it just starts with saying gensler approving 11 ETFS
mentions some price movement reactions
middle part says that its a ETF like gold etf backed by the underlying asset and nothing to do with future contracts
the ETF allows financial advisers and brokers exposure to bitcoin price activity
streamline process allows those involved access to bitcoin prices without complexities of self-custody coin management
analysts predict $200k by 2025
gensler had to call out previous days false announcement

..
basically not really a deep dive, just the usual talking points

define buyers

under examples of blackrock ETF
blackrock trades with AP(authorised participants(agents/brokers)) not end investors(customers/citizens)
lets use "jane street group llc" as a example AP with blackrock

blackrock total holdings is (as of yesterday)
~$10m (~227btc)= 400,000 shares total
=10 baskets(40,000share ~22.7btc per basket)

janestreet can and does own shares, as of yesterday 12,355 shares totalling ~$329k
a basket is 40,000 shares totalling ~$1m (pegged to ~22.7btc)
meaning janestreet only has ~33% of a basket

the AP(jane street) needs to accumulate 40,000 shares total to get a voting right to dissolve/redeem those shares off market. and have blackrock signal to coinbase to unlocked reserves from coinbase custodian to then be sold OTC for cash to then give to janestreet cash. whereby blackrock has less coin in custody and less shares to offer.. but jane street would be given cash not coin

so in short no jane street cant get coin this way
jane street wont self custody or be delivered actual bitcoin via blackrock or coinbase as custodian
dissolving/redeeming shares is not a method to get bitcoin from blackrock. nor is it even the best way for jane street to even cash out to then buy bitcoin elsewhere

also to note
if it ever were a case of "in-kind" redemption its not like end use investors/citizens can ask for 1 share worth of coin either.
..
dissolving shares (redemption) is not in the best method of getting in and out of blackrock. whereby needing to buy another 27645 shares to get a voting right full basket to then dissolve/redeem shares to unlock coin custody just to then cash out.. they might aswell just sell 12,355 shares to another willing AP within blackrock.  to whomever wants to take control of the shares and use cash from sell to buy coin elsewhere enter another market

Everyone can use the forum as they want? and if you don't like it how a user use the forum you can scroll on instead of reply at all.
And what have merits to do with anything? Merits is just a illusion. He contribute the way he feel he wants, and so do you.

Best regards
/ BabyBandit.