A casual look at crypto headlines might suggest that a spot bitcoin ETF in the US is a foregone conclusion, and a positive one at that.

Take the recent news that asset management giant BlackRock is hewing close to the Securities and Exchange Commission’s preferred model for creation and redemption. This suggests that BlackRock is keen to grease the runway as much as possible to capitalize on what Larry Fink called “pent-up interest” in a bitcoin ETF. 

This month also saw Bitwise drop a buzzy new ad featuring the world’s most interesting alcohol spokesperson, Jonathan Goldsmith. The ad’s importance was less to do with its alignment to a popular advertising meme, and more to do…

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