Bitcoin ETF Green Light Offers New Options while Limiting Direct Ownership
• ETF approval benefits institutional investors by allowing low-fee proxy trading, more arbitrage and hedging options
• ETFs provide investor protections, liquidity, lower tracking error compared to other vehicles
• Exposure to bitcoin without self-custody risks; credibility from major ETF providers
• Demand and suitability for spot bitcoin ETFs still uncertain; adoption not immediate
• Investors reliant on ETF managers, don't own bitcoin; limited trading hours versus crypto exchanges