SEC is very aware of the first mover advantage if they approve one ETF filling before the others. They won't do this. They'll approve at least six funds at once.
Discussion
Who ever greases they hands the best gets approves first.
Why because it will get crazy otc they need to control the on board
There won't be much retail buying I don't think. Retail buys actual Bitcoin. There will be a flood of big block trades from institutions that want exposure. They've been waiting for this. They want the alpha but they don't want to self custody. That part they think is a problem. Better in their eyes to be able to just put shares of an ETF on their books. That kind of accounting they know how to do.