trust who limited shares trade OTC. Night and day dif.
https://twitter.com/EricBalchunas/status/1669484124208242689--------
P.S. IMO, the trust has a greater chance for an approval compared to an ETF, since it solves many of the SEC "concerns" about the lack of customer protection, regulations of the Bitcoin exchanges, etc.