Riyad Carey from Kaiko remarks on the challenges of a Bitcoin spot ETF, stating the absence of a well-regulated spot market and the SEC's previous refusal. Emphasizing the significance of market size, he notes that for ETF price manipulation, both the ETF market and underlying spot market must be manipulated. Highlighting BlackRock's choice of Coinbase, seen as more compliant with U.S. regulators compared to Binance and USDT (Tether), Carey suggests this alignment is a crucial factor in the ETF approval process. 📉🇺🇸 #BitcoinETFAnalysis #RegulatoryChallenges