**Breaking News:** 📈 Bloomberg ETF analyst Eric Balchunas reveals that 90% of existing ETF products operate through spot redemption, with only 10% using cash redemption. The SEC reportedly encourages BTC spot ETF applicants to opt for cash redemption to minimize intermediaries accessing Bitcoin due to concerns about money laundering. Balchunas suggests this aligns with the SEC's desire for a closed system. #ETFs #SECvsCrypto 📄💼