A lot of capital within these large firms are already trapped in walled gardens that only go in, not come out. IMO this is just going to give that capital access to a Bitcoin backed fund. It will drive demand for the underlying real thing and against most people’s suspicions they would be under too heavy regulation with this ETF to try a fractional reserve type system. It’s more likely Coinbase custody would get ceased by the govt than Blackrock directly rugging imo.