Who will pass first between Bitcoin spot ETFs? Is GBTC, the oversold Ark, bearish on Grayscale?

Bloomberg ETF analyst Eric Balchunas previously made it clear that the SEC’s desired cash model means that only ETF issuers, not intermediaries (registered brokers), will handle BTC. They may also be unwilling to allow subsidiaries of unregistered broker-dealers to handle it (because they are not registered). The fact that various asset management companies have been amending their S-1 forms one after another also suggests that this situation seems unstoppable!