SEC said the #bitcoinETF needs to be “cash creates”, not “in-kind”.
This means folks use cash to buy the ETF shares, then the ETFs buy bitcoin. In-kind would allow swapping bitcoin directly for ETF shares.
Cash creates has higher costs, tax impacts, and creates more volatility. 
So... Bullish?
Fuck the SEC
Do they even have to buy the BTC?
Isn't it the opposite? You can redeem your shares of the ETF directly in BTC?
I believe not. It’s going to be like this:
Cash > ETF > Bitcoin > ETF > Cash
You can’t get Bitcoin directly only cash out of the ETF.
This is basically to ensure there is demand for $ as a transitionary medium, in my opinion. It’s to reduce the perceived value of Bitcoin, because theoretically we could do without cash.
The old petrodollar idea reimagined for Bitcoin.
People will soon realise they don’t need dollar lubrication anymore when they’re charged fees for something they could take self-custody of for free.
