Your theory (or your explanation regarding what is going on) sounds backwards Gormicsta.
I would think that if there are other kinds of ETF product on the markets or other somewhat competitive products available then that could effect the direction whether premium or discount, and surely if there are prospects of an ETFs getting approved and coming onto the market, then that could well affect the differentiations in trust fund price (and the directions) relative to NAV... so I doubt the direction and/or the distance from NAV is a reflection of the quality of the underlying product.. .not that I am trading or playing around with any of those products, in regards to by preference for spot and also my preference for BTC rather than screwing around with shitcoins whether buying directly or buying them through some kind of a trust fund or an ETF.
You absolutely correct. But looking at it from a different angle, While the prospects of ETFs getting approved can impact trust fund prices relative to their NAV, you can't elude the fact that trust funds and ETFs can serve different purposes and relatively attend to different investor preferences. For example, trust funds may have different investment strategies, focus on specific sectors or regions. This differentiation can create a special value proposition for trust funds that may certainly give investors reason to choose trust funds even with the approval and presence of an ETFs.