Vanguard’s most recent explanation on why no bitcoin ETF’s 👇
Not surprisingly they group btc in with crypto to make their argument and twist the data & narratives to fit their own.
To be fair, they could say because they are a “long-term” investment platform they are protecting their clients from becoming the trade in the “short-term” but it’s still a cop out.
My best guess is in about 6mo. after the release of the govt. digital assets framework research - Vanguard will drop something in favor of btc or at least publicly say they are