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What Is a Spot Bitcoin ETF? Six Roles, and Only One Can Redeem.
A spot bitcoin ETF is a trust that holds coins, a channel only authorised participants may use, and a market that prices the shares. Six roles sit around that channel: the investor who buys a claim, the broker who routes, the market maker who quotes, the participant who arbitrages, the sponsor who owns the wrapper, and the custodians where the failure mode is a key.- 6
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Crypto Built the Rails. Wall Street Is Signing the Lease.
Kalshi’s appeal and the Bitget hack were the noise. The real story is that equities are being rerouted onto rails crypto built, and the only question that matters is who owns those rails and who pays the maintenance.- 47
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