Spoke with an investment banker friend who says the notion that banks selling the spot ETF don’t buy the underlying Bitcoin until 1 day later is not true. They need to buy BTC at the time they sell the ETF to customers (or before), otherwise they risk losing $.

For the most part, they buy directly from Coinbase and are paying high fees to do so. They also have limits on how much they can buy, as only so much is available at any time.

Going to be a wild year. #Bitcoin