And next, only cash redemptions? Expecting this to be a bitcoin black hole for the govt.
Discussion
no this type of rule doesn't increase or decrease the honeypot risk. it just means that you can't send blackrock bitcoin and get shares and you can't ask for bitcoin when destroying shares. it means shares are linked to buying and selling of bitcoin.
6102 can occur irrespective of this rule
As far as I know they haven’t restricted bitcoin withdrawals yet. That what I expect may happen. This is what I would do as the bankers / govt. Basically make the ETF into a bitcoin black hole. By keeping the bitcoin in the ETF (or controlled by the govt), I would make sure it’s not transferred into independent self custody.