Ark: I’d like a spot Bitcoin ETF, please.

SEC: No

Ark: May I please have a spot Bitcoin ETF?

SEC: No

Ark: Pretty please may I have spot Bitcoin ETF?

SEC: No

Blackrock: Spot Bitcoin ETF.

SEC: Yes

That, my friends, is the Cantillon effect and why we hate centralization.

*This is a prediction. The SEC has not approved any spot BTC application yet.